New-York tribune., 1911-11-19
FINANCIAL MARKET
Bank Statement Figures Show
Contraction in Cash and
Reserve Holdings.

Transactions in the two hours OF trad
ing Yesterday were fair in volume on
movement of prices that showed great
irreguIarity. with the final tendency IN
the direction of lower quotations. Net
losses we're reported in the larger num-
ber Of issues. but outside Of American
Smelling. St. Paul, Reading ana the
wabash issues declines in the active llst
were confined to small fractions, weak
moss in the Wabash shares apparently
being based on the agreement reacheu
b,. the ST. Louis e. San Francisco Kan
road with the Louisville & NashVlile
paiIroad for n route from Memphis TO
New Orleans. which the Frisco company
failed to obtain by way of the Gould
roads The Gould stocks are not popu-
lar. and every opportunity is taken oE
the professional element on the Sloch
Evcbanee TO hammer their prices. So
called Gould properties have great pos
eibilities. but in some quarters II i
thought these possibilities will be worked
ont under other people than the Goulus'
and that eventually the securities oil Ihe
yarious companies will move to higher
1.,,e1e under the influence OF a manage
mont that will be ready to take advan-
tare Of opportunities for building UP the
different lines along modern methods. III
the early dealings Union Pacihc ana
AmaIgamated Copper made new hlgh
nrices for the current movement, but
they failed to retain the improvement
the ONLY consistently strong feature in
the day being supplied by American Car
and Foundry, which was among the lew
issues that showed substantial advances
at the close. Orders for railroad equip
ment are increasing, and the equipment
shares are apt to be among the leaders
in the event of sustained bull operations
in the general market. Selling through
ont the list in the last hour was wholly
in line with expectation based on the
overbought condition Of the market and
the unwillingness OF many traders to
maintain a position on the long side over
to-day. Realizing sales were heavy, es-
pecially I'm Reading, United States Steel,
Union Pacific, Lehigh Valley, American
Smelling and Amalgamated Copper
Clearing House figures showing the
actual condition Of the banks at the close
Of business on Friday would be consid-
cred unfavorable if any active demand
for money existed. There was sub
stantial loss in cash and decline in the
reserve above legal requirements OF
more than $4,000, 900 to s10,402,S50, which
compares with an average reserve at
this time last year of s7,4S1,S25 and s6,-
7sq 600 i'm 1909. Notwithstanding the in
creased activity in the stock market in
the week loans decreased s5,S59,0O0 In
the actual exhibit and $1,696,000 in the
average statement Wall Street paid
maid little attention 70 the country's re-
markable statement Of foreign trade pub
lished in the day, but the figures given
should be cumulative in their effect upon
the financial community. Exports or
merchandise in October were heavier
than in any October in the history OF the
country, and with the exception Of De-
cember, 1910, they were larger than In
any month on record, amounting in value
to $219,523,9 1898 and showing an excess Of
exports over imports to the value Of
SIS, ,O45,s12. Since January 1 Of the cur
rent year our exports have exceeded i'm
ports TO the value Of more than $401,-
900 600, and in the last twelve months
the excess has been in the neighborhood
% se0n mn nm