New-York tribune., 1909-11-14
FINANCIAL MARKET
FIRNNESS IN STOCKS.
Copper Issues Strong and
4cfire-Bdnk Statement.

A widespread Impression yesterday
that the hank statement would make
showing much less unfavorable than
could have been inferred from the pre-
liminarv figures was reflected IN a hrm
tone i'm the stock market during the
two-hour session. in which aggressive
strength was developed in the copper
issues. which took the place occupied
during the preceding few days by the
Interborough Metropolitan stocks as
market leaders. The bank statement.
which as usual did not appear until just
after the close Of the market, much sur
PASSED the most optimistic anticipations.
the average" form showing. instead of
a loss in cash Of nearly S12eo0.oeo. as
indicated by the known movement Of
money during the week. a decrease OF
less than S5.go0.eo0, and instead OF a
serious decrease in surplus reserve OF
its complete wiping out, as the prelim-
mary forecast had indicated, an increase
i'm the reserve OF S1.736. 425. bringing the
surplus TO S6.769.o00. This showing was
made possible by a contraction OF the
a decrease in deposits of S26.672.5O0. the
latter change practically equalling the
combined changes in the loan and cash
items. The statement of trust companies
and banks not members Of the Clearing
House gave partial clew To the means
by which the associated banks were en-
abled 20 present a good statement in the
face Of all the probabilities, the trust
companies loans being increased by
only about 81 100000. while the deposit
item showed a decrease of S20.I47.6 600
indicating the withdrawal by their Gus
toners OF heavy amounts to be loaned
directly, TO which must be added the
other large loans assumed by banking
houses not reporting at all 20 the Clear
ing House. The actual" statement of
the Clearing House. showing condition
On Friday night. reflected the heavy call
Ing Of loans which went on during the
latter part OF the week showinp, n ra-
duction in loans of almost S4Oooo 900
ana IN deposits Of almost S47 OOO Ooo
win the result of an increase of S6330
30 in reserve
vi the copper stocks the most strilr-
ing movement was in Utah Conner ono
OF the Guggenheim properties. which i
llsted also on the Paris couIisse This
STOCK, the par value of which is $40 -
share, and which is quoted in doIIars
ana not in percentages. advanced on
very large transactions-S6 a share or
% per cent. Amalgamated Copper and
Anaconda, its controlled propertv and
also American Smelling and Refining
MADE sharp advances. the strength and
activity OF all of these issues beine
ascribed TO buying based upon the prob-
ABILITY OF an early and favora BILE outco,na
OF the negotiations commonly understood
10 be going on with a view 10 the
establishment of close relations of some
nature between the Amalgamsted and
Guggenheim interests. IL may no noted
that there were no sales Of T1beIns
Dodge stock. which tended 10 confirm
the common belief that Phelps. Dodge
d. Co viii not be parties TO the arrange
ment. although the stock Of thai cor
pOration is very inactive.
United States Steel coup,op eor
a while sold AT equal price with Amalea-
mated Copper. hut finally fen behind il
closing, however. with a fractional net
gain At 9oiR. against Amalgamated,s
final figure Of 81. The Interborough-
Metropolitan issues We're largely dealt
in, but closed AT small net declines. and
h was the impression that the pooI
judged the advance OF the last few davs
too rapid and we're taking measures to
check il temporarily Tho basis II anv.
for the rise in these stocks is vet to he
disclosed. The market closed strong
with net gains general.