New-York tribune., 1910-10-08
FINANCIAL MARKET
Banks Show Loss of S., 600, 900
on Weeks Currency Movement.

Transactions in stocks were light in
volume on a movement Of prices that
showed great irregularity. with final fig
ures at small changes as compared with
the closing Of the preceding day. net
gains predo1ninating. There was no in
djcation in the character Of trading that
substantial interests were working for
higher prices, while the extent Of orders
received by commission houses from out
of-tovn sources discouraged the idea
that the general public had been at
+-ar+ed 10 the market by the efforts of
Wall Street bulls 70 bring about better
level Of quotations. The chief feature
Of the operations for her prices Is the
tendency of stock to come upon the mar
i1et. a fairly large amount Of stock mas
gone from strong 10 weak hands IN the
last two weeks, and from technical
point Of view the market is much weaker
than II was a fortnight ago, although
the leading interests in the Street do not
look for substantially lower prices. ex-
cept in the event Of extensive calling Of
loans bv the banks which may be forced
70 adopt this method Of increasing re-
serves against losses IN cash holdings.
Advices from Pittsburg were pessinis-
tic on the outlook for the steel trade. but
at the local offices of the steel companies
there appeared to be no uneaSiness over
the future OF the industry. The steel
business at present is dull, and no one
denies that orders have fallen of in re-
cent weeks. but the absence Of active
operations at this time does not fore
shadow a long period Of depression at
the steel mills and iron furnaces. The
monthly statement of the United States
Steel Corporation. which viii he issued
on Monday, doubtless Will show a large
decrease in untitled tonnage, due chiefly
to the light buying by the railroad com
I1anies, while II is quite likely that the
earnings Of the corporation for the third
quarter Of the year will show falling
OF In net OF more than S3.0O0,o0O from
the total OF the second quarter, with
further falling off in the last quarter.
Nevertheless. the concern will end the
wear with a surplus far in excess Of the
dividend requirements on the common
stock. Consumption of copper is in
creasing, total deliveries in Septem-
her amounting 10 139. .607. .514 pounds,
against 129. .563, ,O51 pounds in the month
before. while production in the same
time shows decrease Of 20.01S, ,531
pounds
According TO the known movement OF
money in the week the local banks have
lost more than 100000 in cash hold
ings. and unless there has been an Off
set to the loss from over the counter
operations or from q reduction in loans,
to-day's Clearing House statement VIII
show a further decline in reserves above
legal requirements which stood at ST.
QGI 30 in last weeks actual exhibit
The course of the money market in the
last few days has not suggested an un-
favorable bank statement, but the de-
rnand for accommodation has been SO
light that loan quotations have supplied
q moor guide TO bank conditions. In
suite of the increased operations foT
higher prices on the Stock Exchange call
money has been inactive. owing, no
doubt. 10 the fact that commission
houses are well supplied with time funds.
Aggressive speculation for the rise how
ever. will result in a material advance
IN money rates. but from the character
OF the trading yesterday there is no rea-
son TO believe that the stock market is
developing into an active bull affair.
The demand for currency from the in
terror is heavier than il was a week
ago. shipments from here in the last six
days showing a gain OF more than ST.
600 900 over the corresponding period in
the preceding week Cotton was again
strong yesterday