New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-08-07
FINANCIAL MARKET
Actual Local Bank Reserve Ad.
vanCes to $4,000, 100.

TRANSACTIONS III the Two hours or DuSl-
ness on the Stock Exchange were lighter
in volume than on any preceding Satur-
day in the current year, amounting to a
little more than 10000 shares. of which
more than one-half was supplied by the
dealings in Union Pacific, Reading and
United States Steel common. Prices
were strong at the opening and through
out the short session, though net gains
were not large, except in some of the
specialties, as, for instance. Laclede Gas
and the American Linseed issues, in
which buying evidently was for the &C
count of interests identified with the
companies represented. Commission
houses were not active factors in, the
operations. The more important market
interests were out of town, and as rule
the movement of prices was controlled
entirely by an insignificant professional
element, which confined it's transactions
chiefly to the evening of contracts on
both sides of the account. the demand
from the shorts outbaIancing sales as an
influence upon prices.
4 possible sign that liquidation in the
future declines must depend upon bear
manipulation APPARENTLY is reflected in
the efforts of certain spectators to break
prices by the circulation of false and
misleading reports, as, for instance, the
runlor that the United States Steel Cor
poration will reduce its price on steel
rails. Needless to state that if the big
steel concern should cut it's quotation On
standard rails from the level that is con-
sidered the minimum for all time the
shares of the United States Steel Corpo-
ration, as well as those of the indepen-
dent companies. would move immedi-
ately TO a cheaper basis. United States
Steel common closed yesterday at a net
gain of l point In the steel trade de-
preston of 1904 and in the war of prices
last year rails were maintained at SIS
ton for standard sections which has
i been the ruling price for eight years.
The steel trade is working in absolute
harmony in the matter of prices on rails,
and though there hsse been times in re-
cent years when tic E2aEze.Eae't tasssrf g
could have obtained a better price than
S2S ton it has been their policy not to
deviate fraction from that figure. No
further cuts in prices fer other finished
steel materials are looked for.
Syndicate operations in the money
market were responsible for a substan-
tial expansion In the loans Of the Clear
ing House banks last week, but in spite
of gain In this item of more than $12,-
800 600 as shown in the exhibit of &C
tual conditions as of Friday night, the
increase in cash was large enough to
effect further material addition to the
reserve above legal requirements. which
now stands at So, 800. 100, q total that
seldom has been equalled In the history
of the local institutions. Cash in
creased S1O951 600. In the statement
compiled on the average system loans
showed an expansion of almost $1,000
coo, while the reserve advanced SoZo,4o
to $40 O41 400, which compares with $Zo,-
a45 600 at this time year ago and So0'-
224 275 in 1908 Trust company loans
decreased; also cash. Our banks are IN
an exceedingly strong position, ana they
are well prepared TO meet the forthcom-
ing harvest financing demands without
reeorting to emergency currency. Ster-
ling exchange is above the level at which
gold imports are profitable. but 1t is
thought likely that New York will Sc
cure some of the Cape gold that Will be
available in the open London market to-
morrow on exchange operations con-
Quoted before the late week advance In
rates developed. London discounts are
higher Money rates in the West are
stronger than they are in New York.
while domestic exchange is moving
against this centre, the two factors
plainly pointing TO an active demand
here at no remote period for currency
for interior account.