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Show GETTING DOWN TO TEGHNJCALJRQUND Impression Seems to Be That Tendency Has Been to Push the Recovery. READING'S MOVEMENT JS DOWN. NOT UPWARD Business Reviews Are Cheerful in Tone; Outlook Encouraging. En-couraging. By Associated Press. NEW YORK. Feb. 19. Operations in the stock market today wero conducted with an eye to technical conditions of tho speculation, rather than with a view to more substantial considerations bearing on the Intrinsic value's or earning power. The extent to which the recovery has run and the rapidity with which it ban been accomplished plainly had an Influence In-fluence In Inducing some debates and hesitation In tho .pursuit of the upward movement. The reactionary tendency of P.cadlng was of especial inllucnco In that direction, direc-tion, owing to the leading part that stock has played In the upward movement. The absence of news developments and the lark of confirmation of earlier rumors which helped its advance gave encouragement encourage-ment to the supposition that the necessities necessi-ties of an uncovered short Interest were playing an Important part In the strength shown by the stock. Suspicion was aroused, for that reason, rea-son, that running In of uncovered shorts was the purpose of the aggressive bidding up of prices. Aggression directed against the shorts would Include, as a corollary, the deslro to sell stocks at tho advanced prices on the part of holders of securities. securi-ties. The reduction of a short Interest, coupled with the accumulation of speculative specu-lative holdings looking to sales at a profit, found a. condition leading so obviously to a weakened technical position that the growing caution of the movement was the rational consequence. Additional information corroborated the opinion that Improvement was taking place over the conditions dreaded In the recent stock market depression. The cheerful tono of the mercantile reviews voiced a conviction that fears of a severe trade recession were groundless. The hopeful expressions by Charles IW. Schwab over slcol trade prospects seemed to have a reasurrlng etrect on that subject. Tho casing or the discount rate In London Lon-don In spite of further shipments of cold from there to South America, gave promise of case of the New York money market, although further outgo of gold from here also to South America Is looked for. The sharp drop in the cotton market today has a bearing on the In'ernatlonal exchange ex-change position, owing to the largo sales to Liverpool which are reported. The nonappearance of the. expected cash gain In the bank statement nnd the expansion ex-pansion of tlm loan account In the actual showing combined to cause a sharp Inroad on the surplus reserve of the banks. The weak closings of the stock market have been due to a premonition of this showing. show-ing. Bonds were firm. Total sales, par value. S1.G12.000. United States 2s, 3s coupon and Is coupon advanced i per cent on call during dur-ing tho week. New York Bonds. U S rcf 2s rcg..l002!Int,r Met 4s... S2 do coupon 1002. Jut Jd M 4Js 091 U S 3s reg 102i! Japan 4s 92 do coupon 1021 do 4ss 9oj U S 4s reg 114J TC C S 1st 3s... 73i do coupon ....1144 1- S deb 4s 91 Allis-Chal 1st 5s S2i I- and N un 4s. 99 Am Agvl 5s 102i:M K &. T 1st 4s 99 A T and T c 4s. 102S' do gen 4Js... 89J Am Tob 4s S2V Missouri Pac 4s. Rl do Gs lOogiNat R of M 4is.. 9U Armour & Co 4s 923 N Y C gen Hs.. 90J Atch gen 4is.-.,.100A do deb 4s 95 .) c-v 4s UR NY NTT&Il c 6s. 134 & do cv 4s 116 iN it W 1st c 4s. 99i do cv ns 117t;N & W cv 4s 10::3 A. C T, 1st 4s.. 9r,yN P Is 1014 B & O 4s 991i do .Is 733 do ajs 9j O S L rfg Is 941 do S W Js 901'Pcnn cv 3js..., 96i Brook T cv 4s.. S3i ; do Con 4s 1041 Cen of Ga 5s lOSi Reading gen 4s. 99'i Con Lcatncr os.. 993 SL & SF fg Is.. SI? C P.R of N.T 5s. 124J. do KO" 5s so Clics & O 4s...l03 SL SYNcou Is.. 791 do ref 5s. T 107 ! do 1st gold 4s- 931 C & A 3s 71 iS A L 4s S21 f it v. n i .t- 'IRQ'S P col 4s 93 do gen 4s 99il do cv Is 102S C M & S P g 3Js S7 ;SP RR - ref 4s. 951 CRI & PRR c 4s. Sli'S Ry 5s 109 do ref Is 9141 do gen 4s SO Colo Jnd 5s SO 1 L P Is 10U Colo .Mid 4s 771 do cv 4s 1091 C & S rcf 4js.. . 9Si do 1st ref Is.. 9S Del & Hud c Is. 101 U S Rub Gs....l03 D and R G 4s.. 9(5 U S S 2d os....l0.,D do ref os 91 a. C Chem os... 9S3 Distillers Ds .... 724 Wabash 1st 5s..ll1i Erie p 1 4s.... S4 do 1st uxt 4s. 73E do gon 4s 75S West aid 4s Si do cv 4s Scr A 7S4 West Elcc cv os. 913 ,lo It 701' Wis Cen 4s 913 Gen Elec cv 5s.. 14 li Mo Pac cv 50a.. 953 111 Cen 1st r 4s.. 99 1 Clearing Houso Statement. By Associated Press. NEW YORK. Feb. 19. Tho statement of clearing bouse banks for tho weok shows that tho banks held $25.fiS0,325 more than the requirements of the 2o per cent reserve rule. This Is an increase in-crease of Sl.507.275 in tho proportionate cash reserve as compared with last week. The statement: Loans. 51,223,074.900: increase. $.10i,300. Deposits. ?1.23G.S5;;,500; Increase, ?1.- 'cu-culatlon. $50,030,600; decrease. ? 170.- Lcgal tenders, 5G7.379.S00: decrease, ?CSpccic. $2G7,513.900: Increase 52.573.200. Reserve. ?31, 893,700. Increase. 51,SG,- ''0ItO9crvc required, 5309,213.575; Increase, 3.V "5 Surplus. $25.GS0.325; increase. Sl.507.27n. Ex. United States deposits. $26.10.., I to: Increase. $1,504,1:50. The percentage of actual reserve of the clearing house barks today was 20.9 1. 1 ho inir.nroiii or banks and trust companies of Greater New York not reporting to the clearing house shows: .... ... Loans $1,156.1:: 1.000; Increase. ?I9.1.600 Specie, $125,593,300: decrease, $1.67 1, - 'Legiil leaders. 520,971.300; Increase. $11,- CTotnl deposits. $1.225.2S9.900; increase. 54.145.400. The Financier will say: "The known operations cm the New York banks last week Indicated a gain In the cash of at least $-1,000,000. but the statement of actual conditions issued by the (Hearing house Institution. Soiiif-dav. Soiiif-dav. revealed a decrease of abort J,.0.u00 In "cash holdings. This, nccoi.ipanlcd by an Increase of S1S.44S.000 In y.ans and a corresponding expansion of SI i.lix.9011 (' deposits, brought the reserve down n1:'! 575 the present surplus standing at 3" 4ni7.6.0. The statement, baaed on averages av-erages Issued Saturday simply relloetod movements shown In the previous week s actual statement and the surplus reserve, re-serve, figured on averages, stanus at 6S0 3'5. The circulation of the national na-tional banks of Hie clearing house Is decreasing de-creasing regularly and Is now under ., 000 000. the smallest total roportcd for a long time past. The summary of stale banks and trust companies In Greater New York not reporting to tho New York clearing bouses showed very Inconsequential In-consequential changes, the chief of which was a decrease of about one and two-thirds millions in cash. |