New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-14
BANK STOCKS ON STOCK
FINANCIAL MARKET
Commission Houses Advise In
VeStment Purchases of Stocks
at Present Prices.

The rally that developed in Tuesdays
trading did not hold IN yesterdays mar
ket prices declining in the larger part
Of the day on bear pressure and scat
tered speculative liquidation. No great
amount Of stock, however. was brought
out on the downward movement, except
in the last hour, and in spite Of re-
vival Of vague rumors of something
overhanging the market" no uneasiness
was noted in banking quarters and no
indication Of investment selling was re-
ported. Conservative houses are advis-
ing the purchase Of stocks for invest
meut account A certain amount Of this
sort Of buying is noted, but 1t is not
heavy enough 10 exert an influence upon
prices, and IT IS not likely that anything
IN the nature Of a sustained advance
will develop in the immediate future. al
though technical conditions suggest the
probability Of frequent sharp rallies
Expectation Of a poor showing by the
Missouri Pacific in its annual report.
which VIII not be issued to-day as re-
ported, was responsible for the selling
OF the stock Of the company while a de-
cline OF more than points in New
Haven was based upon the extremely
poor showing made by the Boston &
Maine owned by the New Haven, in the
last fiscal year a surplus available for
dividends Of only one-half Of l per cent
being shown, against S.54 per cent in
the year before. Furthermore, the
Street was bearishly inclined toward
New. Haven stock on the basis Of the
company's own earnings.
In regard 10 the Boston & Maine re-
suits It should be borne in mind that
the amount earned for dividends was on
about 100000 more stock than in the
preceding year; also tho. a considera bic
sum Of money was put into the property
from earnings at time when operating
costs had been materially increased. The
New Haven took the Boston & Maine
for future rather than immediate profits.
The general market was extremely weak
in the early afternoon, with no indica-
ton Of aggressive support in any part
Of the list large interests evidently con-
fning their operations 10 purchases on
a scale down. New low records for the
year were made by Union Pacific, United
States Steel and a number Of other is
sues. the selling representing the intense
bearishness in speculative circles based
upon the perplexing uncertainties in the
general situation, including the uncer-
tainty abroad over the outcome Of the
Moroccan trouble. Erie stock held well.
while other issues were declining There
has been good buying OF Erie for
months, and the current floating supply
Of the stock is not large.
The report Of the national banks Of
this city 10 the Controller Of the Cur
rency showing conditions on September
l reflect a substantial reduction in loans
compared with the exhibit under the
call Of June Z. and a slight increase as
compared with September l last year.
while cash holdings show a falling off
Of $l5. 749 800 from June and an increase
Of S12,S49, 200 over the figures Of d year
ago. The banks have not added 10 their
ownership OF stocks, bonds and mort
cages in the last three months, but since
September. 1910, this account presents
gain 10 the amount Of $50. $50 500
these figures not including United States
bonds on hand and United States bonds
70 secure circulation and government de-
posits. II Is quite evident that in the
last twelve months the local banks have
enlarged their Investment account ma
terially as a consequence Of the inactiv-
ity prevailing in the money market In
that time, while the same thing may be
said OF other financial institutions in
this city Money rates at this centre
are unchanged from the low levels so
long prevailing, and the course Of inte-
rior exchange does not suggest the de-
velopment Of demand for New York
funds large enough in the weeks 10 come
TO bring about a substantial advance In
loan quotations. At the moment the
foreign exchange market is influenced 10
a considerable extent by the uncertainty
over the outcome OF the German and
French negotiations on the Moroccan
ri 4 tool liz