New-York tribune., 1910-04-22
FINANCIAL MARKET
Stocks Extremely Dull, but Price
Level a TrifIe Hiqher.

During the greater part Of yesterdays
session the stock market was lifeless and
featureless. but the tone was stronger,
and at the close most OF the issues
showed small net gains. The opening
was active and fairly strong, and during
the first hour prices advanced, on cover
ing Of shorts. a little commission house
buying and the absence Of further liqui-
dation. After the requirements Of the
shorts had been satisfied the market re-
lapsed into extreme dulness. which pre-
vailed until the end Of the day, except
for brief period in the final hour. The
close was firm. Political considerations,
which were a factor in the trading on
Wednesday, were 6isre garded yesterday,
and the market seesawed under no other
influence than the uncertainty concern
ing the dividend declaration TO he made
by the United States steel directors next
week. Steel common, is on the preced-
ing day, furnished between one-third
and one-half Of the total business, clos
ing with a net gain OF q per cent, with
Reading and Union Pacific. as usual,
rext in point OF activity, although at
wide distance from the market leader.
The dulness. which bids fair 10 last until
after the Steel meeting, may be under
stood from such figures as the sales Of
only 200 shares Of Baltimore & Ohio. 600
OF st. Paul, 500 of Northern Pacific and
200 Of United States Steel preferred.
Amalgamated Copper and American
Smelling and Refining each advanced
nearly a point, on fairly large dealings.
National Lead was weak. on the official
announcement that there was no present
intention 60 retire the preferred stock
In line with the recent curtsilment of
market activity was the sale Of two
Stock Exchange memberships, at 5000
under the last preceding sale. which had
been effected full month ago.
Further engagements OF gold TO the
amount Of S3.oo0opo we're announced
for shipment 20 London, and the ex-
pectation is now for a considers bly,
larger total movement than had been
estimated but the gold Withdrawals had
no effect on the money market. where,
although the ruling rate for call money
advanced Is per cent, time money rates
declined on a slackening of the already
very small demand. The weekly state
ment of the Bank Of England made an
excellent showing with its substantial
increase in gold holdings and its pro-
portion Of reserve to liabilities now
higher than in the corresponding week
IN a dozen years, with three exceptions.
The compilation by the Controller Of
the Currency 81 the reports cf the ma
tional banks 81 the country under the
call OF March % shows loan expansion
Of SOC. 10000 since the last preceding
call, on January 81. which is nearly SO
oe0. 600 larger than ever before has oc-
CURED between two calls for statements
of condition, the local institutions being
accountable for no more than $4,000. %
600 Of this increase. Compared With the
figures Of April &c. 1909. the loans az the
end Of last month show an expansion 81
S4e9 oo0 oo0. while the loans ~ the New
! York City national hanks In that period
have been decreased nv about $4,000.
I Oo0 In contrast with this enormous in
crease in loans during the year. the cash
holdings of the national banks through
out the United States are now $4,000.
eoo smaller than st the end Of April.
1909