New-York tribune., 1909-03-14
FINANCIAL AFFAIRS
STOCK VALUES LOWER.
PubEc Takes No Interest m Specutd-
tion-Bank Reserves Increase.

7, the 4rro hours of trading in yesterdays
stock market prices as rule moved IN ti'e III
rection Of lower quotations on q selilns move
ment Of unimportant proportions Final losses
in most shares were confined TO fractions ana
though at one time Erie showed a maximum
decline OF l point its last price presented only
a small fractional reduction from the CLOSING
Of the preceding day. In AmaIsarnateu SoPpet,
Reading Union Pacific and United States o'ee4
common transactions ran above 10000 shaTes'
hut elsewhere In the list total dealings seldom
were in excess of 1000 shares, the movement IN
Erie being conducted on volume OF business
amounting TO a little more than 5000 shares.
There was no real speculative interest in any
part OF the market. Trading was made up en-
tireiy of the operations Of the professional ele-
nent commission houses having no orders FOR
outside account and few orders for the ORDINARY
wall Street following. The anthracite coal lapor
situation was brought forth as an argument TOT
lower values but it failed TO attract anything
beyond board room selling its maximum effect
upon Reading for instance being reflected In
decline of g from the opening, which was Y
below the final in Fridays market In an active
market present conditions N the coal trade which
to some people indicate labor disturbance as a
consequence OF the refusal OF the operators to
grant the demands of the miners. would be ac-
companieds by aggressive bear operations, but
at the moment so little interest Is taken IN
speculation that 1t will require something more
radically adverse than the possibility Of coal
attract genuine Liquidation. The market closed
without the slightest indication Of animation
In any department
The weekly statement Of the Clearing House
banks published after the close Of business,
showed both in the average exhibit and in the
actual figures Of Friday night a moderate
increase in reserve notwithstanding falling OF
in cash holdings. The loss IN cash was much
lighter than that indicated in Fridays esti
mates. based the known movement Of money,
amounting in the average statement TO s62s.700
and in the actual figures TO $4,000; but there
a material contraction IN loans, which
served to reduce deposits and IN turn reduce
the cash required against reserve, leaving the
average reserve at s1S4s2.sso. compared with
$40 665,075 at this time year ago and t3033.100
in 1907 Trust company loans presented small
increase. while cash decreased s1.$74s00 and
reserve decreased s449.3o9. There little
encouragement in the figures OF the local finan-
cial institutions for the believers in higher rates
for money in the immediate future notwith-
standing the expectation of further gold
ports but there was. nevertheless, In the general
position OF affairs that may be expected to exert
an influence upon the loan market in months to
come reason for the idea that higher quotations
for accommo odation will mark the next important
change in the monetary situation. 1t is under
stood that additional shipments Of gold coin will
be made to the British capital in the current
week and IN some quarters It is thought the
movement may on for several weeks to
come, owing TO the ease of money here and the
continued falling off in exports Of merchandise
from this country. Receipts Of currency from
the interior In lighter volume than recently
reported and the fact that trade reports indicate
a far better volume OF general business in the
West than In the East suggests the possibility
of the development OF something approaching
the ordinary spring demand for remittance from
New York to Western points.