New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-03-17
FINANCIAL MARKET
Interior Demand for Money at
This Centre Lighter than Re-
Gently Reported.

m3de Up IN large part OF IN" 'ptld'i'iiS
of the trading element. There was no
outside demand in any part Of the list
and no important buying orders for pup
lie account. while the substantial Wall
street interests showed no disposition
10 participate in tho dealings beyond Of
foring support in the few instances OF
bear aggressivencss. Ordinary traders
assert that If stocks won't go up they
must GO down. but unfortunately for
their expectations Of bringing about
,ower quotations ON the theory that alb
sence Of hull speculation means cheaper
prices tho people in control Of the stock
market situation obstinately refuse Il
permit the development Of anything IN
the nature Of a bear campaign. The
latter practically have a first mortgage
on the amount OF stock outstanding. and
as the plans they have in mind for rals-
ing new capital fer the future needs OF
various corporations involves STABILITY
in the stock market successful bear
operations at this particular time appear
TO be out of the question. The marke'
Is drifting under the unimportant opera
lions of uaimportant traders. but II Is
moving. nevertheless. under the control
of the highest banking interests. Efforts
were made Yesterday 10 use Missouri
Pacific stock as d club 10 hammer down
the rest Of the market. but the movement
Vas not successful Tic stock named
declined moro than one point and scnti-
mcnt in speculative circles became bear
,sh on the whole Gould group without
attracting significant liquidation. Wal
Street is more amused than interested
in the announcement that tho junior
member Of the Gould family has in mine
4 campaign against the Standard Oh
noople. and il cannot bc recorded tha
any alarm so far has developed in the
seats of the mighty. II IS spectacular
ia begin ones Wall street career by at
lacking the biggest agsre CATION Of capi'
tai i'm tho country, bat il IL not profit
able. The market closed without ANNA
ton. with the larger number Of issues
showing small net losses.
Time money rates arc unusually css>
fer this period of the year, owing 10
situation based entirely upon the law OF
surply and demand There is nothing
aurroachiue an active demand for a..
commodation in any part Of the m"n">
market. including the department o
commercial paper. and from current III
o:cstiorz there will bc no matoria
change IN conditions affecting loar
ororations in the immediate future. NJ
indication of the difficulty the banks ar,
experiencing in placing their funds Is
f,und i'm "a rate of little less than
uer cent for the highest Grade ottefln-'
%! mercantile paper and in rates 90
stock market collateral on basis o'
from :: 10 - per cent for long time ma
Turtles. The interior inquiry ~ inns
ren,ro for funds has fallen Of In the
last frv lavs exchange on New Norl
1T out side cities now being quoted al
figures well above thos" recently re
ported san Francisco exchange Whict
week ego stood at - cents premium
has advanced - 90 cents premium. Whilf
New York funds ~ Chicago are IN tn'
nciehlorhood az par. against 80 cents
discount few days 8go. The l"ca
hanks. however. continue 10 lose 90
their operations with tho Sub-Tr"asury
due I'm large part &" paYm"nis hv IN
,crior institutions 81 obligations due the
government by drafts payable 10 the As
siefan, Treasurer Of the United state
at this centrc on local correspondents 81
outside banks
The foreign exchange market is ahso'
;utoly under the control of the chief
banking interests i'm New York. Al
though this country - accumulatina
credits abroad there arc no offerings 81
exchange commensurate with our IN
creasing trade balance. and in view ol
money market conditions here IT is not
surprising that our bankers are doing
nothing To induce a movement of gold
from Europe 10 the United states. Tier,
/. more muncy at this centre than the
hanks can prohtably employ. and II Is
therefore quite natural that account.
due us are allowed 10 stand to our credit
i'm London and Paris. II is ostimatoo
that our credit balance al those centres
&c from, S2oOGO.Opo TO $300pr.W'o. The
Pank OF England made no change IN H.
minimum rate # discount yesterday
while its weekly return presented noth
Ing upon which ~ base the expectation
It change in the British institution
,,ricc for accommodation in the near fut
IRE AT reIoTtcd percentage OF re-