New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-05
FINANCIAL MARKETS
With Stocks Inactive. Sterling
Exchange Goes Up.

on an insignificant volume IF business
stock market prices moved I'm an irregU-
lar manner throughout the day with the
general tendency ~ the close in the di-
rection Of lower levels. Doubtless II the
supreme Court had rendered \ decision
IN the American Tobacco case. IS the
Street believed II would. activity would
have developed on one side or the other
n 'he speculative account, but the
failure Of the court TO hand down an
opinion served 10 intensity the lack Of
interest in the market. And n Is likely
that until the various uncertainties In
the situation have become factors Of the
past trading viii continue exceedingly
restricted. In the rest Of the week oper-
to make important commitments though
IL is quite probable that in the event Of
LIQUIDATION for outside account the pro-
fessiunaI element Nill develop signs Of
life on the short side Of the market.
Some interest is beginning 10 he shown
over the probable showing i'm the forth
coming April crop report. and If par
made by winter wheat it might be worth
a point or more 20 the advocates Of
higher stock quotations. There is. how
ever. little expectation Of the develop
ment Of conditions in the immediate
future warranting a sustained upward
movement OF the total Of 344.099 shares
ina Yesterdays transactions the larger
part was supplied by Amalgamated Cop
per. Reading, Union Pacific and United
States steel Amalgamated and Reading
closed at small net losses and United
States steel and Union Pacific At small
net gains I'm the general list there were
more net losses than advances. The new
rules governing speculation went into
effect yesterday. but the changed regula-
tions apparently had no effect upon the
trading. though they may have been an
aid TO dulness.
Additional engagements OF gold for
export 70 London were made yesterday.
and it was thought quite likely that moro
Of the metal would go TO the same place
at the close Of the week. Sterling ex-
change was higher i'm the local market.
while in London discounts and call money
rates showed decided strength, more
than 4 per cent being paid for the latter
class of accommodation. against a high
Of 3 per cent At this centre. The active
and almost riotous speculation in the
rubber shares on the London Stock EN-
change, the large issues Of treasury bills
by the British government for current
expenses and the uncertain political sit
uatiOn I'm England do not encourage the
theory of settled money market AT the
British capital in the immediate future,
while 81 is not impossible that condi-
tions may arise that might cause liquida-
tion Of our securities. Fortunately IN
the New York stock market speculation
is being conducted upon a most restricted
scale. and as consequence there is not
likely TO be any disturbance in money.
in spite OF the low reserves Of the Clear
.ug House banks. Higher loan quota
tions. however viii develop If gold goes
out in volume. especially II better in
terror demand for currency should be- re
ported.
ual condition Of the banks, as Of last
Friday night the reserves above legal
requirements has been reduced to So
s5s.000. and il is easy 10 see that with
out a large reduction in loans ii would
not take further extensive gold exports
together with the heavy payments The
hanks arc making 10 the Sub-Treasury,
10 bring about a deficit in the Clearing
House exhibit. n Is interesting 10 note
that. as usual, the shipment % gold
from here Is being accompanied by an
expansion in our bond secured currency.
and il likewise is interesting 10 observe
that the report OF the Controller OF the
Currency for April showed national bank
notes outstanding 81 sIlG258.s:6 TIE
largest total in the history 81 tie ma
tional banking system an increase Of
more than 100000 in the last thirty
'Gaf-E