New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-29
BANK STOCKS ON STOCK E.
FINANCIAL MARKET
Calling of Loans and 7 Per Cent
Money Weaken Stocks.

Money market conditions were ef-
fective factors in forcing liquidation in
stocks in yesterdays operations and in
encouraging aggressive attacks upon
prices throughout the list by the bear
element. which appeared to be quite con-
fident that the decline would run fur
Their before sustained improvement could
be brought about. Substantial interests
were compelled TO buy stocks thrown
over by frightened traders and by specu-
lAtors who could not or would not re-
spond 10 calls for additional margin.
but no attempt was made TO check the
selling, the on' rally Of the day de-
veloping in the afternoon on covering
of short contracts. No one need assume
that. prices are going out OF sight or
that the loss' in market values fore
shadows, as certain people Ia Wall Street
would have investors believe, trade de-
preston. wholly blighted crops and
gradual approach Of national ruin. There
is nothing nove about the current de-
cline in Quotations The same sort Of
speculative movement has been recorded
many times in the past. and many SINH
lar movements viii be recorded in the
future. Rumors of dismal character
were put in circulation yesterday. but
they were development of the slump
in prices rather than the cause of it.
Total transac tions We're heavier than
on any preceding day in many weeks.
amounting to 1,2es,567 shares. Of which
large proportion was supplied by
United States Steel. the Hartman is
sues. St Paul. rAmalgamated Copper.
American Smelling and Reading. in
which maximum declines ran above two
points. Norfolk & Western. was mod
erately active and weak on the failure
Of the directors TO. increa e the dividend.
but actual holders Of tEe issue were not
sellers TO any extent Norfolk & West
erh was placed on per cent basis
last autumn. and the decision of the
management TO maintain that rate in
stead OF responding 10 the demands OF
spectators for an additional dlsburse-
nent was wholly i'm line with. the we'll
known conservatism of the board. II
should increase investment confidence
in the property. Pressure against
United States Steel was continuous
throughout the day. and the weakness
in the common was accompanied by a
sharp decline in the preferred. selling of
the latter. as in many other high priced
issues. representing Liquidation for the
+ purpose OF SUPPORTING speculative com
mitments in other parts OF the market.
The banks are. exercising greater dis
elimination I'm the matter Of. loan col
laterals just now. and they are readjust-
ing their loan items at the expense Of
stock market traders who have been
operating or borrowed money.
Call none touched : per cent in. yes
terday's market. time money was firmer
and foreign exchange declined the
movement n sterling ,eneUting the
higher qgotatichs Cor FUNDS riiller than
amy incrcas" In the supply of bills at
this centre. q higher price for money
suggests a POOR showing In the weekly
lHnk statement out material falling
OF in reserve and cash viii aot surprise
Jose Observers Of money market condi-
tluas. pWng to the gradual. decline IN
holdings since the hich ievelst reached in
serve above legal requirements stood a
So. 617.=eb. 4 week aro the actual re-
serve Nas kl23ST.pm. and IS SINCE TINT
tins, the banks have lost heatiiy on gold
exports and on their operations with the
sub Treasury. IL viii require 4 large gain
IN receipts ~ currency finn che ihteribr
and 4 marked contract IN ldhrs. 10
maintain the reserve above the vanish
ing Ijoint The course Of tho stock mar
krt ~ recent DAYS Doubtless has Brought
about reduction in loans. thoich the net
Jess for the week may not he as large
as expected ia sonic quarters. for me
good reason that hank accommodation
has l,een callcd upcn 90 large extent
io.finanre tho purchases 81 stocks which
large Interests .haVe been compelled 10
take IN order - prevent acute defiiorali-
zation IN speculation. ArTanefmerts. fot
tit. Mas Interest snh avid -iia dist iirs, ?
nients also have been factor In the
calling Of loans The Bank Of ENGLAND
made no change IN It's minimum rate OF
discount yesterday. and showed In It's
weekly return a proportion OF reserve 10
liability Oh J110 per cent. praetlcslly