New-York tribune., 1911-04-21

FINANCIAL MARKET
Public Shows No Interest in Cur
rent Speculation in Stocks.

The course Of stock market trading
presented nothing new or novel In the
five hours Of business. Speculation was
confined almost entirely TO the operations
Of the professional element, While IN
vestment dealings were not large enough
10 warrant comment. As rule, prices
closed under the final figures OF the DAY
before. but there was nothing in the
character OF the selling that suggested
the DEVELOPMENT OF a sustained GOWN
ward movement In the immediate tut
ure. A substantial amount Of weakly
held stock was liquidated Tuesday. the
decline on that day encouraged the 'oea
In some quarters that stocks were bet
ter sale than a purchase, and as q con-
sequence q good sized short interest was
established. which added strength 70 the
technical position Of the market. re-
Aection Of which was seen in the ease
with which prices recovered in Wednes-
davis operations. In spite Of yesterday 3
heaviness I'm the general list further quiet
covering was reported in many issues on
the Idea that possible Supreme court
decisions on Monday in the ant-trust
cases might be followed by aggressive
buving by the banking interests. ire
spective Of the character OF the courts :
verdict.
Opinion in the best informed quarters
favors the theory that decisions in the
American Tobacco and Standard OIL
suite will not be rendered next week
while in the same circles II IS thought
that when a decree finally Is handed
down there will be a marked change for
the better in market movements, as fer
as the ultimate course OF stocks and
general business Is concerned. Commls"
sion houses Of the first rank are carry
ing a fairly large amount OF stocks, put
the collateral back Of such accounts does
rot suggest liquidation on bear scares.
OF course passing adverse developments
will find enough small holdings on orok-
,re books to warrant selling pressure
from tho professional element. Total
dealings Yesterday amounted 10 only
251 .GS1 shares. with the heaviest opera
tions in Reading, Union Pacific. United
States Steel and Missouri Pacific, the
last named moving throughout the day
in way that reflected the divided opin-
ion IN the Street over the wisdom Of tho
Goulds in cutting loose from the banking
house which they practically invited 10
take charge OF the Missouri Pacific prop
ertv and then repudated. tt Is 10 be
hored in tho interests of the stockhoid-
crs of the company that Speyer & Co,
the new bankers for the Missouri Pacific
Will insist on being the boss
business IN time money IS absolutely
inoctive. except for short fnaturities in
which small transactions are reported.
In the call department Of the market the
extent OF current operations may ne
iudeed from the course OF dealings on
the stock Exchange. the financing OF
which does not require a large amount of
loan accommodation. Notwithstanding
the accumula ton Of money ct this centre
little business is reported in bonds, either
on the Exchange or over the counter,
the onlv important demand at the mo-
ment being for short term securities, the
eupplv Of which IS growing somewhat
scarce. This situation IS causing no
alarm in banking circles. as II is con
fdentIv believed that with the elimina-
ton Of various uncertainties there viii
be an active movement Of capital into
investment channels. The very fact that
money supplies are increasing at all
financial centres assures expansion In all
markets in the future. In the mean
time there is no evidence cf acute de-
preston in mercantile circles. The Bank
of England made no change in It's mini
mum rate of discount yesterday, while
It's weekly return showed improvement
in the proportion OF reserve 20 liability
as compared with a week ago, although
the percentage was somewhat under the
average for this period in the last ten
wears. Money market conditions In Lon
don are not so favorable as they are at
this centre.