New-York tribune., 1911-04-07
FINANCIAL MARKET
Stocks Dull and Price Changes
SmaIl-Mcney Conditions.

DulnesS settled down again NtSte'u"'
upon the stock market, III Wh'ch the
total transactions of about 133.Wo
shares were only about one-half the
business of the preceding dan. There
were no news developments having mar
ket bearing. apart from encouraging Dull
letins from crop experts. and selling
nressure and purchasing demand were
equally lacking, except In the case or
very few specialtes, notably American
Can preferred. which continued IT'S up
ward movement. on buying based upon
the rumors OF intention Of the directors
70 nav off q substantial part Of the back
dividends, and United States Rubber
common. which advanced in the early
trading on reports that dividend was
10 be declared upon H. and declined
sharpIv in the afternoon before the an
nouncement was made that the board
had taken no action on the dividend
question. Stocks moved within sn ex-
tremely narrow range, that of steel COM
mon. for instance. being only 4 point.
ana at tne close Tue oniA lSSNVS o'iVN''S
net changes Of as much as ! point were
q few specislties. The market closed
irregular With about as many net losses
as net gains. and with no change shown
for several of the ordinarily active
issues. There We're no transactions IN
American Smelling and Refining com
mon until the very close, sales OF three
hundred shares. in two lots. coming out
on the ticker after . o'clock. The bond
DEPARTMENT was normally active, the
principal trading being in the Virginia
debt certificates, which advanced nearly
. points.
Domestic exchange rates al interior
points on New York arc quoted at an
unusually heavy premium for this sea-
son CT the year. a reflection of which Is
found in the current large receipts OF
currency by the l)cal banks from out
of-town points II is therefore probable
that to-day's estimated movement OF
money will show q material increase in
cash holdings by the banks at this CEN
tire on their operations with outside in
situations, while it also is probable that
over -the-counter transactions viii add
to the cash item in Saturdays bank
statemen. owing 10 the return flow OF
April dividend and interest money
And based on the movement Of funds
between the banks and the Sub Treas
ury in tho last few days the loss TO the
viii reach an unimportant
total, compared With a loss last week
0f more than SG.010.O0p. The banks are
experiercinG difficulty in placing their
money TO advantage in both the call and
tire department of the market WhiIe
the arc unable to obtain little more
than s.. per cent on the best offerings
of commercial paper which are extreme
Is limited.
Merchants are not active factors in
The loan mariSet al the moment, and pre-
vaiIing attractive rates. which are from
! TO ~ per cent under the level reported
six months ago, reject the straits 70
which the banks are put in thcir efforts
20 md a market for their surplus funds.
The Bank Of England, as is usual at this
period OF the year, shows a decline in its
proportion of reserve to liabilities for
the week ended yesterday, but II H.
the percentage of reserve compares
with less than 10 per cent at this time
last year IN somc quarters it is thought
that the English bank rate VIII be re-
duced to 2ia por cent in the course %;
the next few weeks while no one would
be surprised to soc reduction IN the
Imperial Bank of Gcrmany's rate IN the
near future. a it's present / per cent
compares with the open market discount
or - per cent. the latter being the
lowest point touched since early iii
February. The easing in the Berlin
money market is further reflected in an
advance In exchange at that point on
London. Money is growing easier thc
world over. II may be wei, 30 bear IN
mind that easy money always precedes