New-York tribune., 1911-04-05

FINANCIAL MARKET
Canadian Pacific and National
Biscuit Shares at New
Hiuh Levels.

Stock market trading was restti'I'"
70 small totals Yesterday by the uh-
willingness OF SPECTATORS 10 make I'M
nortant commitments. owing TO the un-
certainty over the plans OF the Demo-
cratic party for tariff revision and otnei
legislation and the contents OF the Pres
ident's message which will be sent 70
Congress to-day. Furthermore, the pos
sihili,v Of new government suits against
the anthracite coal roads and the TACT
that there is no certainty that the ne-
cisons IN the antitrust cases VIII pe
handed down before the autumn nelpe"
70 mako the market one OF the most un-
Interesting affairs recorded in many
months, despite the fact that a Few pro
-essional operators we're able 10 p'lhs
about big advances in Canadlan racine
and National Biscuit. the rise N the ia'-
,er being ACCOMPANIED by talk of an IN
creased dividend. The price OF wheat
which COR the May option is more thah
80 cents below the level recorded az 'ihS
.in,e last wear. is an important consider
ation AZ the moment in discussions re-
gardine tho immediate future of Ma
tioraI Biscuit shares The company 10
en- loving a large business on lower ope'
atine costs. and the movement "t tno
common stock may reasonably he said
n foreshsdow the probability OF an IN
crease I'm the dividend from the present
G per cent basis TO per cent. or else
good sized extra distribution At the next
dividend period Both National Riscui'
and Canadian Pacific made nc" high
records, the strength in the Canadian ~
suc heing accompanied by advances IN
Great Northern and Northern Pacilc on
,he idea Of the enactment Of Canao'an
reciprocity. hill II the extra session >"
Congress. TIE stocks ALREADY hane'
with Union Pacific. Reading and uni'eo
States steel supplied upward of three
ouarters of the total operations. more
10. gains than losses were reported et
.hc close Transact ions In bonds were
ueb, showing a heavy falling of as
compared with the dealings of the sa"2
dav last week and in 1910. OVERTIME
corntsr brsiness in mortgage issues is
lighter than recent! reported, the best
demand a, tho moment being for short
term notes
The demand for money was inactFe
and the sterling market was without m
or.art change since last FRIDAY the
, Ioca, hanks have gained little more
than 5000 on their operations "i'h
The Sub-Treasury. against heavy ioss
-, ,be same time last week. Whlle OK
change at interior points reflects
movement OF currency to this centre !"
excess Of the shipments from mere ~
furthe~ indication OF the bsht inquiry
for accommoda ton in the none! marNe'
is found in the report of the Controller
of che Currency for the month of March
shou,,ne total redemptions Of nat'onaI
harr no.es Of $40. 335533 .!slS. an increase OF
inward Of SlOUoooo0 as compared WIN
.be corresponding period IN 1910 ana an
,,,.~eoeo of moro than S6NnN@ over
1,arcb 1oC0 the percentage of redemp-
,;,re "a outstanding national bank notes
amounting TO $50. against '''" ," w
same time last year and 624 in '"s'
General conditions in the London mar
,,et favor n long period of ease IN money
and +, is therefore likely that foreleh
exchange rates in New York VIII con
,inuc 10 favor this point. especially as
we nre piling up credits abroad on ''e'-
chandisc and securities account. \
large amount of stock ccrtincates rep
,...,,,ino nigh class American rails has
hfen shipped to Europ" IN recent "eeNs
for actual investors. although arbi'rase
trading has been extremely nght. spec
ulation in our securities in Europe i
held i'm check by the same reasons 'ha'
! ,,o,..rr tho ore-ations in the local mar