New-York tribune., 1911-04-18
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Speculation in Stocks Continues
Within Marrow Limits.

The stock market vas without life in
the five hours Of trading. total transac-
t,ons amounting TO l11,439 shares, sup
piled In large Fart by few OF the lead
ing issues, as, for instance, Union Pacific
Reading and United States Steel. Prices
were inclined to sag under unimportant
selling pressure by an insignificant pro-
fessional element. A few gains were
made following the announcement from
Washington that the Supreme Court
would not hand down decisions In the
antitrust cases, but the upturn failed
10 attract enough buying orders to sus-
tain the Improvement. Continued sus-
pense on the part Of spectators over
the character Of forthcoming events and
long periods OF dulness not infrequently
bring out stock in volume but at the mo-
ment there is no indication Of liquida-
sons who hold stocks are not susceptible
10 an attack Of nerves. Although the
market is intensely dull. and there ap-
nears on the surface OF daily operations
no buying, It may be stated on the au-
thority of some Of the best Informed
bankers in the Street that a certain
amount of stock is being quietly absorbed
every day for the account Of people who
are looking 70 the future for profits on
The long side Of speculation. They are in
for long pull, and they are buying
stocks the carrying charges on which
practically will be offset by the diyt-
dends received.
Most corporations now have more
stockholders than reported at this time
year ago and many Of the new stock
holders are investors Of moderate means.
The United States Steel Corporation,
which held it's annual meeting yesterday,
reports a gratifying gain in the number
Of actual holders. while the books show
material gain in the holdings Of Wall
Street houses, which represent in part
speculative accounts accumulated for
something more than a quick turn. IT Is
worth noting that Chairman Gary in his
remarks 10 stockholders states that the
oorporation is well satisfied with the
amount Of business done by the concern
in the last fifteen months and the profits
realized: also that while the mills at
present arc not running 10 more than
about 20 10 - per cent of capacity The
current basis OF operations is much more
than the total capacity at the time OF the
organization Of the company. At its
present price United states steel pre-
ferred Yields almost & per cent. Il Is a
safe. sound ana solid stock
Bank statement figures at the close ot
the last week showed a further material
accumulation Of cash by the Clearing
House Institutions, and from the course
OF domestic exchange yesterday and the
operations between the banks and the
Sub Treasury there will be another addi-
ton to cash and surplus holdings in the
current week Since Friday the banks
have gained from the government more
than 81 100000. Tho lack OF activity in
the money market IN the interior Is re-
1ected in the net receipts Of currency at
this centre in she last three months and
q half of approximately S14,0OOOp com
rared with net receipts in the correspond
ing period i'm 1910 Of about 29000.0G0,
while the absence of important demand
in the local market is found in the cash
item Of the associated banks OF $1,000. -
900 IN excess Of the amount held year
ago. and IN reserve above legal require
ments of SCI COG $50. against Sl0GS0 000
in 1910 No change was reported in
money market conditions Yesterday. De-
mand was Inactive IN all departments.
with no indication Of improvement in this
respect IN the immediate future. The
trust companies pu; out more money on
call than reported by The banks. but the
total operations in cali loans represent
ing Stock Exchange transactions was ex-
ceedingly snail one large concern the
daily opeiations Of which under normal
conditions Il!n into the millions consid-
cred itself lucky IN placing 100000 in
the call market. Foreign exchange was
dull owing TO the holiday in London.