New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-01
FINANCIAL MARKET
Bank Reserves at Low Level of
the Year.

Stock market prices moved toward
lower level in the two hours Of trading
yesterday, final losses In the active list
running from 1 TO 5 points. The fact
that Fridays advance did not attract
an outside demand for securities and
the evidence Of a resumption of lqufda-
ton by commission houses encouraged
selling pressure by the professional ele-
ment which directed its operations to
large extent against Amalgamated Cop
per, American Smelling, Union Pacific,
Reading and United States Steel, in
which weak bull accounts evidently were
known to exist. The downward move
ment was not accompanied by adverse
news affecting the actual worth of Sc
curities, but the larger number Of trad
ers were bearish as a consequence OF the
apathy of the public toward the long
side Of the market and because Of the
belief that no sustained advance could
be brought about until quotations had
reached a level that would appeal to
bargain hunters. Stocks as a rule are
not dear at prevailing prices, and con-
sentative bankers are advising the pur-
chase for investment account Of the
standard shares, though in view of
monetary conditions they do not rec
ommend the accumulation of speculative
accounts on borrowed funds.
The course of prices Friday suggested
that liquidation had been completed, but
the character of the business yesterday
did not bear out the theory. Compared
with the average for the leading rail-
road stocks at the beginning of the pres
ent year current prices show an aver
age decline of about u points, while the
chief industrial issues are off 13 points
to an average of Sc, against an aver
age for the railroads OF 1850. and in
view OF this extensive movement 1t
would seem as If the decline had more
than discounted the various uncertain
ties In the general situation. The mar
ket closed with prices at or near the
lowest of the day. No efforts were made
to rally the general list but substantial
interests bought on scale down, espe-
cially in United States Steel and the
Hartman shares. Odd lot buying was
heavier than reported on any day In
many weeks. Excellent opportunities
are now offered for investors In hlgh
grade securities, as, for instance, union
Pacific. United States Steel preferred,
American Telephone and Telegraph, st.
Paul. Pennsylvania and Brooklyn Union
Gas The last named issue sold at 139
Yesterday, which means a return OF
more than per cent on the basis of the
recent dividend action Of the directors
Of the company.
The surplus reserve OF the Clearing
House banks has fallen TO S4,1S2,550 in
the statement OF actual conditions as OF
Friday night, and to S6,771. $50 in the
exhibit Of averages, the decline In the
last week of SS,244.475 in actual hold
ings and s,205. $50 in the average re-
aecting the heavy gold exports OF re-
cent DAYS and the failure OF the banks
10 bring about a material contraction IN
their loans. Extensive calling Of loans
IN tho week was offset to a certain de-
gree by the accommodation secured Dy
prominent interests who were compelieo
TO take large amounts OF stocks In oroer
TO prevent Generalization on the STOCK
Exchange, and by the requirements OF
the cotton market In connection with the
settlement of contracts in the May op-
ton. There was, however. a moderate
net decline in the loan item in the state
meut of actual conditions, against
small increase in the exhibit of aver
ages. At the close of business on Fiji
dav night cash holdings showed loss
NJ s134165O0 from the preceding week
The higher rates for money were re-
snonsible for a substantial increase In
the loans of the trust companies, which
now stand at S1,1S9. 727,9oo, compared
with bank loans of $1.213, 1O4,0oo. a to-
tai of 81. 402. s13,eoo, against total cash
Of $3.50. 1865 900 and total deposits OF 81
a3s. l26, 800, the last named item oeing
SEA, zoe, 900 under loans.