The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-04-08
WALL STREET NEWS
Call Money at Four Per Cent
Breaks Spring Record.
INDICATES CLOSE TRADING
Gold Exports Drag, but Are Expect
ed TO Increase Next Week-MarIet
Small as to Give No differences Re-
Earding Course or Prospects.

New York. April THE call money
rate to-day went 10 1 per cent, the first
time so high a price has been touched
since January q. Looked at compare
lively, and taken in connection with an
advance Of about one-half of per cent
this week in the different rates for time
money accommodation, it indicates a
closer working Of the general money mar
ket and emphasizes with much plainaess
the effect upon the money situation of
the present, and prospective large with
drawals of gold from this center for
shipment TO Europe.
No further gold export engagements
were announced to-day, nor were there
any changes OF note in the sterling ex-
change market It was thought possible
in banking circles that for various rea-
sons a renewal of gold shipments might
be postponed until next Wednesday. II
seems, however, 10 be universally ex-
pected that shipments either by next
Saturdays steamer or by next Wednes-
days, OF by both, would aggregate in
the neighborhood OF $l0.0O0o00; and to-
days changes in the money market made
il obvious that our banks could not stand
this loss long, with what has already
been experienced from the same source
without charging higher rate to local
borrowers Of funds.
Comparative Financial Figures
Last Saturday the actual figures Of the
bank reserves reported a total surplus
OF a little in excess Of S5,7Ooo00. It would
appear on the face OF things. that in view
Of gold exports, this surplus might
be wiped out in this weeks bank re-
turn. but the great probabilities are that
the usual shifting Of credits from banks
to trust companies and private lenders
viii stln leave a surplus reserve OF a
certain amount. even if necessarily con-
siderably reduced.
Possibly the weaker tendency Of the
stock market to-day was due as much
10 the more unfavorable outlook OF the
money situation as 10 anything else. But
the market was so entirely professional
and the volume of transactions was so
small that differences drawn one way or
the other from its course may very well
be misleading.
II is TO be remembered that all the
reading SUCKS nave rlAJtgNu q ltidt4FtiJ
large rise from the low points touched
by them above a week ago. The natural
result must be that the short interest in
the market is less than it was formerly.
and that the technical condition is cor
Tespondingly less strong.
News Not Encouraging.
II must be conceded, in addition TO
this, that the days financial news was
again in no way what could be called
encouraging. In addition to the rather
pessimistie review OF conditions in the
iron and steel trade published yesterday
by the Iron Age. a journal that has
throughout the year steadily inclined to
cheerful estimates in this regard. the iron
trade review to-day declares that the
spring business in iron and steel. as so
far developed. has been Disappointing;
that quite tone was prevailing in nearly
all lines, and that the demand for struc-
tural steel especially had fallen off. The
announcement that the Borough Bank,
Of Brooklyn. had closed its doors was a
matter utterly without significance. and
was properly regarded by Wall street as
being even of less Importance than the
suspension Of the Union Bank. Of Brook
Ign, yesterday.