New-York tribune., 1911-03-18
FINANCIAL MARKET
Banks Lose 100000 on the
Weeks Currency Movement.

ITdnSdt liNiiN III 'N~~'''
now or novel feature and price move
r,.nts were as uninteresting AS the!
have been for many days in the recent
mast Trading was made up almost en-
,,relv Of the operations OF an unim-
portant professional clement. 70" Is
sues supplying the larger part OF the
total dealings. which amounted 20 I912''
shares. price changes in the most actlVe
s,ocks as a rule. being confined TO frac-
.,o,s In tho carly part Of the day small
Gains wore recorded. while in tho after
room q reactionary tendency under tho
lead Of Missouri Pacific developed the
selling. however. failing TO bring out I'M
portant offerings or to impress any one
with an idea that the short side OF the
market presented opportunities for long
time operations. IT is not a liquidating
market and il does not appear likely
that stocks would suffer moro than pass
ing declines in the event ~ decisions
against the Standard oil and American
Tobacco companies when tho Supreme
Court convcnes on Monday. The Inter
borough issues were moved up in eX-
recitation Of the conclusion Of sausfac-
tory arrangements respecting new sub
WAYS. hut the movement attracted few
followers. while an advance in the
United Railways Investment stocks like
wise received little attention, the move
n1ent in the latter being based upon the
listing Of the Philadelphia Company is
sues on the Paris Bourse.
II was argued that if the Frenchmen
became interested in the stocks Of TINS
COMPANY they would lake up the shares
Of the United Railways Investment Com
panv. which controls tho Philadelphia
COMPANY. The admittance Of the stock of
the latter company to the parquet OF the
Paris Bourse is significant Of the growing
interest abroad i'm solid American securl-
ties. and now that the opening wedge has
been driven into the extremely ConserNa-
tive red tape bound Paris official mar
ket it is not unlikely that the securities
of other representative American cor
rorations will be entered on the regular
Bourse list. The United States Steel
Corporation failed last year to have its
stock placed on the French market. but
il doubtless will fare better the next
time il asks for admittance. especially
if the authorities of the Paris Bourse
and the Minister Of Finance appreciate
the significance Of the showing made by
the CORPORATION i'm the last year. as
shown by its annual report published
else sewhere i'm this paper and the record
the concern has made since its organ
ization. The general market closed
without animation.
According to the known movement ol
money in the current week the Local
banks have lost upward Of 81 10000 in
cash holdings. compared with q loss 2
week ago of almost S7.OOOO0O. ON their
onerations with the Sub Treasury the
hanks enjoyed a substantial gain but on
direct interior transactions there was a
loss. the latter. while forcshadowed by
the recent course of domestic exchange
rates at Western points on New York
being larger than looked for and sue-
costing lighter spring demand for
funds than generally hoped for. II Is.
however. too early in the season to take
the course of currency i'm the present
week as a criterion for the operations of
the near future Banks in all parts of
the country appear 10 be well supplied
with money. and at this centre the in
ouiry for time accommodation is 50 light
and rates arc 50 10" that the financial
institutions are buying on all available
resent an investment return Of from 3h
10 80 per cent. compared with from :; e.
81 per cent for four, five and six
months time maturities. Good CONNER
cial paper is being discounted at from
{ to ~ per cent. bat the amount offer
ing is not large The report Of the Con-
trollcr Of the Currency. presenting tho
condition Of the New York national
banks under his recent call. shows "A per
ccntaCe Of reserve To liability Of 2ISp
compared with 2GJl on the preceding
cali of January I. and ~ 80 on March -
q year ago. Loans and discounts have
increased more than S11JVDoNsD since
January. while individual deposits have
incrcae ecd $3.50. 10000 substantial
gain is reported in the amount Of Sc
curitios hcld.