New-York tribune., 1908-08-02
FINANCIAL AFFAIRS
MOST STOCKS HIGHER.
Bull Pools AccumuIating Good Is
sues-BanHcs Gain Cash.

Stocks were strong at the opening, and though
exhibiting irregularity in the subsequent trans
actions closed at net gains in the greater num-
her of issues There was fair volume of busi-
ness for a two-hour session. with further buying
from the interests who were responsible for the
sharp advances in Fridays dealings, particularly
in Reading, in which a large part of the specu-
lative attention centred. The Hartman
issues St Paul the copper shares and United
States Steel were in demand while some of the
specialties gave evidence OF life. The presence
in the market of active pools in various issues
was again reported. and the character of their
operations did not lend any encouragement to
the traders who believe the bull market has run
its course indeed, pool buying suggested con-
fidence the part of a number OF interests
who have vast financial resources in the strength
of the bull cause and determination to bring
about better quotations before distributing their
lines.
In the last hour there enough profit TAX
ing to offset some of the early Improvement
in Reading, while in Union Pacific, Amalga-
mated Copper Erie and United States Steel
common realizing sales were responsible Tor
fractional net losses Elsewhere in the active
list final figures were above Fridays closing
Sentiment at the close as rule was bulllsh, the
weekly trade reports showing steady improve
ment in the country's industries, and the bank
ers' arrangement with the Goulds to meet the
Wheeling & Lake Erie notes increasing the op-
timism that has prevailed for several weeks in
most Wall Street quarters.
The weekly statement OF the Clearing House
banks shows further addition to cash and sur
plus holdings while the combined statement of
these Institutions the non-member banks and
the trust companies indicates amount of cash
held in this city equal to about one-sxth of the
entire amount of money in circulation in the
country The reserve above legal requirements
Of the associated banks increased 81, 061,325 TO
$50 0S3 515, which compares with ST4I3,200 at
this time year ago and S14, ,122, ,675 in 1906.
It is necessary to go back to 1894 to find
larger reserve for this period OF the year than
that now reported, and this is the season Of
the year when demands from the interior for
currency begin TO grow active it is extremely
encouraging to know that the banks of New
York which have to stand the Out-of-town
drain in connection with the harvest needs, are
in such a strong and favorable position.
Since the first of the year local banks gained
net on the movement of currency with the in
terror approximately S169.000,G00, against a net
gain in the corresponding time in 1907 of S27,-
661 900, but even with this loss on the part of
outside institutions the actual cash holdings Of
the interior banks exclusive Of their New York
balances are unusually large. though Of course.
they are not heavy enough to meet the autumn
requirements in the agricultural communities
without Withdrawals from this centre 1t is not
unlikely the shipments from New York will be
up to If not heavier than the normal but con-
ditions strong here that there is little
likelihood of stringency in this market later in
the season. Emergency currency will not be
taken out unless there is tremendous loss in
bank holdings, for the good reason that bankers
will find little profit in emergency notes. owing
to the large tax upon them. A test of the work
ings Of the new currency measure however.
would be watched with great interest by the
banking interests OF Wall Street.
Among the noteworthy railroad reports
ceived last week those of the Colorado &
Southern and the New York. Ontario e. Western.
Notwithstanding business depression, the Colo
rado & Southern was able to show for the
twelve months ended June 80 more than Az per
cent earned on its common stock while the
Ontario & Western came through the fiscal year
with loss in net earnings Of only S23 4S3 and
with surplus equal TO nearly 8 per cent on its
S5S.O00.0O0 stock outstanding For the month
of June this company presented gain in gross
earnings OF s1401S and as a result of a big
decrease in operating expenses net earnings in
creased S1lSI4. Doubtless the excellent earn
ings of the company in the face of so-called hard
times have had something TO do with the accu-
mutation OF the stock in recent weeks This
issue pays per cent, and therefore Yields at
its current market value in the neigh hberhood of