New-York tribune., 1911-03-23
BANK STOCKS ON STOCK ExCHANG
FINANCIAL MARKET
Liqht Demand for Money, in
Spite of Low Rates Prevailing.

There was no life in any department or
the securities markets yesterday. Both
in stocks and bonds total dealings
reached unimportant figures. while price
changes likewise were insignificant and
representative Of nothing beyond the
operations of a small professional ele-
ment. Some brokerage houses reported
fair demand for odd lots for invest
ment account. while bond houses were
reasonably satisfied with the progress Of
sales of new offerings over the counter.
lut as far as speculation on the Stock
Exchange was concerned there was not
the slightest indication of any public
interest in the market. Although the
public is unwilling To- make speculative
commitments in stocks pending the out
come Of corporation suits now before the
Supreme Court. it is worth noting that
il is easier 10 advance prices than TO
lower them. and that since the close Of
February the general average, both for
the railroad and industrial issues, has
been moving slowly in the direction Of
a higher level. The leading railroad
shares ended yesterday at an average
price of lis. compared with 1l1.3J on
March /. while the chief industrials
showed a gain for the same time OF
more than > points.
Bear markets seldom develop in the
hG
sure. a bad slump in stocks in March.
1867. but conditions that demanded a
liuuidating market at that time cannot
be found in the current situation. The
present market appears to be going
through one Of its customary periods OF
dulness preceding the development of an
important forward movement In yes
terdav's operations the larger part OF the
business was supplied by Reading
Union Pacific. United States Steel,
BROOKLYN Rapid Transit. Missouri Pa
cific. Consolidated Gas and Canadian Pa
cifc The last named issue made new
high record and Consolidated Gas sold
higher than at any preceding time this
wear. Z tldNldll Il AZ Ii4's N'i4N44 I'~s" N''N
same dividends as Union Pacific sold at
= better level than ever recorded Tor the
Hartman stock. In the final dealings
nrices moved in the direction of lower
levels. but declines were small and as
a rule confined to fractions, Missouri Pa
cifc being the weakest feature on pro
fcssional selling that caught many stop
loss orders There was fair demand
for Norfolk & Western. In most OF the
leading stocks fractional net losses were
reported.
Time money is not in demand in spite
Of the low rates prevailing. wall street
borrowers at present supplying their
small needs in the call department Of
the market The mercantile inquiry for
accommodation is not active al this cen
tre but this absence of demand does not
indicate weakened conditions in indus
trial quarters. as requirements of our
1orgo busiress concerns are being han
died bv ths banks in the localities III
which such concerns are situated. fui-
thermore. the larger number OF INDUS
trial corporations are rich IN cash re-
eourcos. and their current needs DO not
compel them 70 make extensive demands
upon the loan market Reports received
from business circles are encouraging,
and the fact that there is large supply
of money in all parts OF the country
available for use in the channels ol
trade ought 10 suggest 10 people VINO
are nervous over the future course oi
our industries the prOba bility OF gradual
and healthful expansion in all Ines oI
trade Discounts abroad are well under
the rates recently prevailing, and rela-
lively easy quotations for accoinmodd-
tion in the chief European market
dotIbtless will be reported Tor many
weeks 10 come, with a growing disposi-
ton on the part of foreign bankers 10
place their funds in dcsirabla American
securities. At the fortnightly settlement
ON the London stock Exchange yester-
dav the contangO on American shares
was 80 Per cent, compared with ! per
cen, two weeks ago. while the banks
charged 324 per cent on stock Exchange