New-York tribune., 1911-03-24

FINANCIAL MARKET
Inactive Demand for Time Money
and Offerings Of Commercial
Paper Light.


lighter ~ volume than on any prcced1ilS
dav IN the current year. with the eHcep-
ton OF the dealings recorded on Marcil
10 when total sales amounted 10 ih5'"o
ebares. against 111.1s1 shares in yester-
dav's operations. Price changes were as
uniuportant as the total business IN TIC
different stocks. and were slgnincaht "
nothing beyond the trading OF an III
sicnifcan, professional element. Nhich
was unwilling to make extensive COM
,nitmeuts on either side Of the spocnIa-
tive account Atchison, Missouri "a
cifc. Reading. Union Pacific and n''eo
States steel supplied upward Of onc-haH
of ,he entire dealings reported, hut III
these issues. as we'll as elsewhere IN me
list. final quotations. as q rule sho"oH
only fractional net gains or advances
Canadian Pacific. among The relatively
inactive shares presenting an advance
az | noint and touching new hish ne
ure in the history Of the stock. tHorts
were made 70 induce a selling movement
in Missouri Pacific. but pressure against
tho issue failed 10 attract liquidau"n.
u.hiIn good support was offered in the
neiehhorhood Of II This stock has gone
back materially since the first announce
n,eut of the entrance Of new interests
into tho property. but II has not been
sold nv substantial sources, and st ITS
preecnt price IL ought 10 appear at
tractivo to buyers who op'rat" on 'H'
baeie of long time results rather than for
immediate profts The Missouri Facihc
poilwav IS ? propert-- of great pot'nua'
value. and under new management lts
securities arc bound 10 increas" ~ NJ
trireic worth The London market vas
more interesting than our own. note
worthy incident of the dealings being an
advance in British cunsols 10 the high
.st rrica recorded since last July. The
Improvement in consols is easily *
rlained by the change that has taken
place in money market conditions
throughout the world in the last six
months
The current demand FOR mono% IS
much lighter than the supply of funds
available for loan market operations.
and AZ the moment there appears 10 he
M immediate chance cf 4 material in
crease in tho inquirv for accomm"da-
,ion. Time money may he secured at 2'2
rer cent FOR sixty days, while over inc
year loans arr quoted AZ per cent
acainst . 10 n, per cent for four, five
and six months. while commercial paper
can 10 reeotiated at ~ per cent for the
hcet uames strictly commercial banks
havo bccu holding ont for per cent.
but the StaCnaticn in tho Wall street
money market has forced tho large WAL
street institutions into the market for
mercantile paper win consequent
lowering Of rates to tn" cheapest level
reported IN more than year Tho sup
ply Of good paper is not large. III"
Rank ~ England made no change IN its
minimum rate of discount AZ It's weekly
meeting. and showed I'M It's return a pro
norton of reserve - liability Of 4G.6?
vor cont. against !" per cent week ago.
compared with . teu-yfsr average of
4G3j per cent. tie decline IN til" last
week being duo 10 requirements incident
10 the end Of tho first quarter of the year
and 10 those of the government which
ends its fiscal year with the close OF the
current month. Can money AT tho Brit
sh capital is higher than reported in
New York, but discounts in London show
Irs 1ff,is 4 on
exchange market is inactive and without
feature. except that involved in the alb
solute control over rates exercised by
our banking interests