New-York tribune., 1910-11-20
FINANCIAL MARKET
Rank Reserves Show Marked I'M
movement in Last Week.

Transactions in yesterdays stock mar
ket were made I'D in large part OF the
oDe-ations in Reading, Union Pacific ana
United States Steel in which the ous1-
ness was closely concentrated on q
movement Of prices that left last quota
tions above the final figures OF the pre-
cedins day. In other parts Of the list
however. little II any improvement was
shown. the Hawiey issues and Interna-
tionaI Steam Pump supplying the chler
exceptions, Chesa peake & Ohio and Mis-
souri,. Kansas & Texas, OF the HaWiey
group. enjoying net gains Of l ano IA
respectively, while Steam Pump closed L
point I'D. Buying OF the last named
stock in recent DAYS has been unusually
active, and as the concern represented
is backed by substantial interests and
is doing a large and profitable business
the common and preferred shares are
quite likely TO move 20 higher Levels as
market conditions warrant. II is under-
s4ood that the company's plants are
working at about 90 per cent OF capac-
ftv. Commission houses had few orders
lie account a large proportion OF the
total dealings being supplied by the
trading element which showed no dis
position to go home with extended COM
nnitments in either direction. Much OF
the b1Iving in the last hour came from
the shorts The Street is looking for
ward TO an increase in the volume Of
business In the current week as a con-
sequence Of the easier tendency in the
money market. the decline in rates for
call funds and time maturities in the last
few days finding adequate explanation
in the figures Of Yesterdays statement
OF actual and average bank conditions.
Contrary 10 expectation as based upon
the known movement o. money IN the
week. which showed in Fridays COM
pilation an unimportant increase in cash,
the Clearing House exhibit Of actual
conditions as Of Friday night presented
q gain in cash of d little more than
SO. .o00.009 while in the average figures
the gain in the same item was S9, 613,-
epO. As a result Of all changes actual
reserve increased s.. 7.141,7 200 to S19, 101.
SO against an average reserve OF slI,-
713 SO. the latter comparing with So
sos. I75 at this time last year and S2S,-
599. .625 in 1908 The expansion in re-
serve was due entirely TO increased cash
holdings as actual loans Increased in
the week S652. 100 A substantial con-
traction had been looked for in the loan
account The position OF the banks,
however, as far as loans and deposits
are concerned has been materially
strengthened. as the excess OF loans over
deposits has been reduced by more than
SO. 100000. A week ago loans were S34,-
05s 800 heavier than deposits, compared
with an excess in Saturdays statement
Of S27. .S8s. 300 The lower rates for
money are reflected IN d decrease Of
S1S,1 1s5, 500 in the loans Of the trust
companies and state banks not report
ing TO the Clearing House. which in turn
may account for some Of the unexpected
gain in cash holdings OF the associated
banks. Complete statistics Of the
Clearing House banks OF this city under
the recent call Of the Controller OF the
Currency show decrease from the cali
of September ! of s44. Ts2 600 in cash, a
decrease in loans Of S51.415.2oo and a
decrease in deposits OF s39, ,330, 800.
Compared with year ago loans show an
increase of sl4 ,647. 700 and cash a loss
OF almost So 0oo0e0.