New-York tribune., 1910-02-26
FINANCIAL MARKET
MOST STOCKS DOWN.
Banks Shosc Heauy Loss on
Week's Currency MoUements,


larger in volume than in Ihursoa! uuii
market, there was no pronounced dC
tiyity in any part of the llst' anu le"
important price changes Final quota
,io,,s ebo,yed more net losses than gains,
with instances rare where the dlferehce
from the preceding day amounted u
more than / point, though al times III
tbe course of trading maximum Narla-
ttons ran beyond this figure, notably IN
P..dine Norfolk & Western. Union Pa
c;fc, and Brooklyn Rapid Transit, the
last named selling off on the announce
me1t of a decision for the company IN
its suit to recover S3,O0,00O from the
Brooklyn City Railway. Traders SOLD
the stock on the theory that the 1aNor-
able news had been discounted by the
advance in the price of the issue III
THURSDAYS operations. The same class
,f speculators sold United States Steel,
i'm which large short interest was re-
ported, while similar selling was re-
ported in Reading and Union PacIhc'
for which there appeared to be most
inactive demand, the chief buying on the
decline coming from operators VINO
doubtless thought it wise to take profits
on the short side when in sight an in
crease in the short interest in the gen
eral market is not shown in the volume
of business in the loan crowd on the eX-
change. but a large amount of private
borrowing is reported around the Street.
Commission houses report little Specu
lative or investment buying for public
account. and no indication of resump-
ton of interest in the market by the
outsiders at prevailing price levels. a
pronounced advance doubtless would at
tract margin traders, while d further
decline would cause a revival Of the in
Iestment demand which was such an
active factor in the trading at the re-
cent low levels. and which was an ef
fective influence il turning prices in the
direction OF higher levels. Since the low
points Of February the average price
of the leading railroads has advanced
from 1889 to 12i.41, and that of the
industrials from SOB to 91.22. Present
levels do not appear to be attractive TO
investors. and the larger speculative in
terests evidently do not care TO make
additional commitments in the market
pending the elimination OF various un-
certainties in the outside situation. The
market closed yesterday without anima-
ton and with most of the leading issues
AT net losses, United States Steel being
an exception at a small fractional ad-
vance. Atchison was heavy on the re-
port of the company's January earnings,
which showed a loss in net of more than
S1.oo0.0o0. The gross earnings improved
and a large amount of money was put
into betterments, while adverse weather
conditions increased the cost of oper-
ating.
According to the known movement Of
money in the week the local banks have
lost a little more than S1,poo,90 IN cash
holdings. due almost entirely to excess
pavments to the Suo-Treasury. There
was a marked falling off in receipts Of
currency from the interior, as compared
with week ago, while shipments from
here showed an improving demand at
out cf town points for funds at this
centre the actual gain on interior opera
tions being the smallest reported since
the week ended December %. Unless
lEeEe has DttIl q HtdNy ituuttIcli III
loans. to-day's Clearing House statement
doubtless will show further contraction
in reserxes, which in the exhibit of last
Saturday presented loss Of more than
S5.o00.0o0. Call money throughout the
current week has shown hardening
tendency, while rates for time loans
have been well maintained as q conse-
quence of the better inquiry for accom-
modation in mercantile sources, the lat
ter demand for accommodation being re-
fiected in end OF the week reports to the
commercial agencies, which indicate en-
larging business operations. Sterling
exchange remains firm under an active
demand for London remittance.