New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-02-27
FINANCIAL MARKET
RE4DING STOCK WEAK
Cash and Rcserue Holdings Of
Cify Banks Shoe Losses.

on q light volume of trading stock
market prices moved toward a lower
level in the larger part OF the two hours
Of business Losses were not extensive
and as a rule represented selling pE the
professional element which endeaForeo
20 induce liquidation on the IDEA that
decision in the American Tobacco case
,,-o,Id he rendered tomorrow. its efforts
in this direction. however, encouraging
no public response. The PUBIC is not
b1Ivine or selling stocks at the moment
and from current indications there VIII
he little outside interest in speculation
in the immediate future. though in the
mean time prices may gradually seek
higher range There is nothing in the
situation upon which to base operations
for A decline Stocks are in strong
hands. and recent declines, from which
the recovery has been of only moderate
proportions. have fully discounted pos
sihle adverse developments, although
some traders believe that before q sus-
tanned advance can be brought about
the larger interests will not oppose
movement backed by bear manipula-
ton.
Selling of Reading was moderately
heavy. and the issue showed a maximum
loss of "a points, with a net decline OF
2ib. while other prominent weak features
were supplied by American Smelling,
Amaigamated Copper, Union Pacific
Louisville & Nashville, Consolidated
Gas. Atlantic Coast Line and st. Paul
Atchison also was heavy. Pressure
against this stock was based on the re-
duction in net earnings in the month of
January. following a poor statement for
December. and bear sentiment was en-
colrag ed in other parts of the list on the
theory that the showing by Atchison
indicated what might be expected by
other roads as consequence of in
creased operating costs, though appar-
emily no attention was paid to the report
of the Southern Railway for the same
month. which showed a gain in net of
S131, 361, against a gain in gross of S444,
pa The Atchison can afford to divert
large amount Of money from gross
earnings for betterments and improve
ments. and in addition to appropriating
heavy sums on this account, both in De-
cember and January, the company has
been compelled to increase expenditures,
owing to extremely adverse weather
conditions that have interfered with the
handling of traffic. Pennsylvania stock
was helped by the reported acquisition
by the company Of clear majority Of
Norfolk & Western ownership.
Bank statement figures showed, as ex-
pected, q further loss in reserve and
cash holdings, though the decline in cash
was far smaller than indicated by Fri
days estimates of the known move
ment of money. In the exhibit OF actual
conditions, of Friday night, cash de-
creased S1,033. 800 and reserve above
legal requirements decreased So, 202 300
against a loss in cash in the statement
of averages of 81 COS, 800 and a loss in
reserve of S2,91S. $40. Loans increased
SS2142oo in the actual figures and
S7,423, 1o0 in the averages. Total actual
reserve now stands at S20,S15, $50,
against an average reserve of 500, 70l,-
40, the latter comparing with $13. S79,-
$40 at this time a year ago and 500, 262. =
e15 in 1903