New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-29
FINANCIAL MARKETS
Banks Lose More than $1,000
600 on Weeks Currency
Movement.

There was little speculative enthusiasm
on either side Of the stock market yester-
dav. and total lack Of the aggressive
ness shown By the bull element in the
operations Of the preceding day Traders
were not inclined TO make extended com
rnitments for lower prices, despite the
fact that sentiment on the floor favored
operations for the decline, while in the
absence Of active buying by the sUbstan-
rial interests there was no disposition to
enter into heavy commitments Tor the
advance. the result Of this general hest
fancy on the part Of professional opera
tors being reflected in a contraction in
the volume Of dealings and an irregular
movement Of prices that left final quota
tons. as a rule. al unimportant changes
from Thursdays closing. Bull tips on
certain issues failed 10 make good
Weakness in Southern Railway pre-
ferred. which is one Of the faVoTlte
stocks Of the Morgan interests. came as
q disappointing surprise 10 the specula-
tors. who have been basing their trans
actions on the idea that the Morgan
PARTY was in the market for long pull
on the long side, but--he decline in the
stock failed 10 exert any particular in
huence on the rest Of the list
Official announcement of the sale Of a
large block Of Michigan Central notes TO
Paris bankers was without effect upon
prices. although il encouraged the eX-
recitation of a growing demand in Eu-
roDe for high class American securities.
which Of course would he a develop
men1 Of the highest importance 10 our
general financial markets. especially IN
view Of the long period in which sterling
exchange has ruled against this centre
Another factor which II is hoped will
help our sterling exchange market Is the
successful arrangement for S30toO,-
600 loan to China by an American bank
ing syndicate. II is the general under
standing that large amount Of this
money will be spent in this country for
supplies and materials incident to the
building OF state railways in China
Last prices throughout the larger part OF
the list were under the quotations OF the
morning. net losses predominating among
the prominent shares American Sugar
Refining and International Harvester
were among the few stocks that closed
Al substantial changes. both showing
gains as compared with the final figures
OF the day before.
According 10 the known movement Of
money in the week the local banks have
lost upward Of S6.00O.O0O in their cash
holdings. due almost entirely from op-
erations with the Sub-Treasury. Direct
shipments Of currency 10 the interior
were lighter than looked for, but d good
mar: OF the loss to the Sub-Treasury
represented payments by out-of-town in
stitutions Of obligations TO the govern
ment through drafts 20 the Assistant
Treasurer at New York on balances held
at this centre The estimated move
ment does not include S1,000,o0O gold
coin taken yesterday for the account Of
Canada. Money rates in the week have
not moved in a manner 10 suggest
heavy falling of in the reserve above
legal requirements in to-day's Clearing
House statement Of actual bank condi-
lions. while il is possible that through
shifting Of loans little of the loss in cash
viii be shown in the reserve item. From
some localities money is beginning TO
move 10 this point. but IL is not likely
that the general course Of currency will
he in favor Of New York for some time
10 come Canada has withdrawn 81.
800. 600 in gold coin from this centre in
the current week. and the chances are
the flow OF the metal to Montreal will
continue next week Money rates in
London were easier yesterday, and ster-
ling exchange declined 20 points in the
local market. Heavier offerings OF COM
nercial bills We're reported.