New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-13
FINANCIAL MARKET
sDu|I and Restricted Trading in
StoCkS-BondS Strong.

I Opening strong. with promise Of con-
s,nuation Of the upward movement of
'she preceding afternoon the stock mar
lAet during the first few minutes Of yes
'serday's Session made general small ad-
lVances. and then relapsed into condi-
liion Of dulness. which continued. with
Isew intervals of relief. until the close
Total transactions were little IN excess
fof 10000 shares. materially under the
s6siires Of Thursday. and although frac-
Ffional net gains We're recorded for many
issues the tone Of the market at the
close was one of heaviness. Steel com
i,non. Union Pacific and Reading. in
which the trading was as ordinarily the
t)areest. all closed fractionally down. as
did most of the other active stocks. in
Guiding Erie. the sales Of which We're
the fourth largest Of the dav. The com
mon expectation that the Standard OIL
and Tobacco decisions would he handed
down on Monday was an influence IN
causing the duness hut was less a fac
TOR than heretofore on the eve Of de
cision dsv." There was virtually no
news hearing upon the stock market
and the trading was almost wholly pro
fessiona1. as was the rally Of Thursday
afternoon IN the bond department p
good business was done although the
volume was less large than that Of the
rreceding day. and prices held firm.
sales Of the New York CITY "A per
cents appropriated 81 .OO0O All indi
cations point 10 the complete success of
fhe daily expected issue Of SooO'oooo
panama Canal per cent bonds. which
were quoted on the curb at 1o2 bid and
1O2ib asked The continued demand for
abort term notes was shown by the an
n rouncement that the bankers who had
taken the S11 100000 International and
Great Northern notes had resold the on
sirA issue. no public offering 70 investors
therefore being necessary.
According to the known movement NJ
ynonev in the week the local banks have
gained less than 100000 net on al
Operations Shipments 10 the interior
-were much larger than reported in re
cent preceding weeks. while receipts
showed a material falling off from the
naree totals recorded earlier in the spring
ifhe result Of operations between New
York and other cities presenting thf
smallest net gain on interior transactions
for any week in the current year. Do
rnestic exchange on New York is vel
under the level Of quotations reported a
ssvv weeks ago. and from current tndica
lions the demand for funds outside this
centre viii increase In the weeks 70 come
No en- extent large enough TO bring about
"a domestic exchange market Wholly
against this point In view Of the
plethora Of money here. active with
drawals Of currency for interior account
will be welcomed nv the local banks. The
actual gain by the New York institu-
lions on last weeks interior currency
or overnent was ss55.000. which compares
with q gain week ago Of s4,166,000
Unless there has been a large over the
xounter movement Of cash in recent days
and a material contraction or expansion
in the loan account, to-days statement
Of the associated banks will show no i'm
portant change IN the reserve above
legal requirements, which q week ago
stood at the unusually large total for
This period Of the year Of S41,639.s25. II
as not improbable. however. that the
financing of new securities ~ corpora
tons will he reflected in an increased
loan item. No activity was reported yes
terday in the call loan department Of the
money market. while the demand for
time funds was light November money
was quoted as low as 8 per cent In the
foreign exchange market there is practi-
cally no demand for remittance al the
present time. and rates are affected
chiefly by the movement OF London dis
counts. which do not show wide changes