New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-02
FINANCIAL MARKET
DULL STOCK TRADING
Gold to the amount of $780,
900 Engaged for Erport
to London.

On an extremely limited volume of
business stock market prices moved IN
an irregular manner throughout the day,
with unimportant net changes at the
ly distributed. Commission houses were
not active factors in the trading, and as
a rule transactions represented little be-
yond the operations of an inconsequen-
tial professional element, which appar-
emily was afraid TO make extended COM
mitments on either side of the account,
its attitude being based in large part on
the possibility of a Supreme Court de-
cision on Monday in the American To-
bacco case and on the uncertainty over
the monetary outlook, which promises to
develop complications as a consequence
Of the foreign exchange situation that
already has led to engagements of gold
for export to London. A favorable win
ter wheat report from Oklahoma and
substantial gains in the gross and net
earnings of the Pennsylvania Railroad
for the month were without material ef-
feet upon prices, while the general
strength of fundamental conditions and
the apparently strong technical position
of the market failed to attract buyers,
the uncertain features in the situation
evidently exerting more effect upon sem
timent than the encouraging factors un-
DERIVING our industries.
In some stocks efforts were made to
bring about lower quotations. but prices
held in manner that suggested a
stronger bull position than generally be-
lieved. Stocks are not selling far from
the low points of the year. and il is quite
probable that even IL the Supreme Court
decides against the American Tobacco
Company the elimination of the uncer-
tainty that has worried the Street for so
many months will lead to better prices,
though a spasm of selling may accom-
pany the announcement of the judgment.
There is some reason to believe that in
addition TO the considerations noted as
restraining Influences On stock market
speculation at the moment the reform
measures adopted by the Stock Ex-
change authorities. which go into effect
on Monday, also will tend TO restrict
dealings Total sales in all issues
amounted to 241. SIS shares. the low rec
ord for the year and the smallest full
day operations since July 3. 1908.
An outward movement of gold at this
ueriod OF the year is not contrary To
precedent, and in view of this country's
adverse position in foreign trade and the
loss by the Bank Of England in gold In
recent weeks. together with the high
rates for money in the British capital,
II is not improbable that shipments OF
the metal in the present month VIII
reach q heavy total. The engagements
made yesterday were reflected in
rrrner tendency In tho local money mar
ket. II, as generally expected. the for
eign demand for our gold becomes active.
higher loan quotations will develop here
irrespective of tho inactive demand for
accommodation on the Stock Exchange
but II is quite likely that In the event OF
a stiff price for money considerable
volume of currency Will come to this
centre from interior points. unless there
should be q marked Increase in the in
ousry for funds outside this city. At the
moment the ratio OF increase in ship
ments from New York to the interior is
greater than that reported In receipts.
and In addition to tho shipments the
local banks arc being called upon to pay
out-of-town obligations due the govern
rnent on drafts TO the Assistant Treas
urer OF the United States on Western
and Southern bank balances held by the
local institutions. This movement ac-
counts for the large loss by the banks TO
the Hub-Treasury for the week ended
yesterday and the general lowering Of
cash holdings. According to the known
movement Of money In the week. there
has been a reduction In cash of moro
than 100000. and unless unknown
operations have been heavily In favor OF
the Clearing House members the weekly
statement showing actual conditions as
last night doubtless Will make an un-
-rable exhibit. Call money advanced
60 81. Der cent.