New-York tribune., 1910-09-18
FINANCIAL MARKET.
;
.H,anks Show Loss of Mol'efthan
S6.OOO,OOO in ReSer We.

v5Nslrtraosactions in yesterof VS. stock
mar ket. while moderately hea ry for a
half-holiday session. were su ppiied in
large, part by a few issues, chic sfy Read
ing Union Pacific, United St ates Steel
ard the Interchangeable tropoIitan
shares. Following the announ cement on
NFridav that the Hudson & aanhattan
Railroad Company was in Il te field TO
huiId new subway systems for New
york buying OF the 'IHtep.-M bt- stocks
Developed, and the fact that the move
,rrs-rs continued yesterday impressed the
S--a,+ with the strengths Of the argu-
,,en+ that the proposit ton if accepted
wos1ld practically amoU MT 10 closer
coruroIs OF the transit sBcli1tses of this
CITY bvtALorgan interests who are identi-
fedsbotll with the Hudso n q Manhattan
Railroad and the Int thorough Metro
,,ol7ten company In VI HEz, however, Of
the 15zlreor7ganized condit 5on Of the Inter
borough-M z fairs the com
nanvss common and referred stocks
are not likely TO appeal TO investors at
,,raxaiIf11g prices. The current move
nent.is w.-IIy speculati I'VE in character,
4,It If is based on souI I'd reasoning as
far as ,buu operations 70 passing turn
IN the issues are conce1 ned. As rule
-ric4ss in. most parts Of he list exhibited
an advancing tendency, although maxi
,7,,,r7 and net gains were small, final
o,anpas being con1fneh 10 fractions
a-nong the active is: sues. except IN the
case Of Irterborougtl tl-Metropolttan pre-
4e-red. winch closed 1as above the final
ag,,ra in Fridays market Amalga-
-,,orad Co pper and lAnerican Smelling
or6ad 1,nc. hanged. wthihe Union Pacific
and Tinted, States Steel showed insig-
rf4can+ losses CO nunission houses
were not actiuesfacturs in the dealings,
b,,- traders asa a. rube closed out short
contracts on the theory Of the possible
resumption of aggressive bull specula-
ton in the cure Mt week
Rank staterne. 1t figures showed a
smaller loss in c ash"holdings than in
dicared by Frida VS. estimates OF the
known movement Q Z money, but as a re
suI1 NJ q heavy ex. paHsion in loans the
rssarva above Iega requirements de-
oli,,a6 sc. roc. 200 in ne exhibit OF actuali
oo,o,+,ons as of friday night, and
Sc 3-Q 6:5O IN the exhibit Of averages
Total average reserve' is -s23'4o3o-o'
against 1881 ,525 at this time year.
ago and S50.218,525 in 1905, compared
with an actual reserve lat present OF
S21. 269 IT5. In the statement OF actuaIi
conditions loans presented an increase
J of s1T63O. 500. a large pas I OF which,
doubtless represented the financing Of
+ the purchase OF the so-ca,lied Fearsoh
! holdings in Rock Island from hunn'
Loeb & Co. by Phelps. Dodge & Co ana
borrowing by Southern cotton interests
Loans are still under eposits, ana
viewed from all points the local banks
are in a generally strong position
though the money market may De tenl-
norarilv embarrassed in the event OF
cotton exnorts being hna need by New
YORK and Southern institutions as con
sequence OF the refusal OF London in
stitutions TO accept cotton bills OF lad
/ ing without an American bank guaran-
tee Exports OF cotton from this coun-
try last year represented q money value
of more than $3.50 600 'gg0. and il Is not
unlikely that in the new cotton year the
outward movement Of tine staple Will be
larger Current shipments of both cot
ton and grain are increa sing. Heavier
i general exports are needed, as for the
eight months from January ! to August
81 our foreign commerce shows a bal
ance against this country ofsmOre than
/ $500 600 compared with Il balance in
our favor in the same timetlast year of
more than S60.000,o00