New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-20
FINANCIAL MARKET
Banks Gain More than $780,
900 on Weeks Currency
Movement.


IN the volume of business in yesterdays
market, as compared with the totals Of
the two preceding days. and although
realizing sales and bear pressure marked
the course Of most stocks, prices found
support whenever evidence of weakness
developed. final quotations showing only
small net losses in the larger number Of
issues. Many operators were inclined
20 favor the theory that pending the Su-
preme Courts decision in the govern
Nment's suit against the American To-
bacco Company. which is looked for on
May 90. speculation would run along on
n uuieter basis than recently reported,
although they found no reason to believe
that a decree against the company would
he accented az bear argument on the
general market An eminent corpora
lion attorney states that in spite Of
the decision against the Standard OIL
Company the Supreme Court has failed
10 interpret the Sherman law, and
as a consequence Of his remarks some
Wall Street men believe that the market
will pause again until it is made reason
ably clear what is TO be considered an
unrea sonable restraint OF trade. Posi-
bly some light will he thrown on the sub
feet in the Tobacco decision. Although
9 large amount Of stock has been dis
+ributed in recent days there is no evil
dence that the chief market interests
have parted with any important part of
their holdings. while the general charac-
Ter Of the trading yesterday suggests
that the big" men are willing TO sup
port prices If selling pressure becomes
acute. In the afternoon the market
Bagged with a heavy closing. Among the
few important issues showing net gains
were Western Union and Canadian Pa
ctnc. the former being a strong feature
throughout the day on buying by persons
who thought the current earnings OF the
company and the prospects for increas-
ing business warranted higher price
for the issue. Strength in the cotton
market was reflected in weakness in
American Cotton OF shares.
According to the known movement OF
money IN the current week the local
tanks have gained net little more than
s2.5OO,OO0 in cash holdings. due in large
mart TO excess receipts OF currency from
the interior amounting TO S2,6O9.Ooo. A
week ago the reserve Of the local Clear
Ing House banks amounted 10 S44,662,-
b25. and unless there has been a mate
rial expansion In loans in the current
v-sek to-day's exhibit ought to show fur
Their expansion in the reserve item. 1t
IS quite likely. however, that syndicate
operations and increased speculative &C
tivtty in the stock market VIII he re-
fected in a gain in loans large enough
90 Offset the increase in cash. but even If
reserve resources decline the enormous
amount now held precludes the possibil-
tty of materially higher rates Tor money
in the immediate future. despite the
somewhat firmer tendency reported In
time loans. The strongest factor under
living the business situation is the album
dance Of money and the country's In
creasing strength in the matter OF ex-
ports of merchandise. At this period
last year we had no credit balance
abroad, but at the present time the coun-
trv not only has a substantial balance in
tts favor. but also the prospects of grow
ing credits for months TO come through
rising exports and purchases by foreign
ers OF our investment securities. In the
first ten months Of the current fiscal
wear shipments Of merchandise from the
United States have exceeded the total In
the same time I'm the preceding year 10
the value Of $26s 900 900. and from cur
rent indications the twelve months Will
present an increase OF more than $780,
900 900. due chiefly TO the years heavy
outward movement Of cotton at high
prices and to the active demand abroad
for our manufactures.