New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-09
FINANCIAL MARKET
Banks Show Heavy Loss in Cash
and Reserve Holdings in
LAST Week.

On a light volume Of business stock
market prices moved in an irregular
manner throughout the two hours Of
trading final quotations showing unim-
portant changes in the larger number
Of issues as compared With the closing
OF the preceding day. Amalgamated
Copper, Brooklyn Rapid Transit. North
ern Pacific, Union Pacific and United
States Steel supplied more than one
half of the total dealings of less than
81 600 shares, and of these issues Anal
gamated Copper and Northern Pacific
ended with no change from Friday
/ Union Pacific and United States Steel
showed small fractional losses, while
/ Brooklyn Rapid Transit enjoyed a net
gain of IA. The last named stock Is
popular with spectators. and in view of
the prospect of a largely increased earn
ing power for the Brooklyn Rapid Tran
sit system there is no reason why any
one should be bearish on the companys
stock. which paws > per cent year II
its holders and is selling on the Stock
Exchange in the low SOS. Mayor Gay
nor does not think much OF the Brooklyn
Rapid Transit. but his honors ideas on
the value of the company as an invest
ment concern are somewhat warped by
the recent refusal of a seditious motor
man TO stop his car at the precise spot
where the Mayor decided he would like
to hop in.
The Brooklyn Rapid Transit Company
is backed in its proposition to operate
the proposed new subways by strong
| financial interests, and its stock is held
! by some Of the largest capitalists In New
I York and New England. The copper
shares were firm. and unusually good
buying for half holiday was reported
in Amagamated while efforts to weaken
the price Of United States Steel were
without especial effect upon it's price
The latter issue continues to be alb
sorbed by farseeing operators, despite
attacks upon the United States Steel
Corporation BY unseasoned politicians
and bear manpulators who think so
much of the steel business in this coun-
/ try that they are endeavoring to bring
about lower price for Steel common in
! order TO accumulate the issue for future
/ higher figures. The general market was
without feature. although some new OBJ
/ servers thought decline OF II points in
/ Delaware, Lackawanna & Western an
incident Of importance. Somebody had
to sell 200 shares OF this stock, the
! buyer making the terms. as he always
{ does, when the seller needs the cash.
! Clearing House figures showing the
actual position Of the members of the
association presented as foreshadowed
| by the known movement Of money in the
week a large falling off in cash and re-
serve holdings, owing to the heavy pay
ments by the local banks to the Sub
Treasury on Panama Canal bond ac-
/ count There was decrease in cash in
the statement showing actual conditions
Of Friday night of more than $4,000
900 and a loss in surplus of more than
S16,OO0,00O. The Clearing House banks
have S359,O6S,OO0 cash in vaults, the
| trust companies that are members of
the Clearing House have 500, 900
cash in their own vaults and $50, 10000
! cash in bank vaults. The general posi-
ton Of the Clearing House institutions
is far less favorable than reported two
weeks ago. loans being heavily in excess
of deposits, while cash and reserve are
materially below the high records of re-
cent weeks, but notwithstanding the de-
cline i'm holdings no change in money
rates is looked for in the immediate
| future.