New-York tribune., 1911-03-25

FINANCIAL MARKET
Banks Lose Cash on the Weeks
Movement of Currency.

stock market trddlnE WIS lI'ic'"
throughout the day. total sales amount
ing 10 only 152. 1G0 shares. a low record
for the year. with the larger part of the
dealings supplied by a few Of the leading
issues. as. for instance. Reading. Union
Pacific and United States Steel The
bond department likewise was dull af-
fair. although some Wall Street houses
reported a fair demand for good railway
MORTGAGES over the counter. There was
no disposition on the part Of the profes-
sional element to make extensive COM
mitmcnts on either side Of the specula-
tive account. while there was total alb
senco Of outside interest in any part of
the market. commission houses reporting
a dearth Of orders rom the so-called pub
lie. The only consolation commission
brokers can find i'm the current market
is the belief. founded upon precedent.
that period Of dulncss in speculation
forcshadows an outbreak Of activity. hut
at the moment they despair Of anything
ir the nature Of expansion in their husi-
ness until the Supreme Court decisions
in the corporation cases have been
handed down.
Tho Supreme Court will not meet until
April =. and in some well informed quar-
tors il is thought that on that day the
ruling Of the court in the Standard Oil
and American Tobacco Company suits
will be announced. Stocks have been
creeping in bull paths for many weeks
on the theory that no matter which way
the supreme Court may decide the I'M
portam corporation cases. prices will ad-
vance following the verdict, but the ordi-
nary speculator refuses to back his con
viction with heavy purchases of securi-
ties on borrowed money, despite the tact
that funds can be secured practically
upon the borrowers terms. The best
feature Of the current market is found
iu it's refusal TO respond TO bear attacks
and the known technical strength Of the
speculative situation. And in the gen
eral outside situation the strongest rea-
son for optimism is found IN the grow
ing strength of the banks and the steady
iuprovoment of this country 5 position
IN the international money market
through it's sales Of securities 10 Eu-
rope and its rapidly increasing e-.port
trade The general market closed as
duu as il opened, with small net losses
rredomin.ting. Great Northern ore
certificates and Missouri Pacific were the
ONLY noteworthy strong features.
According 10 the known movement OF
money i'm the week the local banks have
lost in the neigh borhoo- of S3,3oO.NOo in
cash holdings. excess receipts of cur
rencv from the interior over shipments
being offset by Sub Treasury operations.
which show loss by the banks TO the
government Of almost $1OOO,0o The
gain from out-of town points was So
OO3 600, with the heaviest inflow from
the South. Payments to the govern
ment by the banks were unusually
heavy. and represented in Ia &c part the
settlement Of interior obligations for the
account of other cities by drafts to the
Assistant Treasurer Of the United States
in New York on the local ,,rrespond
ents Of banks in other Iarts Of the coun-
try. The fact that interior banks are
settling their customs and internal rev
enue dues 70 the federal Treasury BY
drawing on their balances here ggests
a demand for funds for Gro and mer-
camille purposes IN the West large
enough 10 encourage the conserving Of
cash resources At interior cities. wSile It
indicates . business situation far
stronger than generally believed. Trade
reports received Yesterday b. the com
mcrcial agencies. covering all parts Of
the country in the current week. present
every reason for optimism over the
course Of general business in the i'm
mediate future. While industrial opera
tions are being conducted upon con-
servative basis, there is no lack of evi-
dcnce pointing 10 a slowly increasing
forward movement in the larger number
of lines