New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-04-01
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Banks Lose Upward Of .000,-
900 on Weeks Movement
Of Money.

ON light volume 81 trading stock
market prices moved in the direction Of
lower levels in the larger part of the
day net losses amounting 10 more than
point among the prominent issues.
Union Pacific. Canadian Pacific, United
states steel. Amalgamated Copper.
sufferers. The selling movement repre-
scented little beyond the operati Of the
professional element. and while it failed
TO bring ont important offerings traders
who have been working on the bear side
Of speculation in recent weeks thought
they saw in the tendency of quotations
the beginning Of sustained decline
Calculate based on the known tech
ncal position of the market. on the
monetary situation and on the attitude
% the larger interests do not warrant
the conclusion that speculation is about
10 run into bear affair. Money is too
easy 10 encourage the expectation Of sue
cessfu operations on the bear side for
on Monday in the antitrust cases In
favor Of the government may lead to q
break in prices, II does not appear likely
that a movement of the sort will amount
10 more than a quickly passing incident
Reports from Washington that the At
tornev General of the United States con-
templated moving against the so-called
money trust supplied an argument for
bear activity. hut commission houses
We're unable to trace any investment
selling or liquidation of large speculative
accounts. while they reported buying by
substantial interests in the last hour de
cline when bear raid developed
Doubtless many small accounts were
Last prices We're al or about the lowest
Of the day. and the speculative element
was quite satisfied that the movement
would continue to-day. Bankers pro-
ceeded in their usual orderly way 20
make plans for the future based on their
well founded belief Of a coming period
Of expansion and prosperity in the coun-
try's industries. Trade reports for the
week reflected no important weak spots
in the general business situation.
According to the known movement Of
money in the current week the local
banks have lost upward Of S1,OO0,WO in
cash holdings. On their direct opera
lions with the interior they show a gain
of no sc 0f0 ,r-1;I he, Il
gained on new gold S1.S02OO0, the two
items offsetting to large extent the loss
TO the federal government. amounting
10 more than S9,0OOOO the latter rep
resenting chiefly the payment by out-of-
town institutions of obligations due the
government by drafts TO the Assistant
Treasurer of the United States on local
correspondents Of banks in other cities
This movement was in response TO re-
quest by the Secretary of the Treasury
that payments be made in this manner
The operation explains to great ex-
tent the heavy receipts by the New York
banks Of interior cash. az the banks in
other parts Of the country have been
strengthen their balances drawn upon I'm
their transactions with the Sub Treas
ury. Unless there has been substan-
rial increase In loans in recent days TO-
days Clearing House statement should
show no important change in the reserve
above legal requirements. which last
week amounted 70 a little more than
S31 100000 Banks AZ this centre are In
ar exceedingly strong position. and not
withstandng the heavy financing Incl
dent 70 April interest and dividend dis.
bursements money market rates are IN
changed from the figures recently pre-
valing Outside Of syndicate operations
business is almost AZ q standstill in the
loan market.