New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-26
FINANCIAL MARKET
Heavier Trading in Stocks at
EXPENSE of Prices.

on an increased volume VI
connared with transactions OF recent
DAVIS. stock market prices moved 1o"aFu
1o,.-e- levels in the best part Of the nVe
hours of trading. Forced liquidation OF
znac,,1s+ive accounts was reported oy
commission houses, but the CHIEF selIlnS'
came from bear interests
,,-bo evidently believed that general
factors affecting the actual value Oh
American securities warranted opera
1ions for the decline This idea OF pusl-
naee conditions in this country was
hased in part on the poor showing 4ol
The month Of April Of the AtChison, 10
,al.= E Santa Fe Railway. which ex-
,;,,,+Aa 2 falling off in net results Of
S54e 600 as compared with the same
time last year The Atchison system
has been reporting relatively poor net
returns for the last three months us
gross receipts In the same time. now
ever. have been large, and have entitled
the comnany TO expend from earnings a
,s-ga amount of money on the physical
neads of its property Commission
houses were without buying orders from
the public. while their transactions 10Y
the account Of leading market interests
were confined to small totals. In the
absence OF active buying the bear
element naturally hammered prices
throughout the list, its chief efforts being
centred upon Reading. Union Pacific,
United States Steel, Southern Pacific and
Aulalgamated Copper. which closed from
12. TO more than points under the
onening figures. There was no I'M
pnrtant liquidation on the decline, but
small speculators who had been carry
ing stocks on borrowed money for many
weeks in the hope OF higher prices were
sellers United States Steel common
was heavily sold by professional traders
The copper issues also were pressed Tor
sale. while the Hartman shares likewise
anpeared 10 have no friends. 1t may be
worth noting that stocks sold were ao-
sorbed by the strongest financial inter
ests in Wall Street
call money rates continue to rule
above 3 per cent, in spite Of relatively
large bank reserves at this centre and
an unusually light demand for stock
market accommodation. while in the
time department Of the market an easier
tendency is reported for short matur1tles,
with a frmer tone for over the year
loans. for which the demand is moder-
ateIx active, So far in the current week
the local banks have lost on their opera
tions with the Sub-Treasury, and as a.
consequence Of the demand by country
hanks on institutions at reserve centres
the movement Of currency to New York
does not foreshadow a large gain IN cash
holdings in the Clearing House state
ment. which will be published after the
close Of business on Saturday The New
York banks are conserving their re-
sources against demands which they be-
Iieve may develop in the course Of the
next few weeks. and they are not dis
posed To do anything that might attract
a reckless bull speculation on the Stock
Exchange al a time when heavy buying
on borrowed money might bring about
distinctly adverse conditions in the
Street. Sterling exchange was weak
yesterday, responding TO the shipment Of
a small amount of gold from Paris TO
London, but the general course Of the
exchange market did not encourage the
expectation in foreign banking circles
that the yellow metal woule be sent 70
New York as a result of sales Of Ameri-
can railroad bonds IN Paris. Paris may
SEND a.certain sum OF gold 10 London on
account Of purchases of our bonds, but
our obligations to the British capital are
large enough TO prevent any OF the metal
reaching this country.
In the fortnightly settlement on the
London Stock Exchange the contango ON
American stocks was 51z per cent, COM
pared with per cent two weeks ago.
while the banks charged IA per cent on
Stock Exchange loans, against az per
cent at the last settlement Call money
in London was In active demand in con-
nection with payments due on new issues
and stock market requirements, and dis
counts were firmeT. the latter being at
4ected by reports that large shipments
OF gold would be made TO CONSTANT
u.ople and 10 South America Appar-
emily there IS no chance Of q reduction
in the Bank ot Engiand's minimum rate
Of discount to-day.