New-York tribune., 1911-04-22
BANK STOCKS ON STOCK ExcHAN
FINANCIAL MARKET
Banks Show Heavy Cash Gain on
Weeks Movement of Money.

There were few important price
changes among the prominent Issues In
Yesterdays stock market while the
character Of dealings presented nothing
new or novel in the general course OF
speculation. Total sales amounted to
only 161, ,O69 shares, with the chief deal
ings in Missouri Pacific. Union Pacific,
Reading, United States Steel. Virginia.
Carolina Chemical and American Cotton
Oil. the last named again being sold on
the idea that the directors Of the COM
pany would either pass or reduce the
dividend at their meeting next month.
This concern has had high priced cot
ton market to contend with In the last
twelve months, and as consequence its
margin OF profit has been extremely
small Furthermore. the dividend posi-
ton Of the stock has been weakened by
the recent issuance Of $5,O0OOO0 bonds.
In the case Of the Nirginia-Carolina
Chemical Company the decline was based
in large part on sympathetic selling with
Cotton Oil and on sales from Paris,
where the stock some time ago was In
troduced for trading on the assumption
that the thrifty French peasants would
be glad TO invest their funds in the
shares of an agricultural corporation.
The fact that a large amount Of the
stock has been returned TO this country
no tho Erpr oh yr,a n
prefer 10 keep their money in home in
dustries.
While the fertilizer business evidently
is being overdone in the United States. 1t
is rather premature to say that the divi-
dend on Virginia Carolina Chemical will
be reduced General trading was wholly
professional. Commission houses were
without orders for public account. as far
as stocks were concerned. but fair de-
mand was reported for high grade in
vestment issues in the bond department,
both on the Exchange and over the
counter. At present prices many bonds
offer good opportunities for speculative
accumulation. Missouri Pacific stock
was lightly dealt in, and It was quite
evident that the Street apparently had
lost all interest in the issue as con-
sequence of the retirement OF the Kuhn
Loeb & Co. people from the property
An idea prevails In some quarter OF the
Street, however, that eventually the
bankers named will be in a position to
i. 70 tha Cnnldc Talk
Of possible cuts in steel prices and Of de-
preston in the iron and steel industry
was without important effect upon
United States Steel common, which ended
al a loss Of only "a. Atchison and Penn
sylvania closed higher on a good class
of buying.
According to the known movement OF
money in the current week the local
banks have gained upward Of $9,678OOO
in cash holdings, due almost entirely to
transactions on interior account Re-
ceipts from out-of-town points were UNI
usually heavy for this season OF the year
and exceeded any weekly record since the
week ended February 2, with the chief
shipments from the Middle West. In
view Of slack trade conditions through
cut the country the large gain by the
New York banks on their operations
with interior points Is not at all surpris-
ing, and from the present course OF do
mestic exchange the accumulation OF
funds at this centre doubtless will con-
tinue to increase for weeks to come. the
effect Of which will be reflected later on
IN an active movement of money into
business and investment channels. Pres
ent loan market conditions do not favor
the lender, but the time will come when
the banks I'm New York and in other
cities will be able to report an active
inquiry for their surplus funds. Money
does not remain inactive for any length
Of time With the elimination Of the va
rious uncertainties that are now restrict
Ing mercantile and financial operations
funds will move into the channels OF
trade in volume large enough to bring
about q material advance in money mar
ket rates. London discounts showed n
frmer tendency yesterday, reflection OF
which was presented in the course Of
sterling exchange in New York. Time
money here could be obtained at low
rates. but there was little demand, while