New-York tribune., 1909-05-09
FINANCIAL AFFAIRS
4CTIVE DAY IN STOCKS.
Prices Generally Higher, Despite
Heavy ReaIiaing g-Bank State
ment Figures.

Stock market trading was heavy in volume
in the two hours of business on q movement OF
values that generally tended IN the direction or
higher levels. the only indication Of heaviness
being presented in issues in which realizing
sales were extensive, as. for instance, in Amer
ican Smelling, Reading, Union Pacific, United
States Steel preferred and American Cotton on
In view of the character Of the selling IN the
general market the strength Of prices was de-
cidedly significant Of a remarkable power OF
absorption and an active demand for stocks
from the public, the latter being proporionately
more active than on any full day in the week.
especially IN the metal shares. which at the
moment are prime favorites, owing TO the
marked improvement that has taken place in he
metal industry in the last fortnight. Anal
gauated Copper American Smelling and the
Steel securities were heavily bought but their
final quotations showed the effect OF realizing
operations The buying in st. Paul Great
Northern and Northern Pacific encouraged
confident feeling in speculative circles over the
immediate future OF the bull movement While
the strength in Southern Pacific also strength
ened sentiment, and incidentally brought forth
various stories relating to the affairs Of the big
Hartman property, including one that the divf-
dend would be advanced TO Z per cent annual
basis and another that the retirement Of the
preferred stock soon would be accomplished.
All bull markets are accompanied by rumors,
most of which are founded upon fancy, and
the present campaign has reached the stage OF
extreme activity, with the outsiders tunbing
over one another to get in at the top, big crop
of cheerful and stimulating reports may be
expected daily. There many bUllish factors
in the situation. but in the minds Of many peo-
pie they have been discounted by the course
of security values, which are now selling at
the highest points Of the year and not far FROM
the record levels Of 1907 and 1906. Just as long,
however as money remains easy the general
movement Of quotations doubtless will favor the
bull side Of the market, though IT Is not unlike
" sharp reactions will develop in the near
future especially & speculation continues at the
rapid pace set In the week just closed
Money rates were 1rmer last week, and the
bank statement published yesterday suggests
that this tendency Will continue. though there
IS nothing in the exhibit that warrants the ex-
pectation that anything in the way Of high quo
tations will develop before the usual crop de-
roands become factors In the market In the
statement of averages loans increased more
than $4,000, 600, while in the showing OF actual
conditions, as of Friday night, there was a de-
crease Of s1.621.sOo the contraction in the latter
mart Of the week evidently being due to a trans
fer of loans te the trust companies Rs con-
seouence Of the better rates recorded. In the
statement Of the latter institutions this item
showed a gain OF more than S9,oooO0O. AS
result Of all changes the reserve above legal
raouireruents in the average exhibit declined
Ssb7e75O, to s7,s27.450. against $63SSS.476 at
this time year ago, and SS,4S6.226 In 1907
Cash holdings decreased S1.27S,000, though esti-
mates made Friday of the known movement OF
money showed a gain Of more than $4.o00,000.
T the exhibit Of conditions at the close Of husi-
ness Friday reserve presented a gain Of S2,941.-
225 snd cash an increase OF little over $780,
oOO The large decline in reserves from this
na-iod last year is explained by the expansion
in that time In loans, which are now s150,14LsOo
larger than on this date in 1908