New-York tribune., 1910-08-21
FINANCIAL MARKET
Bank Reserves Reflect InCreas.
ing Currency Demand.

In yesterdays dull stock market Union
Pacific. Reading and United States Steel
supplied almost three-quarters of the to-
tai dealings of little more than 120,-
600 shares. The issues named ended at
small fractional losses. while throughout
the list final figures showed irregular
changes. with unimportant gains and
losses about evenly divided. The specu-
lation was without feature, and the
attendance on the floor of the Exchange
was made up of few financially insig-
nificant traders. who occupied their time
in swapping operations, commission
houses having practically no speculative
orders on either side Of the account,
while investment business was at COM
plete standstill. August Saturdays are
not strenuous ones in Wall Street, and
as far as commissioners are concerned
the Exchange might as we'll be closed
The governors of the Exchange will take
action this week on the petition of MEM
bers to suspend business on the Satur-
day before Labor Day. and after yester-
DAYS tiresome session il is quite likely
that the authorities will be unable to
advance any good reason for not grant
ing the demands of the larger number of
active members. Weakness in the
wheat market. in the course of which
the September option went below the
dollar mark in the Chicago market.
failed to awaken any interest in stocks,
while further strength in sterling eX
change likewise passed unnoticed as a
market factor. In tho absence of real
outside news traders amused themselves
with developing weird runlorS, one of
which stated that syndicate of enor-
mousIy strong bankers. aggrieved with
the failure Of the public to come into
the market. had decided TO take up all
lines of weakly held bonds and other
securities, with the intention of lifting
the bond market first and then the stock
market Substantial banking interests
are not working in the interests of any
bun party. and there is little chance of
anything in the nature of an aggressive
movement on either side of the market
for weeks to come
For the first time in many weeks the
Clearing House banks report a loss in
reserves above legal requirements. the
decline for the last six business days
amounting in the exhibit Of actual con-
ditions as of Friday night to 5000.
30, due to a decrease in cash and an in
crease in loans of more than S10WW.-
600, the two items accounting for a gain
in deposits of little more than $1,000
600. In the statement of averages the
loss in reserve was a little less than
$3.50. 900. the total now standing at So
So 90. against an actual reserve of
SJ064I SO, which compares with 500
129. 100 a year ago and SOB, l4l $40 in
1908 Trust company loans contracted
and cash decreased to small extent.
Expansion in bank loans in the last two
weeks represents in large part the with
drawal of interior money from the local
loan market and the taking over of the
accounts by Clearing House institutions.
the movement foreshadowing an in
creasing demand upon this centre for
funds in connection with the financing
OF the crops Sterling exchange ad-
vanced II points yesterday, the closing
level for demand showing a gain Of 50
points for the week. Higher London
discounts and selling of American secuTi-
heavy imports Of merchandise, are re-
sponsible for the advancing tendency in
foreign exchange