New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-04-11
FINANCIAL MARKET
Local Banks Gain Cash on 0per'
ations with the interior.

Transactions in yesterdays stock mar
ket amounted to 1910 shares the
larger part OF the business being suppheu
nv Missouri Pacific United States Steel
Reading and Union Pacific, price move
nents In the issues named, with the en-
ception OF Missouri Pacific, which closed
AZ n net loss Of more than point
showing nothing beyond net fractohal
changes. Commission houses had buying
orders from so-called bargain hunters 10
ba executed In the event Of Supreme
Court decisions In favor of the govern
,nent IN the anti-tru cases; but IN spite
Of expectations In some quarters OF 'he
ctroet that DEGREES would be rendered in
tho American Tobacco and Standard OH
Suits there were no verdicts announced
that applied 10 anything but relatively
unjmportant actions. Wall street ap-
parently believes that the Supreme Court
can render decisions offhand. The Amer
team Tobacco and Standard Oil suits IN
volve questions affecting every corpora
ton IN this country, and the very TACT
that the Justices of the highest tribunal
IN the land are making haste slowly IN
defining the position Of our corporations
under the sherman law ought to encour-
age q feeling Of confidence In the busi-
ness and stock market community over
the outcome OF the courts deliberations
The Supreme Court will do nothing to
unset intrinsic values.
Courts OF Justice are formed FOR TIE
nro,ection Of property, and that their main
PURPOSE is 10 preserve vested rights Il
found in the action Of the United States
| Circuit Court In the Minneapolis oistric'
| i'm deciding in favor OF the railroads !"
I tho so-called Minnesota rate case. IN
yolying a ruling year ago by the Kan
road and warehouse Commission OF thd'
state which the Supreme Court now de-
| clares unconstitutional. Government croI
figures showing the condition OF winter
wheat as Of April /, issued yesterday
make an excellent exhibit in comparison
with the same time in the last three
vears while the statement OF the uniteo
states Steel Corporation giving unnlieo
tonnage at the close Of the last month
nresents an encouraging indication OF
/ the course Of the iron and steel marke'
! i'm recent weeks. Untitled orders on the
| hooks of the concern on March 81 we're
| 2A47.3Of tons, compared with 3,40o,b4d
! tons at the end of February 3,lle'sls
tons on January 81 ard 2,674,15I tons on
December g. The iron and steel tradf
is showing progressive Improvement. but
the stock market is taking no notice
! steel common closed IS down. While II
most parts Of tho list last quotations
showed small net losses. On the curr
| American Tobacco lost II points Whi!e
STANDARD Oil gained 10 points.
The local banks are losing cash Oh
their operations with the Sub treasury
but they are gaining on the direct move
ment with the interior. reflection o.
tho latter being found In the current
course of exchange on New lork'at out
aide points, which indicates an unusua
/ inactive spring demand Tor funds ant
large surplus holdings by the banks "
all prominent cities. Reserve above lega
raouira,nerts Of the associated banks II
this CITY is larger than reported at TINS
neriod in many years. and from al
Iknown indications the percentage OF re-
serve TO deposits will stand at hisi
oeure until the various uncertainties II
the current situation have been elimi'
mated. The inquiry for money from stocf
market circles IS extremely light, Wh'l'
tho demand for accommodation III mer'
camille quarters likewise is inactive, al
merchants have all the money they neet
for immediate requirements and are no
entering upon commitments for th'
future that Involve important operations
I'm the loan market. In the absence OF al
active borrowing demand on stock mar
ket collateral and against commercial
uaper the banks and other institution
are absorbing short term notes, which
AT the moment supply the most attrac'
/ tive channels for short period invest
ments. The working balance in the fed
! eral Treasury has increased 10 an extern
/ that does not suggest an issuance In tn
Immediate future of Panama bonds. bu
bankers who are in touch with Washing
ton believe that such an issue VIII b.
I be fr,a Tho end pf the pyoacnt fgc1