New-York tribune., 1911-03-12
FINANCIAL MARKET
Bank Statement Figures Show
Contraction in Cash and
Reserve Holdings.


the Stock Exchange seldom have been
so light as reported in yec'erday mar
kct Both in stocks and bonds dealings
were confined TO small totals. except in
tho case Of the Wabash refundinS and
extension Is and the Wabash Pittsburs
Terminal certificates in the bond depart
ment, while price movements were con-
fined within narrow limits. with small
fractional losses in the larger number of
issues at the close. The possibility OF a
decision in the corporation cases TO-
morrow serve to restrict speculative op-
crations. which represented little beyond
unimportant dealings by an unimportant
professional element. commission houses
practically having no orders for public
account. while doing nothing for the
substantial Wall street interests. who
exhibited a total lack of interest in the
course of trading. The larg~r interests
are tho chief holders OF stocks. and they
are ready to support prices on the ar-
pearancc Of professional pressure. but
thcy evidently are not inclined at the
moment TO do anything 10 encourage an
aggressive bull speculation. They arc
satisfied with things as they are, but
the operations they have underway and
in mind eventually must bring about
higher quotations irrespective of SUI
preme Court decisions, Mexican troubles
and an extra session Of Congress.
The strength Of the financial situation
and the attitude Of our banking inter
ests supply reason for bullishness over
the future \ further indication of the
growing strength Of this country iii tho
International money market is supplied
by the report of the Department Of Com
mercc and Labor showing the exports Of
domestic products in February. tho fig
ures indicating further substantial in
crease in our credits abroad. Total ex-
ports of breadstuffs, meat and dairy
products. cattle. hogs. mineral oils and
cotton amounted in that month to the
value of SS7 9J9, ,161. compared with
49.411.O6J in the same time last year
and SG3.117s.6S2 in February. 1909 while
for the eight months ended February IS
total exports of domestic products
showed an increase over tho correspond
ing period in 1910 to the value Of S124.-
029.351. Exports Of cotton in February
amounted in value ~ SJS.9J9, 161
against S21 $50 116 I'm the same month
/ last year, the increase being due 10 an
actual gain in shipments and not TO any
difference in prices Prices I'm February
this year practically wero on the same
level as reported i'm that month in 1910.
Clearing House figures. showing the
actual position of tho banks al the close
general expectations, cash decreasing up
ward of 100000 and reserve above
legal requirements falling little more
than $6,000.000 to S3O,S42,52J which
compares with Sn average reserve of
50 ,629. SO, the latter being about SOL
oOo,prp larger than year ago and sol
100000 more than in 1909. Loans in
creased in tho actual exhibit S1O.729,-
800, and deposits SS,019,SOO. General
bank conditions arc unusually sound.
and the institutions hav. so much money
on hand that they are investing to quite
an extent in attractive securities. a rc-
Election of which is found in the exhibit
Of bank holdings under the call of the
Controller Of the Currency of March :
presenting material increase I'm securl-
ties owned, as compared witl the state.
mont under the call of two months ago.