New-York tribune., 1910-06-05
BANK STOCKS ON STOc
FINANCIAL MARKET
Bank Reserves Lower in Actual
and Average Statement.

On a heavy volume of business stock
market prices moved for time toward
a cheaper level in yesterdays two-hour
session. new low figures for the year be-
ing recorded by many Of the leading is
sues after the initial transactions, Whlch
were at quotations slightly above the
closing in Fridays operations In the
London market American stocks were
strong, but the influence Of the improve
ment there did not extend beyond the
opening here. though near the close
better tone was reported without en-
couraging the expectation Of a cessation
of the Iiuudating movement that began
with the announcement last Tuesday OF
the governments injunction proceeding
against the Western railroads that have
combined to advance freight carrying
/ charges. Speculative conditions have
been improved by the decline that has
taken place, and further liquidation Will
strengthen the chances of stronger
market later in the season. while 1t VIII
serve TO help along the tendency Of all
markets to move toward cheaper prices
! Abnormal conditions are being cor
rected By the declining quotations IN the
stock and commodity markets, and
! lower levels for investment securities
should not be taken as an indication
that the country's industries are going
IN nieces. in spite of the gloomy predlc-
tions of railroad men and bankers who
are unnecessarily pessimistic because Of
the intention Of the government to find
-,
roads have entered an unlawful combl-
nation to advance freight rates. Inc
( government does not propose TO compel
the railroads to do business at a loss
nor has it any desire TO confscate any
body's property Railroad men, how
ever. may be able to frighten the ousI-
ness interests of the country by their
senseIess predictions of industrial dis
asteT.
Public apprehension has been aroused
hy the liquidation in the stock market
and by the panic views OF prominent
railroad interests. Nevertheless, con-
ser,a+iye business men do not look for
the troubles that certain people are
predicting. though they admit that the
countfv's business may be adversely al
facred for a time by the disturbance IN
the financial markets. Stock prices raj
lied in the last fifteen minutes OF busl-
ness on covering Of short contracts, ana
AT the close the larger number OF acllFe
issues showed small net gains. The
movement was not accompanied by pub
lie h11ving on marginal account but
MANY houses reported odd lot purchases
for investment interests, while thcle dp-
,,eared 10 be no lack Of orders from bar
4 eai,, hunters. who only come INTO the
market 10 buy for cash when prices are
cbeap. The Clearing House statement
showed in the exhibit of actual bank
conditions AS Of Friday night a small
contraction in loans, a large decrease IN
cash and falling off in the reserve
iaboyo legal requirements OF almost
81 600 o09 TO S2i 1896, 100. In the state
mont Of averages loans Increased 81
.,5S 400 cash decreased S5O3o.2oO and
reserve above legal requirements de-
clined 70 $40. .159. .925, against S2G.23G,WJ
a week ago. lS.SJ6, 300 at this time III
1oi9 and S47, 49,. .2U0 in 1903. Loans are
still considerably in excess Of deposits
Trust COMPANY figures showed a small
raduction in loans and an increase IN
cash Of more than S1,20O,0OO. Reserve
Increased S2.2Vo,3oo.