New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-16
FINANCIAL MARKET
Lighter Trading Marks Stock
Exchange Business.

Stock market trading was made Up in
large part Of the operations Of the pro-
fessional element, the demand from COM
mission houses for public account. which
was an important factor in the trans
actions Of the two preceding days. being
little in evidence. There was. however.
realizing by outsiders. which with Wall
Street selling brought about for a time
a tendency toward lower prices. though
the general market showed only unim-
portant changes IN quotations at the
close Of business. In the early dealings
fair advances were made in various
parts Of the list. while in the subsequent
morning speculations declines running
from fractions TO a point or more were
recorded, with the chief weakness in
American Smelling, Reading. Northern
Pacific Union Pacific and United States
Steel. On light sales American Malt pre-
ferred broke AZ points, selling e1 divi-
dend. and in well informed quarters It
was believed that at the next dividend
period the rate would be reduced from
the semi-annusl 2lz per cent just de-
clared. with the possibility of no divi-
dend at all The market price Of the
issue certainly does not reflect any con-
/ hdence in the ability Of the company to
maintain present disbursements. Most
stocks showed a better tendency in the
late afternoon. first under the lead OF
the Hawley issues and afterward under
that of Southern Pacific, the movement
! in the latter being accompanied by a re-
pival Of the rumor that the stock would
be placed on a per cent basis. Not
Uithstanding the fact that commission
! houses were inactive factors in the trad
/ ing, brokers stated that public senti-
ment appeared to be IN favor of the bull
side Of the market, and that many orders
! for execution on recessions were on their
books. The Street as a whole is bullish.
but so far as investment business is
/ concerned there Is no indication Of the
development in the near future Of an
active demand. which is particularly try
/ ing for bankers and bond houses that
are loaded up With heavy blocks OF new
! issues.
According TO the known movement Of
money in the current week the local
banks have gained upward OF S35o0ooo
in their cash holdings. Receipts from
the interior were we'll in excess OF ship
ments. and with new gold and govern
ment disbursements exceeding payments
by the Clearing House institutions to
the extent OF 81 .3ol 900 more than Off
set the export Of gold. aggregating So
100000 The course OF money rates does
not suggest that to-day's bank state
ment will show any noteworthy addition
to reserves in spite OF the Improvement
in cash resources. while as a consequence
OF the increased speculative activity In
the stock market Il is possible that the
exhibit will compare unfavorably with
the showing OF a week ago, when
the reserve above legal requirements
amounted 20 S6.53o.0oo. Sterling ex-
change rates have developed a stronger
tendency, and II the upward movement
should go much further before Wednes-
day OF next week additional gold ship
ments doubtless will be made, partic-
ularly as the Bank OF England is still
In the market for the yellow metal, re-
aection OF which is found in the prob
count from Berlin. In the last few
days London has been a seller Of stocks
IN the local market on arbitrage trans
actions. while at the present time there
IS practically no foreign buying for in
vestment account, the absence OF the
latter being especially unfortunate ow-
ing TO the accommodating trade balance
against the United States. Bankers
look for a gradual hardening in money
rates at this centre. with stiff quotations
in the near future IL stock market specu-
lation runs into an aggressive bull af-
fair. and they predict a high money
market IN the autumn unless the crops
should fail and general business 90 to
pieces. Trade and crop reports are most
promising. not only IN this country. but