New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-28
FINANCIAL MARKET
Banks Enjoy Heavy Cash Gain
from the interior.


Transactions In stocks were light In
volume and made up almost entirely or
the operations OF the professional ele-
ment. Commission houses had few or
ders for outside account, while they re-
ported little activity on the part OF the
larger Wall Street interests, who evil
IDENTIFY were unwilling to make large
commitments on the long side Of specu-
lation, although they were disposed to
buy on a scale down. especially in such
stocks as Reading, Union PACING,
United States Steel and Amalgamated
Copper The absence Of public buying
and the approach of two-day business
holiday encouraged enough selling TO es-
tablish prices for the larger NUMBER OF
issues at lower levels as compared with
the closing of the preceding day. but the
downward movement failed to attract
important liquidation or to bring ABOUT
substantial net losses among the proml-
nent issues, Notwithstanding the TACT
that the selling was accompanied by re-
ports that the head Of the largest ana
most important banking house In TINS
country was seriously i'll. At the mo-
nent there is no investment buying or
investment selling in the local market
worthy of the name. while speculative
operations have dwindled to totals that
represent business that could be easily
handled by few firms There are IN
the neighborhood Of AGO registered Stock
Exchange houses, LOO members ana
about 700 active members. On an even
distribution OF the trading yesterday
each Wall Street firm would have dealt
in about sixty-five shares. The general
market was dull. uninteresttng, meaning
less and unworthy Of extended comment.
More interest was taken in the opera
tons In the wheat pit, which witnessed
another sharp decline in all options.
Wheat is going abroad IN larger quaint
ties as a consequence of the lower price
According to the known movement OF
money in the week the local banks nave
gained more than 100000 in cash, ow-
ing to receipts from the interior IN ex-
cess of shipments from this centre. II
is therefore probable that to-day's Clear
ing House statement will show further
increase in the reserves of the associated
banks unless there has been material
expansion in loans in connection with
unknown operations in the hnanclai
community The course Of the stock
market does not suggest that loans nave
increased on speculative account, neither
ia there any indication in money rates
that the mercantile demand for accommo-
dation has been heavy enough to cause
an important change in the loan account
despite reports of Improvement in busl-
ness conditions In all parts Of the coun-
try. Merchants appear TO be Well sup
piled with funds for immediate require
rnents. but If the business situation de-
yelops along the lines indicated in the
reports received by the commercial
agencies the banks soon will be called
upon to grant large amount OF accom-
mediation on strictly business loans,
while il is not unlikely that the inquiry
for funds in connection with stock mar
ket speculation will increase as a conse-
quence of the growing belief that our
crops will make big lfarvests and that
our industrial activities will enjoy
marked progress in the rest of the cur
rent year Reports received yesterday
by the commercial agencies contained
little encouragement for the operators IN
the stock market, who evidently are
counting upon lean results from the
country's business Of 1910. as the larger
number of factors affecting our indus
tries were shown to be wholly in favor
of he-fe- rrices for securities