New-York tribune., 1910-03-25
FINANCIAL MARKET
STOCKS INdCTTPE.
Banks ShO1c Loss IN Cash on
Weeks Increment.

Total operations IN Yesterdays stock
market amounted TO 3l5.357 shares. the
larger part of the business heing sup
piled by Union Pacific Reading. United
States steel. Alnalgamated copper and
American Smelling. Prices moved within
narrow limits and Al the close showed
unimportant gains in the larger number
of prominent issues. Reading acting bet
ter than most shares ON a volume ~
transactions that apparently included
accumulation by substantial interests
As rule traders showed no disposition
20 make extensive commitments on
either side of the market. while the So
,alled public was not a factor i'm the
dealings al any time IN the five-hour
session. except for = brief period i'm the
early operations. when liquidation was
reported for outside account I'm the steel
and Hartman securities. The prospect
81 an incrAase i'm the dividend on Anal
Samated Copper as p consequence ~ the
financing plans ~ the Butte companiSs
failed 90 induce an active commission
house inquiry for Amalgamated shares.
although modicum Of life vas injected
into the speculation i'm the stock 10y the
professional trading i'm IL. which. how
ever. failed 10 leave its price Al material
Improvement in the closing movements.
Under the proposed plan by which Ana p
Conda beComcs the owning company and
Amalgamated the holding company. the
latter viii receive i'm dividends an
amount about twice the present Anal
ssinated rate
a certain amount of selling pressure
against the specialties was reported. h2,
outside Of Allis-Chalmers declines were
not important. the weakness IN this t.
sue benz cn outraged 10y liquidation Tor
tho account cf an estate. In the general
market prices maintained a firm tone
In the afternoon. without an increase in
activity and with nO Indication of eN-
panding dealings Nitn the resumption ~
business on Monday. Trading in bonds
was ms lifCloss as IN stocks. while over
the counter business was without inter
ct. The investment demand for mort
gage issues is limited al the moment.
',ut hankcrs appear 10 believe that a
letter inquiry viii develop in sr.tc Of
the probability 90 AN advarrirS ton
dcncy IN tire money market. According
tc the known movement of money since
last FRIDAY tie local banks have lost
more than N30BVee in cash holdings.
due IN large part 20 operations with the
Sub-Treasur.. and IL Is quite likely that
to-morloR's clearing House figures win
show moderate contraction IN re-
serves
open market discounts in London were
higher Yesterday. while the Bank ~
Engiand maiutained It's minimum rate
Al the per cent level established a
week ago. The institation's weekly re-
turn mad. an unfaKurable exhibit as
compared ~Ith last Thursdays figures
and those 81 las; .ear. though the pro-
palttou ~ reserve 20 hablitie3 Was
Slightly above a nine-year average for
this .taiti-54lar period. Loans Increased
ana a,sor,c and gold holdings decreased.
a,.d The general Weakening of the hank
position suggested the possibility 81 a
f,,tncr advance Ia the rate in the near
future Local loan quotations are firm.
brt the anscEce 81 active 80, glat,on On
the stock EEchsnsc serves to keep rates
al "A relatively low range IN The face II
ga Increasing demand Tor aocommoda-
ton in mercantile quarters ana hcaN s.
raym,nts by the banks 10 the federal
Treasury. Money is cheaper here Than
ID Is in London. and tho general course
~ the mar.st ~ tho latter point indi-
Gates n possible movement - gold from
tho Uni;cd states a. soon a. European
buying of our securities oosscs The de-
mand from that quarter already rs de-
clining. and unless there should be-
marked Improvement n tlis country s.
position in foreign trade exchange
doul,ncss wou'd advance io a level az
which the precious metal could he
shipIcd iroIl NcN GoTl