New-York tribune., 1910-07-31
FINANCIAL MARKET
local Banks Show Increased
Reserve Strength.

Stock market prices were weak
throughout the two hours or traoiiis'
declines being due to speculative hqul-
dation and hear pressure. which failed TO
bring forth important supporting orders
or to attract outside buying interest,"
Losses of from ] to more than points
were recorded among the profniheh'
issues. while heavier declines were re-
ported in some of the less active secu-
rites. as, for instance, Sloss-sheheio
common. which made a new low RECORD
for the wear on selling based on the IDEA
that the poor earnings OF the company
in the first six months OF l9le lore
shadowed reduction in the diVloehu-
The balance Of income aVallaoie loI
dividends on the common STOCK Was
under the amount required. Wan street
annerentIy believes that in the course OF
the next few months many companies
will announce smaller DIVIDENDS out ac-
cording to the opinion of the most con-
servative bankers the outlook does mol
favor dividend changes among the I'M
portant investment properties.
The reduction of the National Lead
dividend and the passing of the Portland
Cement Cornpany's quarterly payment
naturally have encouraged certain
amount of uneasiness in the speculative
community over the general induStr1al
situation. although they have tailed 10
cause any apprehension in high banking
quarters. for the good reason that con-
ditions responsible for the action OF the
directors Of the companies named are by
M means general. According to the re-
norts received by the commercial
agencies. the position OF INDUSTRIAL
affairs is stronger. but. of course no
great activity is looked for In traoe
circles until after the crops nave
been made. Further adverse advices
were received from certain parts OF
the corn belt yesterday. 1t may De
we'll to bear in mind that the area
planted to corn is enormous and tha'
unfayorable weather in one section. or
even more. of the corn territory does not
spell crop failure. Moreover corn mas
reached the hardy stage. and II VIII re-
nuire a long period Of drouth and exces-
sive heat TO cause widespread disaster.
II is expected that both corn and cotton
Viii show some deterioration in CONDITION
in the governments report for emo OF
July percentages Winter wheat is COM
ing to market in volume, and note
worthy increase in the demand from
millers is reported
Bank statement figures showing the
condition Of the banks as OF FRIDAY
night made a favorable exhibit. though
the large gain in cash was reflected TO
only a relatively small extent in the re-
serve, owing to a large expansion IN
loans the latter doubtless representing
il, part syndicate operations in connec-
tion with the financing of the pool mold
ines in Rock Island, Missouri Pacine'
Wabash and Lehigh Valley in the week
A large amount of new borrowing mas
heen effected in recent days, but 1t has
been of q substantial character and is
protection rather than a menace to the
market. Cash increased SS,45I,SO
loans increased S20,35S,90O and reserve
above legal requirements Increased 81
2o7 800 to SAT .266 800. In the statement
of averages the gain in the reserve was
So 1875. 500 to S4S,511, ,925 which COM
mares with S334 .259. 400 at this time last
wear and S59.OS3.575 in 1903. While the
actual loans Of the banks showed a
heavy expansion. those of the trust COM
panies and banks not reporting to the
Clearing House were lowered by more
.hap So1 600 (spD