New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-03
FINANCIAL MARKET
BANK RESERTE DOWN.
Stocks Inactire at Small Cams
an Most Issues.

Transactions in yesterdays brief stock
market session were light in volume and
made up almost entirely of the opera
tons of the professional element on i
movement of prices that showed great
irregularity, with more net gains than
losses al the close Outside Of American
Telephone and Telegraph few losses were
recorded among the prominent issues.
the decline in that stock, however. al
fecting to some extent Western Union
which also ended at net decline. The
fact that the weakness in American
Telephone and Telegraph brought forth
no support created somewhat bearlsh
attitude among floor traders, who, how
ever. apparently were not disposed to
make commitments on the short side of
the market. doubtless owing to the idea
that the Supreme Court might hand
down a decision in the American To-
bacco case tomorrow favorable to the
company. In that event the general hst
should enjoy a sharp rally, but 1t does
not appear probable that such de-
yelopment will bring about sustained
tainties in the situation and to the prob
ability of higher rates for money as
consequence of the decline in bank re-
serves at this centre and the outlook for
heavy gold shipments to London. LlquI-
dation was responsible for the heaVlness
in American Telephone and Telegraph
rather than speculative sales for short
account. the selling evidently represent
ing uneasiness on the part of some hold
ers over the prospective heavy addition
to the cOmpany's capital stock. Inc
larger part of the days small total OF
dealings was supplied by Amalgamated
Copper. Reading. Union Pacific and
United States Steel. all of which, with
the exception of Reading, closed at frac-
tional gains Amalgamated was the
strongest feature of the active list
Clearing House figures showing the
actual condition of the associated banks
AT the close Of business on Friday fur
nish no encoura cement to the people
who believe that money will remain at
an easy level for an indefinite period A
decline in the reserve above legal re-
ouirements of almost S6000,Oo0 carried
that item TO S495S, $50. compared with
an average reserve of SO, 709, 425, against
SI3 9S6 SO at this time last year anu
$40 feo 300 in 1908 There was a de-
crease in actual cash of more than Slo,-
oooDp0 compared with Fridays esti-
mated loss of about 100000 and a de
cline in the average cash holdings OF
s. 1qS 500. the material difference be-
tween the two movements indicating
that the falling off in cash resources was
extremely heavy in the last half of the
week April interest and dividend DIS
bursements. a large loss by the banks
on their operations with the Sub-Treas-
7rv and the withdrawal of S2,O0o,Uo
gold for export to Europe were the chlef
factors I'm the contraction Funds PAID
ont for the April settlements TO a great
extent will return TO the banks, but IN
the current week the influence of such
deposits doubtless will be more than on
set by further engagements of gold Tor
shipment to London, as foreshado~ed by
decided strength in the sterling exchange
market. In the exhibit of actual condl-
tions loans of the Clearing House insu-
,utions declined 81 BOB, 200. against an in
crease by the trust companies and banks
NOT reporting to the Clearing House OF
50 ~. 900 Loans of the associated
hanks are still in excess of deposits.