New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-03-31
RANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Banks Lose More than S6,0OO,'
600 on b-Treasury Operations

transactions in Yesterdays STOCK mar
bot renresented as a rule the operations
~ an unimportant professional element
Total dealings were made up IN large
mart Of the trading in Erie. CANADIAN
Pacific, Reading, Union Paclnc anu
United States Steel, the only interesting
active feature elsewhere in the general
list being supplied by National BISCUIT
which showed pronounced strength on
buying that apparently came from
sources we'll Informed regarding the con-
dtjon Of the company. The fact tha'
the price for wheat is far under the ieVei
renorted at this time a year ago was
advanced as an argument for the pur-
chase If the National Biscuit shares. In
1900 the common stock of the National
Biscuit Company sold at %, while us
closing quotation Yesterday was l54p2'
tho appreciation rejecting an actual IN
crease in the actual worth Of the Sc
curity as an investment proposition ana
the surety that under a continuance OF
the excellent business methods adopted
bv the company at the time OF It's or
ganization and the certainty OF an IN
crease in the demand for the company s
products with our growing population
permanent dividends will be assured.
Buying Of Erie stock was unusually ac-
tive. and as London and Canadian houses
we're purchasers the old story was re-
vived that the Canadian Pacific was
e h., a N
idea looks we'll on PAPER, but deal OF
the sort appears wholly improbable
Through the Wisconsin Central the Erie
and the Canadian Pacific meet at Chi
cago. but the Erie meets other roads
at Chicago, which are in just as good
position TO secure control of the system
as the Canadian Pacific, assuming the
Erie would like TO find new owners for
its property. The Erie has SUCH splen-
did prospects that it is not likely the
people now in control Will part with their
holdings The general market closed
strong and dull. One year money on the
highest grade Of collateral was offered
yesterday at 3a4 per cent.
AS rule, our foreign exchange mar
ket advances at the end OF the month
and at the end of the quarter, but In
the present instance rates for demand
sterling show a declining tendency, a
movement that reflects the strength Of
our position in the international money
market While we have large interest
and dividend payments due on April 10
foreign holders Of American securities
our credits abroad are so large that re-
rnittance from this side is not necessary
at this particular time. and, moreover
New York bankers not only are not
sending funds abroad, but they are with
dra wing TO a certain extent their credits
in London and Paris for end Of the
quarter purposes al this centre. This
market is now in a position to induce
lower exchange rates whenever the need
of such movement develops. 1t is
quite likely that to-morrow's statement
Of the local associated banks will show
n loss both in cash and reserve items
owing to the heavy payments by the
Clearing House institutions to the Sub
Treasury and TO the financing Of April
interest and dividend requirements. but
there is nothing in the money market
situation that suggests material change
I'm money rates in the immediate future
The banks have lost more than 6Wp,-
OfD 10 the federal Treasury in the cur
rent week, owing in large part 10 pay
ments by interior institutions Of obllGa-
tlons due the government by drafts on
their correspondents in New YORK. FOR
March ordinary government revenue 'X-
coedod disbursements 10y almost S1'Wo-
ooo reducing the excess Of government
ravments over receipts for the fiscal year
~ date To "A little more than Sl.Wo'r"'
which compares with "A dchcit IN the
same time last year Of almost Si3,oH-
uno ON all accounts. which includes a
deficit on Panama Canal account of -
1gi GO. the excess of federal Treasury
rsvments over receipts since July Is
sol G390iO against an excess IN the
period In the year before
of S4o31293J The Bank Of England
made no change yesterday in its mini
mum rate of discount. and showed in its
weekly return q percentage Of reserve
TO liability OF iG.11. compared with a
ten-year average of 1921 lower
hank rate at no distant time is not i'm
p,obable The financial situation
throughout the world is much stronger
than reported a year ago and the gen