New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-15
FINANCIAL MARKET
Local Banks Lose More than
S5,OOO.0OO on Weeks Move.

Stock market prices enjoyed further
Improvement in yesterdays operations
on an enlarged volume Of business.
which was fairly well distributed, with
all the ear marks Of aggressive efforts on
the part of substantial interests TO bring
about a more attractive level for the sale
Of securities accumulated in the decnn-
ing markets of the last summer. Bull
pools We're active throughout the list
Commission houses reported better in
Quiry from the public, their resumption
of interest in the dealings by outsiders
encourage the idea that sharp re-
action was about due. There was, how
ever. no indication in the days trading
that transactions for bear account would
WELD important profits in the immediate
future in spite of the advancing ten
dency of money rates and the possibility
of real disturbance in the loan market
with the continuance of bull manipula-
ton. A wide open bull market, how
ever, cannot run for any length of time
with bank reserves at their present low
level. with no prospects of gold imports
and with every indication of further de-
mands upon this centre for currency
for interior account. 1t hardly appears
probable that the banks viii take out
emergency currency in order TO foster
stock market speculation unless they
are compelled TO do SO by the financial
powers that control them.
The Secretary Of the Treasury will
have something to say on the matter OF
issuing so-called Aldrich currency, and
he is not empowered to grant applica-
tons for this currency scept in his
opinion the needs OF the business Situa
ton require such action. Wall Street IS
discounIing a change in business and
financial conditions in its usual impetu-
Gus manner. but in conservative circles
the movement is considered i'll advised.
The practical settlement Of the cotton
bill of lading controversy helped TO ere
ate bull sentiment, but buying by ordi-
nary SPECTATORS was based entirely
upon the action of the ticker. which re-
fiected the presence in the market of i'm
portant speculative interests. Public
traders did not take into consideration
the possibility that the big men might be
selling on their own manufactured ad
vance. The general market closed
strong and active, with United States
Steel, Union Pacific and Reading the
leaders among the prominent issues.
Traders had story that a large block
of Steel had been taken by an English
Trading in this issue amounted to more
than 10000 shares.
According to the known movement of
money III the week the local banks have
lost upward OF $6,0p,eoo in cash hold
ings, the larger part Of the loss being
due to operations with the Sub-Treas-
ury Direct shipments of currency 10
the interior were smaller than expected,
but 4 large proportion Of the payments
10 the government represented interior
settlements 10 the federal Treasury
through drafts from out Of town banks
on their New York correspondents in
favor of the Assistant Treasurer at this
centre. IL is useless to figure upon the
probable showing i'm to-day's bank state
ment. as the unknown factor of loans
viii be the controlling influence in shap-
ing the change in reserve above legal re
0Uirements. IL is not unlikely that the
higher rates for money have been eff
fecti-e in transferring bank loans to the
trust companies. Bill markets on the
Stock Exchange have been conducted in
the past on a stiff money market, but
their life has been short. and in most in
stances disastrous 10 the buyers on small
margins Sterling exchange rates were
not affected by the agreement reached
on the cotton bill Of iading question,
transactions being. rule, purely
speculative I'm character.