New-York tribune., 1911-02-04
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Banks Show Heavy Cash Gain on
Weeks Currency Movement.

Stock market prices, as RUE, were
strong in the morning, but exhibited an
irregular tendency in the afternoon. with
weakness at the close. While the gen
eral course Of speculation suggested that
q reaction Of some size might develop,
the character Of the trading did not dis
close anything upon which to predict ex-
tensive losses in the current month. al
though bear operators insisted that the
bull movement had reached its limit and
that the next sustained advance would
start from levels well under the closing
in Yesterdays transactions. The tech
niCal position Of the market is not as
strong as il was a few weeks ago. There
is no extended short interest outstanding
and many large speculative bull ac-
counts have been distributed, but In spite
of these facts the market still has the
backing of the chief bankers In the
Street, who doubtless will not permit a
substantial setback in prices as long as
they have IN mind important financial
undertakings The Gould stocks We're
strong features in the best part of the
day, and renewed interest was taken in
the theory that new methods of manage
mcnt carried out by new men along lines
that would insure future dividends soon
would he introduced. 1t is understood
that Mr.. Gould feels that I'm view of his
large and varied interests he cannot de-
vote sufficient time 10 the development Of
the Missouri Pacific and allied lines. and
that at his own suggestion he Will be
succeeded rs the practical head Of the
system by an operating man who can
give his undivided attention to the ac-
tive management Of the Gold roads. The
Gould shares and Lehigh valley were the
only prominent issues that showed net
gains. but losses were confined 10 frac-
tions IN the larger number Of stocks.
steel common being among the few ex-
options As compared with the opera
tions Of the day before. total sales We're
light. with a tendency toward dulness on
the decline
money i'm the week the local banks have
gained approximately S120o0,oOO in cash
holdings, the larger part Of which was
due 10 excess receipts Of currency from
the interior. The return flow Of money
from the interior is unusually heavy for
this period. as in the last week in Janu-
ary and the first week i'm February re-
ccipts as a rule showed a marked falling
of from the totals Of tho first three
weeks Of the year. the active shipments
from out -of-town points at this time re-
necting the queter conditions in general
trade and the buying by Western in
terests I'm the stock market Federal
Treasury disbursements at this centre
arc larger than the payments by the
banks 10 the government. the excess rep
resenting 10 a great extent payments on
account ~ national hank note redemp-
tions. Redemption Of national bank
notes in January were heavier than IN
any preceding month in the history OF
the national banking system. amounting
10 almost $4,000. 900. Of which more
than one-half was supplied by the New
York institutions. Time money enjoyed
a slightly frmer tone yesterday, without
an appreciable change In rates, the
favored maturties being sixty days at 2
per cent and six months at 3i2 per cent.
Bankers show no disposition 10 make
long time loans on the basis Of bor-
rowers' ideas on rates, and In some quar-
ters Of the financial community It is be
lleved that IN spite Of the large accumu-
ation Of funds here coming demands !
upon the banks, incident to the financing
If the needs Of corporations and a prob |
able Panama Canal bond issue. will be |
heavy enough TO bring about higher /
quotations in the loan market. Sterling |
.yCbauge continues strong