New-York tribune., 1912-02-06
FINANCIAL MARKET
Stocks as a Rule Show Small Net
Advances.


irregular tendency in the rest oi the
day final figures were at net gains III
the larger number Of prominent lssues'
The Wabash securities we're strong
feaures on buying based upon the grow
ing belief that the rehabilitation OF the
Wabash property will result in pros
perity for the road, especially as lts
lines run through a productive ana
growing part Of the country ana rs
leading bankers have shown their falth
in the future Of the company by taking
the S1O.O00,000 receivers certificates re-
Gently issued ST. Paul was in falr
demand. and in spite Of efforts by bear
traders to induce liquidation In the STOCK
there was no selling for investment
account. while quiet absorption of the
shares by prominent houses was re-
ported. In the last month Of 1911 the
St. Paul company showed the smallest
decrease in gross earnings reported In
the year. Furthermore it presented a
gain in net returns of S45S,OOO on
reduction of transportation costs OF
S4OS 900 on a relatively small falling of
in actual ubsiness. The condition of
the property is being fully maintained,
and economies that have been intro
duced are not at the physical expense
of the property. The general market
was dull in the best part of the day.
few issues supplying the bulk Of the
dealings, notably Union Pacific, Read
ing and United States Steel. Reading
showed a small fractional loss at the
close. Both Union Pacific and United
States Steel ended at net advances, the
latter stock being taken by houses that
are supposed to be close to important
interests in the big steel corporation.
American Tobacco was weak: also Third
Avenue. which was sold on the an
nounccment that the Public Service
Commission would insist upon sinking
funds TO extinguish the cOmpany's So
called excess capitalization. Such an
operation, of course, would serve to
postpone returns to the stockholders,
though it would strengthen the ultimate
position of the securities. Local and
cut-of-town banking institutions were
liberal buyers of bonds and short term
notes.
Although monetary conditions abroad
are growing stronger. with indications
Of q reduction in the Bank Of England's
minimum rate of discount, general con-
ditions in the international money
market continue TO favor shipments OF
gold from New York to Europe In
addition to the S2.OOO,OO0 gold shipped
from this centre last week to Paris, the
export Of a like amount has been
arranged for the current week, and ac-
oording to present indications further
Withdrawals of the metal from this point
for European account Will be made in
The course of the next few days, barring
a radical change in the local situation.
II is worth noting that the movement
of currency from the interior 10 New
York is lighter than recently reported,
and that the commercial demand Cor
accommodated is improving in the Far
West. If this inquiry should expand IL
Will be necessary 10 revise recent estl-
mates of the amount of gold the United
States will send across the ocean. AL
though Saturdays bank statement shows
a material decline in the reserves Of the
Clearing House members, there is still
a heavy congestion of funds at this
centre, while according to federal treas
ury figures there is more money In cir
culation than ever before reported at
this time of the year, the gain in Janu-
airy amounting to 'S1SG94,3l and for
the twelve months ended January 81. to
upward OF S75,000,000 The country is
strong in money and il has heavy
credits abroad two factors that will
help to push along industrial expansion
when the time Is ripe for such a move
ment. The f100,000 of South African
gold offered in the open London market
yesterday was taken by the Bank of
England at the minimum mint price of
rs Cd.