New-York tribune., 1910-10-22
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Banks Lose More than S. .000.-
600 on Weeks Currency Move.

Stock market prices made further
progress toward higher levels in the
early dealings nut developed an frregu-
lar tendency in the afternoon. with de-
CIded wes kness in some Of the prominent
issues which declined under the iniu-
euce Of realizing sales and professional
pressure. Final quotations showed small
changes from the preceding day. net
losses predominstfnE. The fact that raj
lies were not well sustained encourag gel
confidence among the bear element that
the bull movement was nearing its end.
while the courage of the bears was fur
ther strengthened by the indication that
bull interests. which had been working
for higher prices on the argument that
Democratic success in this state was as
sured. were ready 10 admit that M
Simpson had a fighting chance. While
Colonel Roosevelt IS not running for Of
fee Wall Street apparently believes that
ne is. ana as the colonel and his policies
are not liked in Wall Street the advo-
Gates Of higher prices on the elimination
OF Roosevelt argument naturally feel
upset over the hearty reception accorded
10 the former President AT the Republi
can meetings on Thursday night
In the highest financial circles II even
Is admitted that the ex-Presideut still
wields great political power and that
Wall Street has not been justified in its
feeling Of confidence regarding Demo
cratic success. Wall Street soon will
forget politics and begin 10 base its
operations on other factors. The in
vestor viii fnd in conditions governing
the income WELD Of securities ample rea-
son for purchases on all favorable mar
ket opportunities. and in the event Of
tight money later in the year price levels
for buyers VIII be more attractive then
than they are al present. The general
tendency OF prices was in the direction
o. lower quotations in the late after
noon on relatively light volume IT
business. the specialties selling off easily.
notably Tennessee Copper and National
Lead. For the first tine in TWO weeks
bull tips failed 10 make good.
According TO the known movement of
money II the current week the local
banks have lost more than S..OO0O 900 in
cash holdings. an amount larger than
generally expected Shipments Of cur
rency 10 the interior were heavier than
IN any preceding week since the week
ended November l.. 1909. the net loss on
this account being 81. 4O3 900 Receipts
also were in increased volume. chiefly
from nearby points. and doubtless repre-
sented the remittance Of idle balances
10 take advantage Of the higher rates
for money here and for speculative pur-
poses in the stock market. Unless there
has been a severe contraction in loans
Of the associated banks which is not
indicated by the course Of speculation.
reserve IN to-day's Clearing House
statement doubtless VIII show a mate
nal decline, although il is possible thar
the banks have been able to transfer the
burden % supplying stock market de-
mands 10 trust companies and out-of-
town institutions, which would enable
them 10 reduce their own loans suffi-
ciently 70 Offset the decline in cash rs
an influence on the reserve above legal
requirements The course OF money yes
terdsy did not suggest a weakened bank .
position Sterling exchange again ad
vsnced and discounts abroad showed in
creasing firmness