New-York tribune., 1911-04-08
FINANCIAL MARKET
Banks Show Substantial Cash
Gain on Weeks Currency
Movement.

The stock market insists on making
new records for dulness. In THURSDAY
onerations a total Of 1873. 900 shares rep
-esented the five hours Of business. ana
,n specuIative circles it was thought that
the succeeding day would not bring 1orIh
another exhibition Of that sort. Never
,beless the transactions yesterday
amounted to only 1270J5 shares, maze
I'm in large part of the operations In
few issues. including some of the spe-
ciaIties. chiefly American Can preferred.
National Biscuit. Pittsburg Coal ana
United States Rubber. Popular favor
tics like Union Pacific. United States
Steel and Reading were pracucaHE
neglected. In the bond department q
fair degree of activity was reported al
though operations were poorly dlstrlp-
,ted. with the heaviest buying IN sea-
hoard Air Line adjustment os ana the
Virginia 6's deferred, the latter adVahc-
ing 2 points on buying by interests who
have LONG been mixed mp with the past
Of this huctuatinc security. The rank
and file OF the Street theorized about the
possibility of decisions on Monday III the
American Tobacco and Standard Oh
suits. and while opinion favored the idea
that the verdict would be rendered on
that day, it was impossible to find a
trader who was willing 10 make COM
nitnents based on the probable course
of the market following the ruling Of the
court.
The larger number OF spectators are
ut sea regarding the movement OF STOCK
rrices in the immediate future, but IN
banking circles there appears to be aDlu-
ing confidence in the theory that WITH
the elimination of current uncertainties
81 forward movement will start In all de-
partments Of our industrial and financial
activities. notwithstanding the fact that
The lower branch Of Congress now IN
session is in control Of the Democratic
marty. Mr.. Bryan called at the White
House yesterday. and Senator La Fol-
,atte announced that railway mail clerks
have a right to organize In order 10 oe IN
p position TO strike for higher wages
along the lines Of the American Fedora
,ion of Labor. otherwise everything
WAS quiet along the Potomac. The
nrominent stocks closed as rule at
fractional net losses, except Missouri IA
cifc. which lost more than points.
According TO the known movement OF
,noney in the current week the local
hanks have gained S3,399,OOO In cash
holdings. the flow Of currency from the
>r,erior 10 New York having more than
offset the loss by the Clearing House IN
stitutiops on their operations with the
Sub Treasury. The light demand Tor ac-
cornmodation in the loan market Is re-
elected I'm increasing shipments OF ma
,,opal hank notes to Washington for re-
demption, as we'll as In lower rates lof
mercantile paper. while the strength OF
interior banks and the absence or IN
c,,,ry for funds are shown in the move
,oent of domestic exchange. which al
c,os, points indicates an active move
,ncnt Of money TO this centre AT TINS
time last year call money rates were
c,oted at from 3 10 per cent IN
Yesterdays market rates were practi-
cal,v nominal at per cent. with the
h,qb of the day 2l2 per cent. Time
funds are now quoted at 2h per cent for
,,xtv DAYS. "a per cent for ninety days
P 10 81. per cent for four, five ana SIX
months and 4 10 4i4 per cent Tor longer
,eriods. these rates comparing WIN
-. cont for sixty DAYS. TO Az for three
20 six months and Az 10 "a for longer
reriods a year ago. At this time IN 1910
commercial paper could be negotiated at
Az TO 5 per cent for the best Names
AGAINST 3A TO IA per cent in the current
market. And at this time twelve months
600 sterling exchange was moving
AGAINST this country. New York Is now
,rac.ically in control Of the sterling ex-
change market. and from the present
course of international trade ana inter-