New-York tribune., 1911-04-17
FINANCIAL MARKET
Movements in Money and Stocks
Confined to Small Totals

-,
same time last year. the latter represent
inc a full weeks business. while in the
week lust closed the Stock Exchange
was open for dealings on only -FOUR days
II is doubtful. however. II sales would
have reached the million mark even II
speculation had not been suspended on
Good Friday and Easter Saturday. The
lack of activity on the Stock Exchange |
has not been so pronounced at this time
OF the year since 1900. but it is worth
noting that in spite of the absence OF the
public from the market and the un-
WILLINGNESS OF the larger operators to
make important commitments for higher
prices quotations refuse TO go down be-
vond fractions on bear pressure. except
~ q few isolated cases Stocks are in
strong hands Such perfunctory trading
now reported is largely for the account
CT the professional element. Rluctua-
tons are confined within narrow limits
and from current indications there Will
be little change in the general character
Of the speculation until Supreme Court
decisions have been rendered IN the
American Tobacco and Standard oil
cases.
The financial community attaches
great importance 10 these suits as de-
cisions against the companies mean
drastic changes in corporation organ
ization. although such changes will not
involve loss in property rights or de-
probation in the actual value of securi-
ties concerned While the industrial !
world is looking forward 10 no disturb
ance following adverse decisions, 1t Is
unwilling 10 do more than a hand-to-
mouth business pending the verdict Of
the court, and this situation adequately |
explains the present stagnation in stock
market operations. Favorable develop
ments under these conditions quite .
naturally fail to stimulate activity.
Furthermore, uncertainty over the course
and character Of tariff agitation IN Con-
gress likewise serves to restrain business
transactions. Early crop reports are en-
couraging, our foreign commerce con-
,inues 10 grow and money is steadily ac-
curnulating. Easy money Of course, re-
fleets slow trade movements, but it fore
shadows industrial expansion.
The initial report of the Department OF
Agriculture for this season shows the
condition of winter wheat better than 7,
reported ct this time last year. with an
indicated Yield Of more than 541,000000 |
bushels. compared with the actual har-
vest IN 1910 Of 464044 900 bushels. At |
this early period Of the year IT, Of course.
is impossible TO predict with any degree
Of certainty regarding the final outcome I
of the crops but il Is pleasing to note. |
nevertheless. the excellent soil conditions !
ct this time for planting and the favor
able position Of fall sovn wheat Ex-
ports OF domestic products IL March /
amounted in value 70 Sc. 2.577.781. com ,
Jared with $50 O47. .936 in the same month Z
last year and 61.01321 in 1908, While ,
exports Of ell merchandise reached a
ralue OF S161 e24 900, the last named eX-
ceeding imports by S22924,o00, against !
an excess of imports in March year ago /
Of more than $19O0oOOO. Exports in the /
last nine months show an excess over |
imports 20 the value Of $4,000 600, and /.
u is quite likely that for the fiscal year
the excess will be we'll above 100000 /
600 which would compare with S1S7- ,
1t1.349 in the twelve months ended June /
80. 1910
In March there was a gain in the out
ward movement Of all products, with the
exception Of cotton, the decline in ex-
ports Of this staple merely representing
a natural reaction from the tremendous
shipments Of preceding months From
July I. 1910. exports Of cotton show an
increase in value % the amount OF Sl49.-
736.110. while in the same time there has
been a falling of IN the shipments OF
breadstuffs 70 the value Of S1J,350,574
II should be noted. however, that the
outflow Of wheat and corn is now run
ming well in excess OF this period in
1910 and 1909. the increase in value in
March Of Si30S. 49, being especially
noteworthy as current prices for both
wheat and corn are now far under the
quotations reported a year ago. The
May option for wheat at this time in
1910 was in the neighborhood Of 81 20.
compared with a figure little under 81
cents at present, while the current price
Of May corn shows q decline of about l3
ssatS from that reported at this period
last year
An idea of the current cheapness of
money may be gathered from the fact
that loans running TO Noyember have
been reported in recent days al per
cent. The prevailing rate is somewhat
higher for average long time loans but
any amount Of money may be secured
foE distant dates az most attractive
terms Demand however. IS inactive in
al departments Of the market PIE
thor.c conditions in the money market
seldom last for any length OF time. and
In the present instance the absence OF
On Important inquiry promises TO con-
tnue only as long as uncertainties that
contain no element Of danger are fac
tors IN the general situation. sooner or
later the large accumulation of FUNDS at
financial centres viii seek investment In
profitable channels. and when this happy
time arrives commission houses in Wall
Street again will show large credit bal
snces Al the moment the ordinary
commission house is not making ex-
penses Discounts in London are slight
L. frmer than recently reported and