New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-05
FINANCIAL MARKET
LIGHT DAY IN STOCKS
Banks Lose Small amount of
Cash on Week's Increment.

on a light volume of business stock
market prices moved toward a higher
level in the forenoon operations. and al
though q declining tendency developed
in most departments of the list in the
early afternoon. losses from the high
points We're unimportant. The reaction
was due more to hestancy on the part
Of the bulls than to aggressive selling.
traders Unwillingness to make extern
Sive commitments for long account be-
ing based on uneasiness over the Phila-
delphia labor situation and on the usual
end Of the week fear of a Supreme
Court decision against the American To-
bacco Company. The American Tobacco
securities on The exchange and on the
curb fail to reflect alarm among holders
of the issues. doubtless for the good rea-
son that in the event of judgment in
favor of the governments the assets Of
the company will not he weakened in
value despite the idea apparently held
in some quarters that the concern will
be forced out of business If the Amerl-
can Tobacco Company should be de-
clared a combination in restraint IF
trade it simply will reorganize on a
basis to conform to the law. and it is
understood that d plan for such read
justment already has been formulated.
Transactions We're made up almost en-
tireIy of the opera tions of the profess
sional element commission houses hay
ing few orders for the general public.
though they reported some buying by
large customers who were satisfied from
the failure of bear pressure to bring
about an active selling movement that
further material Improvement would be
recorded in the course OF the next few
weeks. The copper shares, including
! Utah Copper on which d higher dividend
will be paid at the next dividend period,
were strong features; also American
Smelling. Reading and United States
Steel closed at small gains. while most
Of the standard railroad stocks were
fractionally down in the final dealings
! Efforts to advance some of the special
ties were successful without attracting
a public following. Traders were bear
ish on New York Central on the belief
| that the directors would not increase the
dividend at the next dividend date, and
they found additional reason for selling
the issue in the action of the Lake
Shore management in declaring an extra
dividend of q per cent one day and sell
ing S15, 100000 bonds the next.
According to the known movement OF
money IN the week the local banks have
lost a small amount in cash holdings,
gain of currency from the interior being
mere than offset by loss on SUD-
Treasury operations. The fact that d
slightly irmer tone is reported both In
call and time money does not suggest
Improvement in bank resources IN to-
oav's Clearing House statement, While
in view of the bull speculation III stocks
in recent days and the financing OF the
March disbursements and new security
offerings loans may show an expansion
large enough TO bring about another
loss in the reserve above legal require
nents. which last week declined IN the
exhibit OF actual conditions little more
than S3,p0U,uUU. a better demand was
reuorted yesterday for time funds, and
in banking circles II was thought that
The market was on the eve OF d rise IN
rates Sterling exchange again was
strong under the influence OF an active
demand for remittance The supply Of
commercial bills was light. while the III
ouirv was heavier than on any preceding
day in the current year. Demand StefI-
ing is up almost one-half cent for the
week. and 13s as compared with the
level prevailing on February |, but 1t IS
sin well under the quotation at which
gold could be profitabiy shipped TO Lon
ariG