New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-01-13
FINANCIAL MARKET
Bankers Look for Foreign Bids
on New City Bond Issue.

No aggressive efforts we're made III
Yesterdays stock market 10 estaoish
prices on a higher range, but IN the large
number Of issues a firm tone preVdlleu
i'm the best part Of the day WIN '"e
only noteworthy weakness among the
rror,inent shares in New York Central
and Pennsylvania. The issues haiheo
we're sold for the same reason as no'eo
IN Wednesdays market hut the move
ment was wholly speculative IN charac-
tor with no indication Of uneaslness on
tho mart Of actual investors in the TWO
nroperties because of their nhahc'd'
needs incident to improvement ana con-
structIon operations. While report
circulated yesterday that the NahderUHI
companv would make an immediate issue
Of : per cent bonds was denied, u was
admitted by interests identified with the
New York Central lines that some larse
financing propositions would come UP
for consideration in the current year.
Operators who are the most oearlsh OH
New York Cenral and pennsylvania 90
not hold any of the shares of the com
NAMES but they would be quite WILING
10 buy Il they could brighten INVESTORS
into selling at a sacrifice.
Missouri Pacific eventually Will be
handled by stronger financial interests
than those at present in control, ana an
active operating man will be at the head
% tbo nroperty. all of which accounts
for tho stronger tendency in the price oil
tho comnanvs stock and the theory that
the issue will be a good security 10 hold
for the future. Its price advanced more
than / point in yesterdays trading
Reading again was the chief actiVe'
etronr feature, and in well Informed
ouerters II was said that the heavy
transactions in the stock since the nrsI
Of the year represented something more
than ordinary speculation. steel COM
mon was fairly active. but it's price was
not belped much by the announcement
by Judge Gary that opinions Of the lead
ing steel mon Of the country as OK
nressed at the steel dinner, we're OPP
roaod 70 a reduction of prices at TINS
irne The steel men did not agree now
ovor not 10 reduce prices, and as the
email independents arc cutting QUOTA
t,ons while the big concerns are secur-
ing little new business. the establish
mont of an open market later in the
seasor as a means Of attracting ORDERS
u,o,ld sunrise no one conversant win
conditions I'm the iron and steel trade.
Sterling exchange rates have lost
large proportion of the advance recorded
in December, and some operators IN the
market are looking for further DC
cline on the expectation n q better for
e;zn demand for our securities and in
creaeinc exports Of merchandise. ~ -
not unlikely that Europe VIII take
s,,hs+antia1 block Of the forthcoming city
bond issue and the course OF exchange
%, tho Immediate future may he gov
orned 10 a material extent by TINS con
sideration and by the possibility or me
development in the next few weeks oi
general European inquiry Tor our STOCKS
"a bonds The statement Of exports of
ac,,,ost;, nroducts in the last month
elbows heavy gain in the total as COM
,arod with the same time in 1909. owing
N q large increase In shipments Of cot
tor. hut decrease in the movement OF
most other farm products. breadstuffs
4or ;nstance. presenting a. falling of 10
.be ,.a,ue Of almost 100000. Exports
nc cotton showed q value Of more than
$40 600 600 over shipments in the same
month In the preceding year and for
the twelve months an increase OF sos
77o o4O. the gain being made on slightly
LIGHTER exports as far as quantity was
conceived. In 1910 exports Of wheat
were about 30 per cent under the record
% 1909
Money rates were easy Yesterday, and
the banks reported excess receipts on
their operations with the Sub-Ireasury
and with the interior. The Bank Of
England made q favorable exhibit I'm its
weekly return. the proportion Of reserve
to liability advancing IL points from the
preceding week to 47S3 per cent. the
highest for this period in the last ten
wears. with the exception Of 1908 In
less there should be a big depletion in
the banks bullion in the next two weeks,
which does not appear probable. lower
minimum discount rate may be looked
for before the end OF the month.