New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-09-17
FINANCIAL MARKET
Banks Lose More than 1000
900 on Weeks Currency Move.

On a light volume Of business stock
market r,rjces moved within narrow
limits in the larger part Of the day. maj
p-jces showing uuimportant changes
from the closing IN Thursdays opera
lions small net gains being recorded as
2 r1lle among the prominent issues. IN
the early dealings aggressive EFFORTS ny
the bear element to bring out stock We're
resDousibIe for d fair volume OF sales on
s7op orders. but after the elimination OF
these accounts the market showed llI1ie
5isposition TO move in either direction
transactions being confined TO little
more than the insignificant swapping
oT,,rarions Of an insignificant profeS-
efrne1 element. In bonds. however. rela-
ri,-a1v greater activity was reported II
Is well worth noting that in the current
week the demand for railroad mortgage
issues has increased 10 4 material &c
gree and that on the Stock Exchange
the total OF dealings has amounted 10
more than twice the sales Of a week ago.
Moreover. sales over the counter nave
been heavier. The bond market presents
excellent opportunities for the invest
rrant Of money IL gilt edged issues TO
return a most satisfactory income yield,
. realization Of which on the part Of
investors doubtless soon viii be reflected
in Increased sales and offerings o. ne"
securities by our corporations So Tar
II The second half OF the current year
there have been few offerings Of new
mortgage issues, which has tended 70
helm the digestion and assimilation Of
the heavy offerings Of the first SIX
months Of 1909 and 10 pave the way tor
the successful sale OF additional securi-
ties later in the season by corporations
that need additional funds for increasing
the strength and efficiency OF their
r-oner+ias. American Smelling and the
marlborough Metropolitan issues showed
the chief net gains in yesterday 3 mar
ket
According 70 the known movement o.
money ID the week. the local banks have
lost more than 1920. 600 in cash hold
3ngs. due chiefly 10 operations with the
sub-Treasurv, on which the government
received from the local institutions So
OS9 600 more than II paid out. The total
loss 70 the interior and the Sub-Treasnry
. wv ~ iLllt LAiE I4A4s NiNI-r@
on receipts Of new gold amounting 70
81. 036 600 On the direct movement Of
money 10 out-of-town points the banks
lost sI.42O, 600 but d considerable pcr-
rion of the heavy excess receipts by the
government a this centre represented
the payment Of interior obligations to
the Treasury by the New York banks
Tor he account Of Western and South
ern ro~responde tents. The actual loss to
the interior. however, was soIzlew nat
smaller than looked for. and unless there
has been d large over-the-counteT de-
cline IL cash and q material expansion
n loans to-day's Clearing House state
merit should not show material reduc-
ton IN the reserve above legal require
meurs Il Is quite evident, however
from the hardening Of call money rates
II the last TWO days and the extreme
caution on the part Of the banks IN put
ting out time funds that our bankers
are opposed 10 any movement IN the
stock market a this particular period
that would involve an active demand Tor
money, especially in view Of the tangle
II the cotton bill OF lading situation
Our banks may be called upon 10
handle the financing Of cotton exports
which they can do without the develop
ment Of disturbance il the money mar
5et il conditions affecting the market
remain as they are at present. Il was
reported from London yesterday that
bankers IT that centre would reconsider
their decision not 10 accept our cotton
bills OF lsdiug without an American
hank guarantee. ana il is 10 be hoped
that they viii recognize the absurdI1y
o.. the position they nave taken II
Europe wants oU- cotton, u II does, we
,.an conceive q no sound reason why
foreign bankers should attempt 10 die
tate the terms Oh which they VIII
finance purchases IN this market, beyond
tbe. question af safety. which has been
provided for by the agreement Of our
railroads 70 attach TaldatIon certificates
70 each bill OF iading- We nave the cot
ron which Europe needs. We viii get
rhe rnoney tor Il or the equivalent IN