New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-12-03
FINANCIAL MARKETS
Banks Lose Over SO, 1000, 900 on
Weeks Money Movement.

Stock market prices made new low
noints on the current downward move
ment yesterday, recovering part OF 'iie
loss before the close. A total absence VI
support from the prominent interests III
the early decline encouraged active pro-
fessionaI selling pressure in all parts OF
the list. which in turn attracted hQu1da-
tion Of long commission house stock,
especially in Reading, Union Paclnc'
United States Steel. Amalgamated Cop
per and Brooklyn Rapid Transit. Inc
stronger tone in the last hour was based
in large part on covering OF snort Gull
tracts. on the theory that the general
market was in an oversold condition.
There was nothing new or novel in the
DAVIS outside Developments, the seiilns
being based upon the same CONSUMERS
lions that have affected market sent1-
ment throughout the week, although the
expectation Of a poor bank statement To-
dav figured to some extent In traders
reasons for lower prices On the rise III
the afternoon commission houses put out
a fair amount of stock representing pur-
chases on the forenoon decline, While De-
fore the close a resumption OF short
selling was reported in the active issues.
Final figures were above the lowest pul
at net losses in most parts OF the Hst'
Union Pacific, Reading and Lehigh VAL
lev being among the worst sufferers
Although banking interests did nothing
TO encourage higher quotations, they
bought stocks on a scale down, ana dp-
parentlv We're not worried over the posi-
tion of the market, which, as a matter OF
fact. presented nothing Of an alarming
character from the investment point OF
view. Some railroad men are making
efforts to gain public sympathy for their
companies in the fight for higher rates
by talking poverty, and they are SO
bearish on their own properties that
many operators are now lncllned TO De
extremely cautious In selling the rail-
DAD shares short, while investors are
maintaining a tight grip on their hold
ings.
According to the known movement OF
money in the current week the local
hanks have lost more than SS,OOO.OOO In
cash holdings owing to heavy transfers
of funds to San Francisco and to Can
ada and to payments to the Sub-Ireas-
ury on ordinary account in excess or re-
ceipts from the government Leaving
the Withdrawals for San Francisco ana
Canada out of consideration. the banks
come out about even on their operations
with the interior, the flow of currency to
this centre being much lighter than
looked for, and suggesting a much bet
ter demand for money at out-of-toWn
points than reported here. New York
supplies the cheapest money market IN
The country, and if the current liqui-
dating movement on the Stock EX-
change continues there will be little
chance of materially higher rates for ac-
conmodation in the present month, ex-
cept, perhaps, at the close, when prep
arationS for the large January interest
and dividend disbursements may bring
about firner quotations. Prevailing
money rates do not suggest a substan-
tial decline in bank reserves in to-day's
Clearing House statement and unless
there has been a big shifting Of trust
company loans to the banks the liquida-
ton in stocks carried on borrowed funds
should be heavy enough to Offset to a
great extent the decline in cash holdings
as an influence on reserve above legal