New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-15
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Demand for Money from Stock
Market Increases.

On an active volume OF business stock
market prices moved toward z higher
level in the forenoon operations, with
recessions in the afternoon due 10 re
alizing sales and pressure from protes-
slonsl traders. who evidently believed
that public interest in speculation could
not be held for any length Of time with
out constant encouragement from the
banking element, which showed no par
ticular desire TO advise the purchase #
/ securities on borrowed money Mercar-
tile needs are beginning 10 be reflected
10 a greater extent IN the loan market,
and in view Of the low position CT local
bank reserves and the probs bility Of an
increasing demand for accommodation
! from the business community any heavy
! inquiry for funds for stock market &C
count doubtless viii result in much
/ higher rates for money and the calling
/ Of loans a. Aast stock market commit
ments Declines from the high points OF
the morning were not extensive, and
while net changes at the close were not
important, II the larger number Of issues
/ final prices as . rule were above the last
quotations in Wednesdays transactions.
Some Of the specialties showed decided
strength. notably Long Island Colorado
e. Southern and Big -Four" New York
! Central and Chicago d Northwestern IN
/ joyed substantial improvement TO the ac-
commandment Of revival Of the ancient
rumor that the Northwestern would be
absorbed by the Central The hin shares
again were strong features, while United
states Steel, Reading and Union Pacific
! led the market IN point Of activity.
/ Transactions were much better distrib-
uted than in recent days, though the
total business was somewhat under that
recorded IN Wednesdays trading.
Sterling exchange rates have ruled
against this country for many months,
and according 10 present conditions gov
/ erning our foreign trade there IS little
chance Of Improvement in our favor IN
the near future. In March imports Of
merchandise. for the second time since
/ 1895, exceeded exports. the excess being
much heavier than IN February, while
the total OF imports reached larger
valuation than in any preceding month
/ in the history Of the country. The excess
Of imports IN the last month amounted in
value TO s19,254,6l3, or about 100000
/ beyond the total gold sent from New
York 20 London in recent days, reducing
the excess OF exports over imports since
/ July 10 s16s,673,237. as compared with
an excess in the corresponding period IN
the year before Of S34S,O66,992. The fact
/ that exports OF merchandise In the last
( nine months have exceeded imports is OF
/ little account for the good reason that
the excess is relatively small while II
4 has been more than Offset by other fac
tors that enter the international financial
movements We are In debt 20 Europe.
and only large crops here, with an ex-
portable surplus at lower quotations
than those now prevailing or a trench
dous foreign demand for our securities,
will change the balance IN our favor.
l The Bank of England made no change
yesterday In its minimum rate Of dis
count, though its weekly return pre-
scented a poor exhibit a percentage OF
reserve 20 liability Of 1885, comparing
with an cight-year average for this pc
/ Rod Of 47.b2. does not encourage the OK
pectation OF an immediate reduction In
money rates IN London, but Y rs worth
noting that this weeks return OF the
British Institution shows some i'm
provement over that OF a week ago
through a contraction of loans. a gain n
! gold and the return Of quarterly dividend
disbursements 10 the market