New-York tribune., 1910-04-23
FINANCIAL MARKET
Stock Prices Down and Money
Rates Easier in Tone.

Professional traders on the Stock Ex-
change succeeded in bringing about
further declines in prices yesterday.
their selling pressure being accompanied
by the liquidation of stale bull accounts
and by sales for the account Of interests
which apparently believed that securities
disposed Of at current quotations could
be bought back at much lower figures
later IN the season. Wall Street COM
mission houses were not at all cheerful
over the outlook for new business, and
although actual sales were not heavy and
were without any indication Of invest
ment liquidation. brokers whose ideas,
as a rule are based on the course of the
ticker were inclined 10 figure present un-
certainties In the general situation into
certain signs of pending national ruin.
Fortunately. outside OF Wall Street con-
ditions do not suggest that the country's
productive energies are TO go out Of
business. Maximum declines among the
prominent stocks ran from to 2 points.
but final losses We're much smaller,
owing TO a rally IN the late trading on
covering OF short contracts. The nom
dividend paying shares were weak feat
ures, and traders who recently We're
talking about immediate distributions 10
the stockholders were compelled them
selves 70 admit that after all nothing in
the dividend line on these issues need be
expected at any time in the future. while
they were unable TO hold out any hope
to the holders Of the best Of stocks Of
the possibility Of the maintenance OF
current payments. The Street needs a
little invigorating spring medicine. Time
money was easier IN tone yesterday and
sterling exchange rates rose TO a higher
level. with further engagements of gold
for shipment TO London announced.
Interior banks, including those Of re-
serve cities, have increased their loans
10 an enormous extent since The close OF
January, and the growth in this item has
been altogether out Of proportion to the
expansion in deposits, the addition to
loans amounting to SIZE, ,252. .s37. against
a gain in deposits Of SOB, 196.7S5. In
the same time deposits OF the New York
institutions have declined sec, ,1S0.449,
compared with an increase in loans Of
/ So, 1886, $50. and compared with year
ago local loans have decreased SAT, 133,
! co., against q gain by interior concerns
Ct more than $516,OoO.OOO. In the last
twelve months the extension Of bank ac-
commodation at Western points in con-
nection with expanding general business
has been heavy, but the chief factor in
the heavy growth in loans has been the
active speculation in farm lands, in irri-
CATION schemes and in the commodity
markets. which apparently is about to
be checked through money market con-
ditions and natural liquidation. A tre-
mendous business has been done in
mortgage loans In the West in recent
months Farmers have placed mort
cages upon their properties and with the
proceeds have bought more land. and
from all indications the movement has
run beyond the bounds OF safety, a re-
Election OF which is presented in the re-
ported decision OF the large lenders OF
money in Chicago 10 advance the rate
from Az per cent to g per cent 1t is to
be hoped that the brakes have not been
applied too late. According TO the
known movement OF money in the cur
rent week the local banks have gained
IN cash holdings in spite OF heavy ship
ments Of gold, receipts OF currency from
the interior and new gold more than off,
setting the loss on the outward move
ment OF the metal. amounting TO a trifle
more than S6.000,000.