New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-10
FINANCIAL MARKET
Stocks Generally Lower on Light
Days Trading.

Transactions in yesterdays brief mar
ket session were light in volume I'm the
larger number Of issues. though in such
stocks as United States Steel. Amalga-
mated Copper. Union Pacific and Read
ing operations reached fair degree of
activity on a movement Of prices that
generally tended in the direction Of
lower levels. Throughout the list quo
tations as a rule reflected the effect Of
liquidation and bear pressure. the de-
cline being pronounced at the opening.
Early losses induced covering by trad
ers who put out short contracts in Fri
days operations. and buying for this ac-
count soon offset TO a large extent the
influence of transactions for cheaper fig
ures though at the close most stocks
were under the final range Of the pre-
ceding day. Pennsylvania, ST. Paul and
Chesapeake & Ohio made the best show
ing among the prominent shares, while
the Hartman issues. Amalgamated Cop
per and United States Steel supplied the
important points Of weakness. Steel.
however. ending higher. Although there
was some liquidation by commission
houses for public account, the chief part
~ the days business was made up Of the
dealings Of the professional element
Last prices were above the lowest.
Owing TO a drastic contraction in loans
the Clearing House hanks were able to
show an increase in their reserve above
legal requirements in yesterdays state
Of Ia
night. but the gain was not large enough
to strengthen their position to any ma
terial extent. Cash holdings declined
81 $50. 100. and through a decrease in
deposits OF S25.414.O00 the cash reserve
required against deposits decreased Sc
:,53. 500. leaving an actual gain in the
reserve Of 81 3D.. 800 to 81. $50 $40. In
the average exhibit the reduction in
loans was not large enough TO Offset the
decrease in cash as favorable lnfiu-
ence upon the reserve. and as a conse-
Guence there was decline in the aver
age reserve above the legal limit OF 81
1878 10 S6.53O6 5o. compared with
S10O:}S.0 at this time last year and
S43 100. go in 1905. There were few i'm
portant changes in trust company hold
fngs. Loans Of the Clearing House
banks are stil in excess Of deposits.
Gold 10 the amount Of S2,JO0,OO0 was
engaged Yesterday for shipment TO Lon
don by Wednesdays steamer, and it was
thought in banking houses with interna-
tional connections that additional en-
gacements would be made tomorrow.
Sterling exchange rates were under the
level Al which the metal could be shipped
al q profit without some inducement
from the other side. which again was
found in the premium offered by the
Rank Of England for American eagles.
Go far on the current movement SlO.-
100000 in gold coin has been taken Toy
London account, and it is quite probable
thai The ease with which the British in
stitltion secures the metal at this cen
ire viii influence the governors Of the
hank 10 maintain the minimum rate Of
discount at the current level unless
,hara should be an extensive decline IN
the proportion Of reserve TO liability IN
The course Of the next few days. which,
Of course. would warrant another ad-
vance in the official quotation. Local
bankers are not alarmed over the out
ward movement Of gold, especially as
ANYTHING that helps London indirectly
strengthens the situation here. for dis
t,,rbanco in the British financial mar
tets always reacts upon New York.