New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-04-28
FINANCIAL MARKET
Bond Houses Report Better In
quiry for Mortgage Issues.

Transactions in stocks were light in
volume throughout the day on en- irreg-
ular movement Of prices that showed
fractional losses in the larger number Of
issues at the close. Further activity
in the bond department failed TO attract
an active speculative demand for shares,
but the fact that bond houses reported
growing inquiry on the part OF the public
for their offerings encouraged the ex-
pectation In well informed quarters that
with the elimination of the various un-
certainties in the general outside situa-
ton expansion would develop in stock
dealings, especially in stocks that repre-
sent high grade industrial companies.
Bankers who are In touch with all parts
Of the country are not worrying about
the future of money and business. In
creasine supplies Of idle money eventu-
ally will find an opening in the channels
Of trade. General trade is by no means
dull, although operations on the basis of
future commitments are inactive. and
while certain spectators are endeavor-
ing to create the impression that stocks
must, as a consequence Of business con-
ditions, go to q much lower level before
sustained upward movement can be
brought about. no selling il reported
from important Wall Street quarters.
Stocks are we'll taken on all declines.
The big" men have the money and
they are the chief holders Of securities.
Their ownership Of stocks and their CON
troll of the money market suggest that
they are in O. position 70 make a telling
demonstration against the bears when"
ever general conditions warrant such
movement. Traders said yesterday that
the market was sagging because Of its
own weight Current dayto- day opera
tons are no criterion Of the future. and
while experienced spectators may be
able 10 bring about lower quotations,
there is nothing in the technical position
of the market that warrants short sell
ing by the outsider. In the active list
Amalgamated Copper. American Smelt-
ing, Missouri Pacific, Reading. United
States steel and the Hartman Issues
closed at fractional losses. Selling in
Union and Southern Pacific on the basis
Of the decline In the gross and net earn
ings OF the companies in the month or
March failed TO bring out stock. Cana
dian Pacific was a strong feature and
the foolish old story that Erie would
pass to the control Of the Canadian road
was revived.
The local banks have lost more than
81 100000 on their operations with the
Sub-Treasury since last Friday, while
they have gained a substantial amount
on their transactions with interior points
outside 81 San Francisco and Montreal.
shipments 10 the latter city yesterday
reaching total Of $4,000. In spite OF
the loss 20 the government, including
transfers TO the Pacific Coast and with
drawals for Canadian account, IL is not
unlikely that to-morrow's statement OF
the Clearing House institutions will show
a further increase IN cash and reserve
holdings. The Bank Of England made
no change yesterday in its minimum Of
rate of discount, and while the weekly
return presented a proportion OF reserve
to liability adequate 10 current require
ments OF The market II showed, never
theless. a decline from the percentage re-
ported It week ago and level under the
teu-year average for this period. The
figures reflect Improvement in the British
commercial demand for accommodation.
In our own market there is no indica-
tion Of immediate expansion IN the ner-
camille inquiry FOR funds