New-York tribune., 1910-11-26
FINANCIAL MARKETS
Banks Show Substantial Gam IN
Cash Holdings.

Total transac ctions in yesterday slo|A
,,.-la+ amounted to 11S.O3S shares. or
which the larger part was supplieo pS
Union Pacific. Reading and ohl'e0
States Steel. in which. as well as else-
where in the LIST, price movements were
,,ni1nportant, with small net gains IN the
larger number of issues at the cio'e'
There was no public interest IN the oeai-
tngs. and as a rule the operations repre-
sented nothing beyond EFFORTS TO s1a'p
profits on both sides Of the specuia'iNe
account, the only evidence OF sooo p0s
inc heins presented IN the operations III
the Hartman issues, Reading, Steel ana
American Smelling, the latter, though
showing little price Improvement oeilis
taken on a modest scale by people VIII
believe that the company's ne" hhdic
ing will add materially 10 the future III
rrinsic worth Of the stock, Whlch cloSeu
Yesterday at S014. Il is noteworthy
fact that this financing cost the Amerl-
ran Smelters' Securities Company less
than S156OpO, and that by the sale OF
the bonds the company will be reiieNeo
for five years of 100000 year In IN
staiments which it has been paying on
account Of the purchase or the sloch
of the Baltimore Refining Company
Furthermore, through the ultimate COLI
version of the bonds into American
Smelling stock and through the WORKING
of the sinking fund. the Smelling Com
many viii have S27.OOO,0oO in cash,
which. with quick assets Of S23,U0Un
on hand, will equal the full face Vaiue
of the preferred stock. The American
Smelling, through its conservative pol
icv In the matter Of dividends, has ac-
curnulated a surplus of more than Sli'-
600 600, which does not include the S1i,-
751 900 par value of the common stock
of the American Securities Company
which is carried on the books at 81
There was less manipulation IN the
dav's market than recorded in recent
days, and a total lack Of last hour ac-
tiyitv which marked the dealings carrier
In the week and in the preceding week.
transactions from O'Clock to the close
apgregatine q. 600 shares that changed
hands within small fractional price
limits. Call money was easier Inc
Rsnk of England, though showing IN 1ts
return a high percentage OF reserve 10
liability for this period of the year, mace
no change in its minimum rate or dls-
count. which has been at per cent TOT
several weeks The interior movement
of money has turned in favor of New
Work. receints Of currency here in the
current week showing the first substan-
tial excess over shipments since the last
week in August. Based on the known
sov, of currency to and from out-of-
town points. including Sor'oo sold
withdrawn for Canada and SZ,Z9ooo
national bank notes sent to Washington
for reden1ution. the local banks gained
50 3o1 900. while receipts Of new gold
brought the gain to S3,S02,oOO, from
which the deduction Of the loss on Sub
Treasury operations left a net gain or
So S44 600 These figures do not take
into account over the counter transac-
tions, which. II may be recalled, were
s11rprisingly heavy last week, and which.
with the unknown change in the loan
account, make predictions Of to-day's
Clearing House statement useless.
From the course Oh lloHty ldeeo III 'iie
week. however. it doubtless will be as
s1lmed by the larger number Of observers
that a further expansion will be shown
in the reserve above legal requirements.
The decline in money rates has been
fully justified by the large Increase
shown in bank reserves last week and
by the absence of an active demand for
accommodation, either for speculative or
mercantile borrowers Commercial paper
rates are now quoted at to 51a per
cent, against 3l2 to q per cent Of week
ago, and a freer Offering Of bills is
locked for The collateral loan market is
lifeless Bear operators in stocks are in
clined to attach much Importance to
lower rates for money n indication Of
dulness in general trade.