New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-04-29
FINANCIAL MARKET
Local Banks Gain Cash on Weeks
Movement of Money.

After q period OF irregular price move
,nents in the forenoon dealings stock
market quotations advanced to higher
levels in the last two hours of business,
the upward movement. however, falling
70 attract an outside demand on specu-
Iative account. OF the total tansac-
tions, amounting TO less than Zfo'o"
shares, six issues supplied more than
one-half. with the chief activity in Read
ing. Union Pacific and United states
Steel. in which net gains amounted 10
more than l point other strong Feat
ures among the prominent stocks We're
Amalgamated Copper. St Paul, General
Electric and Canadian Pacific. the last
named making a new high record price
nj 29O5s. a gain of 537s points from the
low record of 1910. In 1890 this stock
sold as low as 80. 1t is not at, all I'M
likely that Canadian Pacific will sell at
much higher price as time goes on en-
tireIv on its merits. which are on the
same nlane as those of the Lackawanna
news developments in the day bearing
upon the price OF stocks, outside OF
further reported Improvement in the de-
mand for bonds. the advance In the
larger number of issues representing 1T
lie beyond the covering of shorts. Pro-
fessional traders who have been putting
out short contracts in recent weeks are
becoming nervous over the idea that the
s'bie" interests may step in at any mo-
nent and make a telling demonstration
against them. while the very fact that
the people who are actually in control OF
the stock and money market have been
inactive. as far as stock market specula-
ton is concerned, is beginning TO make
the ordinary trader suspicious. While
the banking interests are doing little IN
The stock market. 1t is well worth noting
that in the last week they have hnanceu
requirements Of various corporations 10
the extent of S1O0,000O00 in notes and
bonds. This is a rather Significant re-
Election of conditions in the money mar
ket and Of the sentiment of the best IN
formed men over the future of business.
According TO the known movement oil
money in the week the local banks nave
added q further amount Of money TO
,heir cash holdings, Notwithstanding
substantial loss on their operations with
the Sub Treasury and with san Fran
cisco and Montreal on their general
operations with the interior they showed
"a net gain of almost 100000, which
was offset in part by loss Of So,2l6,VO
90 the government, the total receipts
from out-of-town points With those OF
the two preceding weeks representing
flow OF currency 10 New York in the last
1wenty-one days of more than S36OoO,-
600. Unless the loan account OF the
Clearing House institutions shows a large
gain In to-days bank statement there
will be a further material increase in the
reserve above legal requirements, which
q week ago stood al the unusually large
total of S39s1s.773 The money that is
accommodating al this centre at the pres
ent time eventually viii become an in
nueptial factor I'm bringing about eXpan-
sion I'm the countrys industrial activi-
ties. which at the moment present reac-
tionary tendencies. owing to the un-
Willingness of consumers to make com
mitments for the future, pending the
elimination Of the various vexatious un-
certainties in the current situation
Trade reports show no weakness in fun
damental conditions. but a waiting
period has developed in all lines. 1t
should be noted that capital is beginning
a. move into good mortgage issues,