New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-15
FINANCIAL MARKET
LIGHT STOCK SALES.
Sterling Exchange Up 2
Points and Time M0ney
Fumer.
fal'nleF.

Trading in stocks in yesterdays mar
ket was light IN volume on a movement
OF values that showed unimportant
changes, with last prices at small net
gains in the larger number Of issues. As
q rule quotations moved within frac-
tional limits, even such prominent shares
as Amalgamated Copper, Southern Pa
citic, Union Pacific and United States
Steel changing hands throughout the
day on Z basis of eighths and quarters,
Union Pacific distinguishing itself in the
first hour Of business by making g maxi
mum gain OF l point though subse-
quently falling back to its opening level.
Operators who bought stocks showed a
disposition TO sell just as soon as profit
developed, and profits generally We're too
Insignificant TO create any real bull ell
thusiasn. For the first time this year
the weekly failure Of the Supreme Court
TO hand down a decision in the American
Tobacco case had no effect upon senti-
ment or prices; neither were quotations
affected by strikes and talk of more
strikes or other outside considerations
The days business was made up entirely
OL inc CpCI u LliC professional SlG-
ment, and amounted to the small total
OF 49,, $50 shares, of which more than
two-thirds represented the trading in ten
stocks, United States Steel alone sup
plying almost one-third. On small pur-
chases Hooking Valley preferred, Chesa-
peake :, Ohio, Norfolk 81 Western and
United states Rubber enjoyed net gains
Of more than l point. In the Philadel-
phia market Lehigh Valley sold st q new
high record at the equivalent Of go on
the local exchange.
Clearing House figures showing the
condition of the local banks at the close
of the last week supply no reason for the
talk heard in speculative circles regard
ing the 'impossibility Of materially
higher rates for money" As q matter
OF fact, the position of the banks and the
current known factors governing the
loan market point Enthusiastically to a
better price for loan accommodation in
the near future, and while such a devel-
opment will not necessarily mean a, ces-
satiOn OF bull activity IN stocks, il will
nevertheless serve eventually TO bring
shout a collapse in bull accounts carried
on borrowed funds. Bank loans have
been substantially extended III recent
weeks The local institutions now show
q loan item in excess of deposits while
AT most interior points banks are loaned
ur almost to the capacity warranted by
sound banking methods with large
proportion of the loans representing
purely speculative commitments. This
country is not in position to draw gold
from Europe. and hardening discounts
in London, with an active demand on
that centre for the metal for Continental,
Egyp tian, Indian and South American
account. suggest that New York may yet
be called on 70 remit gold direct to the
British capital and 70 Paris.
Sterling exchange here advanced 20
points yesterday. Last weeks decline
IN foreign exchange was due entirely 10
offerings against securities purchased in
this market by European interests, and
unless the buying demand abroad for
our investments continues active further
strength il sterling quotations must be
looked for until our prices for comInodi-
ties decline TO a level attractive 20 for
eign buyers Bar gold advanced in Lon
don yesterday; open market discounts
were strong. with indications pointing
TO an advance in the Bank of England
rate this week and the contango On
American securities in the fortnightly
settlement on the London Stock En-
change showed an advance of y of /
per cent as compared with that quoted
two weeks go. In the local money mar
ket the decline in bank reserves was re- !
hccted in iirmer tone in the price for
funds. but s.eculators failed to note the
fact. while they made the argument that
the outpouring Of new mortgage issues /
by corporations would tend TO advance /
quotations for stocks New securities !
must be paid for, and the concerns that |
are financing current offerings may be |.
compelled TO raise an amount of money /
that will involve extensive liquidation OF |
Stock Exchange loans. General condi- |
tons warrant the purchase Of conserva- /
tive investments, but in view OF bank |
conditions and the prices at which stocks !
are now selling the outlook does not APP
pear particularly promising for specu-