New-York tribune., 1910-04-08
FINANCIAL MARKET
Stocks Decline as Call Money
Goes to q Per Cent.

l1et amounted TO 2S1.166 shares. the light
est fun days business in more than a
year and a half, with the exception Of
that recorded last Friday, aggregating
24I.OOO shares. There has been no in
centive to buy stocks in many weeks,
and the outlook for a really active mar
kst on an advancing level Of prices is
extremely unpromising, owing TO the
various uncertainties in the situation,
including the position Of money and
politics, which at the moment are not
working in favor Of expansion in specu-
lative and investment operations. An
advance in call money to per cent and
the usual end Of the week theory Of
Monday decision in the government suit
against the American Tobacco Company
were the particular factors that restrict
ed yesterdays trading. while the uncer-
tainty over the probable showing in the
federal crop report. which viii be pub
lished to-day. also served to discourage
market activity. Commission houses
neither bought nor sold to any extent for
public account The larger part Of the
dealings represented the transactions Of
an insignificant professional element,
which as a rule was bearish, though il
was unwilling TO make extended commit
ments on the short side of the market.
At one time prices in some of the leading
stocks were a point or more under the
fral figures Of the preceding day. and at
the close fractional losses generally were
reported throughout the list with slight
IN larger declines in Amalgamated Cop
per. Union Pacific and United States
Steel The stocks named. with Reading.
furnished about three-quarters of the
total business poor report of the
condition Of winter wheat in Nebraska
from the Chicago. Burlington & Quincy
Railroad people, who always are conser-
vative strengthened bear sentiment,
though il failed to induce liquidation.
Although the Bank Of England's week
! IL return made an extremely poor ex-
hihit the minimum rate Of discount was
not changed from the ( per cent level
established a fortnight ago The fact
that the governors Of the British insti-
tuition did not advance the rate in the
face Of proportion Of reserve TO Ia
bilities Of 1885 per cent the lowest for
this period in the last ten years, en-
couraged the idea in local financial cir
cles that material Improvement in the
hanks resources was expected is con-
sequence Of shipments Of gold from the
United States and a hoped for cessation
of the demand on London for the metal
from South America and other coun-
tries. Nevertheless. the Bank Of Eng
land sent a large amount Of gold 20
South America yesterday and an even
larger sum on the day before. The
hanks proportion Of reserve TO liza
bilitv at present is lower than in the
dark DAYS of the Boer war and is more
than 3 per cent below the average for the
last decade. the figures suggesting that
unless a marked change for the better
takes Mace before the next statement
higher discount rate will be announced.
The $500. 900 gold coin shipped from
New York viii be in London before the
next return IS made Active bull specu-
lation in the rubber shares continues on
the London stock Exchange, the British
government is a heavy borrower at the
Bank Of England. and Russia. India.
Egypt and South America are drawing
on London on trade account To Offset
these factors London is drawing on this
centre. and rs money rates here are un-
der the London level while this country
occupies an unfavorable position i'm for
eign trade. New York is compelled 10
send the metal abroad, the operation be-
ing favored by our currency system
which tends 10 drive gold from the coun-
frv