The Washington herald., 1911-04-14
WALL STREET NEWS
Stock Transfers Exceed Low
Record Preceding.
BANKS LOSE RESERVE FUNDS
Missouri Pacific Regains-Light At
tendance on Floor-Trade Active.
Money Rates Easier-Investment
Stocks Show Moderate Strength.

New York, April B.-Substantially, the
only matter worthy of note in to-day s
security market was that its transactions
in stocks were 115.o00 shares. as against
thu low record day for the year Of 1os,-
900 shares on Wednesday.
Relatively, the bond markec was much
more active, with a volume of dealings
holding well up TO the normal average
This is a circumstance that may perhaps
bear some relation to the moderate
strength shown to-day IN the stock mar
ket proper, in shares of an investment
grade. such as the United States Steel
and Union Pacific preferred shares.
1t was generally noticed, ton, that a
considerable amount of cdd-lot buying
wls taking place Changes in prices in
almost all quarters of the market, save
as specified, were insignificant.
Attention was, however. excited by the
decidedly frmer undertone shown by
Missouri Pacific stock, which lent corrobo-
ration to the rumor that the recent weak
ness of the stock was caused by liqui-
dation- now entirely completed. for the
account Of a specific capitalist interested
m the property.
AS was the case yesterday. Pennsyl-
vaIria Railroad stock was comparatively
heavy, due, as was supposed, to specu-
lative selling based upon the idea that
the issue of new stock just authorized
by the company will cause, as It some
times does, selling of the stock or the
rights to subscribe TO the new issue
ny present shareholders
Attendance Light
Attendance on the floor of the stock
exchange was small. as would naturally
be the case in view of the approaching
three days suspension of business.
Announcement was made of the sale
of S,5Oo,0oo Of refunding mortgage 4 per
cent bonds Of the Chicago, Rock Island
and Pacific Railway Company, and it
was Also stated that a large block OF St
Louis and San Francisco bonds lately
bought by banking interests here for
distribution among French investors had
been entirely sold in the Paris market
Both the Bank of England and the
Bank of France in their weekly state
ments to-day reported losses in cash.
which. in the case of the latter institu-
ton, was accompanied by an increase in
loans. The heavy drop in the Bank of
Englands reserve from 1913 last week
to 1856 per cent was. however. almost
solely due to the loss by the bank of
over $4,000 cash. which reduces the
proportion Of reserve held by the bank
to figure considerably lower than is
usually seen at this period of the year.
The case with both these great financial
concerns is, of course. that they are dis
playing the effect of active trade and
business in their respective countries. and
it Is now manifest that this has been
the fundamental reason for the recent
strength of sterling exchange in this
market Sterling was again to-day
slightly ffrrner.
Here money rates were If anything,
even easier than formerly. with indica-
tions showing as regards the end of the
week bank statement of a gain in cash
by the local clearing house institutions
much larger than that exhibited last
Saturday.