New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-30
FINANCIAL MARKET
Liquidation in Stocks Appears to
Have Run Its Course.

Trading in stocks was heavy in VOL
ume on a movement OF prices that
showed an advancing tendency after the
initial dealings. the highest levels of the
day being recorded in the afternoon.
when a sudden drop in money rates at
tracted increased buying for both &C
counts. Room traders followed the up
ward movement. and the advance at
tracted a fair demand from substantial
public interests. who apparently believed
that the bottom in the bear movement
had been reached in the break Of the
preceding day. This idea was popular
in most quarters Of the Street. and while
few people appeared willing to go on
record with the statement that the de-
cline had run its course sentiment was
cheerful enough to suggest that in the
absence Of unfavOrable developments in
the outside situation and il the money
market liquidation for the present at
least had been completed. United States
Steel showed q resiliency that encour-
aged a most optimistic feeling in bull
circles. but large part Of the buying Of
the issue represented purchases by the
shorts: indeed. in all the active issues
the larger proportion Of the buying came
from this source, especially in Union Pa
cifc. Reading and St. Paul, the last
named closing at a net gain Of 2iR
points. against ga for Union Pacific and
. for Reading. The opening rise brought
out stock in volume and declines fol-
lowed, but support from prominent op-
orators and the growing belief that ad-
verse factors In the situation had been
thoroughly discounted by market move
ments were effective in checking selling
pressure before Il gained any Roadway.
Banks continued to exercise great dis
elimination in the matter Of collateral
in old and new loans. but there was no
heavy calling Of loans, as was the case
in Thursdays market, while there were
heavy offerings OF funds by industrial
corporations and large banking houses.
According to the known movement OF
money in the current week the local
banks shave lost more than S15.000.0O0
in cash holdings. owing to gold exports
and Sub-Treasury operations. Receipts
from the interior were heavily in excess
Of shipments, while there was fair
gain on new gold, but these two items
were entirely overshadowed by the ire
mendous outflow Of the yellow metal,
which aggregated S17.5Oo,OO0. including
last Saturdays shipments, which did not
figure in the bank statement Of that day.
Although loans Of the Clearing House
institutions doubtless have been reduced
IN the last few days through stock mar
lzet LIQUIDATION and the transfer Of
credits to trust companies and outlof-
town banks, the chances favor a poor
exhibit in the statement OF averages and
actual conditions to-day and continued
firm rates for money next week. Call
money was strong yesterday until the
afternoon, when the demand for accom-
mediation subsidized, rates in the last hour
OF business falling to pa per cent. with
little business reported at that figure. as
most requirements were supplied earlier
in the day at from 10 Ga per cent.
Financing the May settlement OF cotton
contracts involves. IL is estimated. up
ward OF S30.o00OO0. and the fact that
Saturday and Sunday come between the
first notice day and the first delivery day
Increases the burden upon the money
market, which. however, is being handled
I'm q manner that suggests no disturb
ance. despite the fact that in the May
settlement heavy losses are being suf-
fered by the cotton shorts. Mr.. Patten
who - credited with heavy winnings on
the long side OF the cotton market, Is
making IL relatively easy for the shorts
although houses on the bear side are
losing n is thought, from IS 10 sl5 bale
in the settlement as a consequence oil
their operations for the decline. Cotton
closed well above Thursdays level