New-York tribune., 1911-02-26
BANK STOCKS ON STOCK EXcHANG
FINANCIAL MARKET
Bank Statement Figures Show
Gain in Cash and Reserve
Holdings.

wall street TOOK more IdtlohdI VIZ"
of the rate decision yesterday and prices
showed a tendency to improve in the
early part of the two hours of trading.
There were. however few important ad-
vances outside Of Canadian Pacific.
which made a new high record at 10.
but sentiment in favor Of higher quota
tions appeared to he more pronounced
than recently reported although the
larger number Of operators were un-
willing TO make extensive commitments
on the long side Of speculation pending
the ruling by the Supreme Court in the
Governments suits against the Standard
oil and American Tobacco companies
Decisions against the companies may be
handed down tomorrow, and IN the
event Of victory for the government
there doubtless will he another attack
upon stock market prices and a few
hours Of hysteria in the Street with the
usual selling out of marginal accounts
and the usual recover. with stocks in
stronger and better hands. 1t has been
suggested that the large accumulation of
cash by several of the more important
banks is in anticipation of decision
against the companies which might in
volve a reorganization, with cash dis
tribution to the stockholders. Transac-
tiOns were light in most stocks, and the
closing was lifeless. with only fractional
net changes in the majority of issues,
the final figures being well under the
best with net losses predOminating.
Consolidated Gas was a strong feature.
The equipment shares were heavy on
selling based on the idea that the re-
fusal Of the Interstate Commerce Com
mission might result in the withdrawal
of the railroads from the equipment
market As the railroads intend to con-
tinue in business. as freight must be
moved. as passengers must be carried
and as the volume of freight and pas
senger traffic will increase with the
growth of population and the expansion
in the country's industries. the trans
pOrtatiOn companies will not be able to
contract their orders for new equipment
to an extent that will bring about a slim
business for the builders Of cars and
locomotives Wall Street INDUCES itself
in a large amount of false reasoning
every now and then.
Bank statement figures showing the
condition of the Clearing House institu-
tions as of Friday night were favorable
from the borrowers point of view, pre-
senting a further increase in the reserve
above legal requirements, but the fact
that the gain in loans was large. against
a loss recorded in the statement OF av-
erage conditions, suggested TO many
minds that the tendency Of bank changes
will be in favor Of higher rates for loans
in the weeks 10 come. The actual re-
serve Increased 81 ,636, 625 to Sal ,27S.350,
with an increase in the aver
age exhibit Of 81 SD, 800 to S40,35S, 900,
which compares with 500, ,70l 400 at this
time last year and S13,S79,975 in 1909
In the average statement loans decreased
81 .6j4 $50 while in the exhibit Of actual
conditions there was an increase Of ST.
S53. 600 The gain in cash in both state
ments was about the same. Trust COM
pany loans showed a small gain In
with the poverty cry Of the
railroads IT is interesting to note that
the Atchison and Southern railways |
which reported January earnings yester-
day, both showed gains in gross and net |
earnings, the increase recorded by the |
Atchison in net amounting to more than |
the gain in gross. The chances are that |
most roads will be able to reduce oper- |
ating expenses without weakening the |
physical efficiency of their properties.