New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-04-14
FINANCIAL MARKET
Local Banks Gain Cash on
Weeks Currency Movement.

Stock market prices showed unim-
portant changes in Yesterdays light
transactions Of $4,000 shares, which
compared with total sales the day De-
fore Of a little more than 100000 shares.
In view of the various uncertainties IN
the general situation that tend to re-
strict operations on the Stock Exchange
and the beginning Of three-day hon-
day, the absence Of speculative activity
is not at all surprising. Indeed. e1pan-
sion IN dealings ct this particular time
would be contrary TO known conditions
underlying the market More business
WAS reported IN railway mortgage issues
than in stocks. but even in the bond de-
partment the total sales were disappoint-
ingly small Missouri Pacific, United
States Steel. Reading and Union Pacific
supplied the larger part of the opera
tons in shares. while in bonds the chief
activity was reported in the Virginia tie,
the International and Great Northern
second IS, the Wabash refunding As
and the Bethlehem Steel IS. The last
named appear TO possess a considerable
amount OF intrinsic value. Among the
investment stocks United States Steel
preferred and Union Pacific preferred
were in fair demand. while the United
States Steel sinking fund IS showed
more activity than recently reported.
The steel IS may be classed as second
mortgage. but they represent, neve"the-
less g most valuable equity. The steel
trade will revive quickly when the anti
trust decisions are out Of the way. but
even on the present basis Of new orders
and earnings the United States Steel
Corporation is making more than enough
to insure the continuance Of the dividend
on it's common stock. The general mar
ket closed dull. with price changes hardly
worth recording. There were O few more
net gains than losses among the prom
inent issues.
According 10 the known movement Of
money In the last five days the local
banks have gained upward Of So, JOOO
in cash holdings. This compilation
covers a short period. owing 10 the fact
that the Stock Exchange will be closed
to- day. the figures being made UP for the
convenience OF the members. The ex-
hibit, however. should not be taken as a
forecast of the probable showing In to-
morrows Clearing House statement, Civ
ing the actual condition OF the banks at
the close Of the business week In recent
days the banks have gained on their op-
erations with nearby and Eastern points,
while they have lost on their transact
tons with the Middle West and the fed
eral government. the loss to the national
| Treasury having been made in spite of
/ Treasury statement figures showing an
excess Of ordinary disbursements over
receipts. The larger part of the federal
| Treasury's income comes from this part
vide area. and, although the government
at times may pay out more money than
! IL receives the operations at this CEN
| tire between the local banks and the Sub
Treasury quite frequently-indeed, as n
rule--show q gain by the latter a part
I or the loss in the last few days between
the New York banks and the Sub-Treas-
ury is due to the large payment by an
| importing firm Of S1,200.000 on back
| customs dues. There was no change in
money rates yesterday, and no indication
| In the course Of the market and condi-
tons governing money movements of i'm
| portant fluctuations in quotations in the
| immediate future. The Bank Of Eng
land for the first time in q long period
made distinctly poor showing In its
weekly return, It's percentage Of reserve
TO liability at 1876 being well under the
average for this week in the last ten
years. Continued shipments of bullion
account in large part for the poor ex-
hibit