New-York tribune., 1909-01-31
FINANCIAL AFFAIRS
STOCK PRICES DOWN.
DOWN.
Liquidation of Marginal 44ccoWnts-
BanR Reserves LOzcer.

Stock market values moved toward lower
level in the greater part Of the TWO hourS o.
trading last quotations being slightly above the
lowest as a consequence of covering operations
II, tba final dealings. The decline a con-
tinuation of the movement that developed few
davs ago. but il presented new feature IN the
selling by commission houses of marginal ac-
counts that had become weakened by the press
ure of preceding days, and which customers
arnarentIv did not care to strengthen as re
suit of their loss of confidence on the bull side
of speculation Liquidation OF this character
was moderately active in the copper and steer
shares New York Central, Union Pacihc'
BROOKLYN Rapid Transit and Reading, but de-
clines were not extensive. and the selling pre-
sented no indication Of uneasiness on the part
of the actual owners of securities, the latter
being moderate buyers on a scale down Erie
and baltimore & Ohio were relatively firm. In
Inc less active shares there was an extremely
limited market as for instance, in Alton, which
opened Az points under its last preceding
sale Little disposition to fight the decline de
veoped doubtless because the greater NUMBER
of uaoT,le interested in the market were not in
cined 20 increase their holdings, except at con-
cesSions from prevailing prices which admit
edlv are entirely too high, notwithstanding the
ease in the money market The majority OF
commission houses are carrying large line
of stocks on margin indication Of which is
presented in the freedom with which securities
are offered in the loan crowd in the daily op-
elations with call money rates under per
cent readjustmeut Of prices TO a lower level
is possibility of the near future that appeals
10 many market followers. particularly to COM
mission houses that believe a good sized decline
would stimulate an active demand for all
issues.
The weekly statement Of the associated
banks reflected the movement Of money from
the Clearing House institutions to the federal
Treasury under the recent call Of the Score
tary for return Of a portion Of government
funds held by national repositories and 10 trust
con1panies that are compelled TO increase their
cash reserves according to law by February /.
In the average figures cash holdings declined
s1429 100. while the result Of an increase in
loans Of S6914,700, which, with the decrease in
cash was responsible for net increase in de-
posits of more than $1,000 00O the item of cash
required against deposits increased 81, ,260,915,
leaving the actual reserve above legal require
ments s2 690075 less than it was a week ago.
night reflect TO a greater degree the movement
of money from the banks to the federal Treas
ury and to the trust companies. cash decreasing
more than S12 600 600 and reserves on all depOs-
its sl2202 225 The reports of the trust com
panies and state banks not reporting to the
Clearing House show an increase in loans of
S1s165 300 an increase in cash of $9,025500 and
an increase in reserve of S11723,400. Cash
holdings Of the Clearing House institutions stand
at S3S3 4O2 400, against S325.1521O0 at this time
q wear ago. while loans at present are larger
bv more than 5000, 900. Deposits since this
time in 1908 have increased $284,31S,600