New-York tribune., 1910-09-03
FINANCIAL MARKET
Banks Lose More than S12,O0O,'
600 in Weeks Cash Movement.

Wall street is living in the nope that
factors soon will develop along lines en-
co,1ra sing activity in the stock market
t,,,+ fron, the character of current deal
irge and the course - prices something
- unusual inheritance will have to hap
nan IN hiring about decided movement
IN either direction. Under present con-
ditions the Stock Exchange could close
i-e doors for an indefinite period without
ir,,nosinp financial burden upon its
members. For instance. the business
+,aneactad Yesterday could have been
t,o,dle5 bv one house without difficulty,
total operations for commission account
and bv the room element amounting 10
orIv 1q6. $50 shares, almost the low rec
ord for the wear. while in bonds the
trading was equally uninteresting
and 11nimportant. reaching a par value
of $3.50 900. Price fluctuations as a
r,11e were within fractional limits, with
more net gains than losses at the close
the changes generally representing the
so,1aring up of insignificant contracts
hy insignificant traders, chlehy IN
Reading. United States Steel and Union
Pacific. which supplied the larger part
Of the operatfons The government cot
ron report showing conditions as Of Au-
Gust ~ made a better showing than
looked for, but the relatively faFora bic
condition percentage Of IL was with
out effect upon speculation in securities.
while it was received with indifference
in cotton circles. The cotton harvest
will be much heavier than last year s
WELD. that is. from current indications,
but il should he borne in mind that we
are entering the new cotton season with
small supplies and shelves of cotton
goods selling houses almost bare The
cron this year would have to he enor-
nous to insure low prices for the staple
in the next twelve months.
According to the known movement of
money in the current week the local
hanks have lost S14.I6S.H1 in cash
holdings on their operations with the
S,b-Treasury and the interior, with a
net loss of SO. .102 0n0. a small proper
tion Of the gross reduction in holdings
being offset by receipts at this centre
Of new gold. Clearing House figures to-
daz may show a heavier decline in ac-
tuaI cash resources. while it is likely the
reserve above legal requirements will be
substantially lowered. On Sub-Treasury
operations proper the banks sustained
one of the largest losses recorded in any
week in many months. despite heavy
federal government disbursements, while
with the interior the estimated net
shipments were big enough to war
rant the idea that for weeks TO come
New York will be compelled 10 finance
extensive outside requirements. The in
creasing demand for money in the West
is reflected in the payment Of internal
revenue collections at Western points by
drafts upon Eastern banks. In this city
the demand for money is inactive in all
departments of the market, and from
present indications there will BE no
marked expansion in the inquiry in the
immediate future, especially for stock
market purposes. Speculative and in
vestment trading on the Stock Exchange
is making q record for dulness There
will be no business in the securities
market to-day.