New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-24
FINANCIAL MARKET
Banks Statement Shows Con-
traction in Loans and Small
Loss in Reserve.

Stock market prices showed irregular
tendencies throughout the day, final quo
tations as a rule presenting net gains in
the railroad issues and losses in the in
dustrials, although United States Steel
common ended at fractional improve
ment, while the preferred was unchanged
from the last figures of the preceding
day. Prices throughout the list were
higher at the opening, being helped by
strength in the London market, but be-
fore the end of the first hour reaction
airy tendencies developed, and Steel
common sold down from an initial quo
tation Of 57A and a high of 51ss to 55h,
closing, however point above its low.
The stronger tone in the Steel shares
was not effective in bringing about an
upward movement in the copper issues,
which. with American Smelling and Ma
tional Lead, were the only really weak
features in the two hours Of business,
Amalgamated losing more than 3 points,
Anaconda /, Utah Copper IA, American
Smelling and National Lead :. The
copper metal trade is in an unsatisfac-
tory condition, while the copper stocks
are in a vulnerable position. Shorts
covered quite extensively in United
States Steel, but it was generally con-
coded that the market closed with
large outstanding bear account In both
the common and preferred.
The steel situation is not chaotic, but
il is considerably mixed. Trade condi-
tions are far from encouraging in this
branch of the country's industries, while
holders OF the steel shares are upset
over the manipulation that has been go
ing on in the issues on the Stock Ex-
change and the contrary reports regard
ing the standing of the corporation with
the DEPARTMENT of Justice. The United
States steel Corporation is not monop-
oily. 1t never has attempted to stlne
competition and it never has maintained
level Of prices burdensome to the con-
sumner Its policy always has been To
work for stability in quotations for nm
ished steel products, and its operations
have been conducted upon the theory
that in serving the public we'll 1t helps
its stockholders, it's employees and the
iron and steel industry. Since its organ
ization there has been tremendous for
ward movement in the steel business In
this country, while in the same time an
enormous increase has taken place in
our sales of steel products to Foreign
lands as q direct consequence of the ac-
tivities of the big steel concern. AS
matter of fact, the United states steel
C,orDoration exercises a most potent IN
euence in encouraging competition in
the trade.
Clearing House figures showing the
actual condition of the associated banks
Of the close Of business on Friday re-
eacted the LIQUIDATION in stocks In
large contraction in loans and an i'm
nroved demand for money for out-of-
town account in a substantial loss IN
cash. As a result Of all changes the
raservA above legal requirements de-
creased S906, $50 to $24, 800 100. against
an increase in the average reserve OF
q 100 $50 to s24. ass, 400 A year ago
the legal reserve was S1s,S24,o2o; In
1909. S9.S77, 425, and in lSoS' soo'oo''-
so The London, Paris and Berlin
stock markets showed Improvement yes
tnrdav. Discount rates in London were
tieher and Paris exchange on the Brit
isb capital advanced. 'eavy WITH
drawals of gold were made from the
Rank Of England for the account OF the
Continent and Egypt