New-York tribune., 1909-01-03
FINANCIAL AFFAIRS
STOCK VALUES UP.
Nezc York Central and B. X. T..
Strong Features-Bar1k State
n,ent Figures.

Stock market values opened the new year AT
advances "a the greater number or shares as
cou,psred with the closing figures In Ihursuay ,
operations and throughout the day exhlpiteo
strong undertone with last prices at suostahtlai
gains In most Of the leading issues Ne" 1oIh
Central was a strong feature that neld us gam
with apparent ease. while the Cnl'eo 0taleS
Steel shares were somewhat heavy owing to the
absence OF aggressive buying The stocks OF the
big steel concern have not been acting well from
a bull potnt Of view and their failure TO recover
a, ,rorrortion with the railroad list from the
reaction that took place in the first week IN
December has caused some bearishness regard
ing their immediate speculative future though
their present position is not worrying the people
who hold the stocks actual investments.
Tariff discussion and the accumulation or
rather weak bull account in Steel common nave
had much to do with the recent tagging ten
dencv of the issue, but tariff talk and specula-
tive conditions do not warrant uneaslnesS over
the real worth of the United States steel Sc
curities The company has finished year when
on an operating basis Of about 30 per cent or
normal it has been able to pay interest ana
dividends and TO add a large amount to sur
plus funds after placing big sums in the prop
erty United States Steel preferred is safe and
attractive end there is some reason to believe
that Steel common is being quietly accumulated
by careful speculative interests. The traction
lead of Brooklyn Rapid Transit. which ran up
TO 721s a new high record for the last twelve
months, closing at net gain OF Al.
General trading in the day was light in vol
ume the market presenting in most departments
a post-holiday spirit. The attendance on the
floor was SLIM and the best part of the operations
represented the dealings Of the professional ele-
Tnent except in New York Central. in which the
business reflected something more than ordinary
hoor transactions. Some Of the Southern group
Of securities were strong. including Tennessee
Copper which gained more than points. The
hank statement published after the close of the
exchange showed a further increase in the re-
serves of the Clearing House institutions in the
figures of average, but owing TO a large expansion
In loans at the end of the week the showing or
actual conditions as of Thursday night exhibited
falling off in the reserve of S3,56o,3Oo The
trust companies showed a gain in loans. an
increase in cash and a substantial Increase IN
tbe aggregate reserve on deposits. The state
roent Of averages of the Clearing House banks
nresents a reserve Of S20957,300. against
deficit in the same week last year OF S1l, $4,000
and a surplus in 1907 of $147,S25. Compared
1.irb this time in 1908 loans of the associated
hanks show a gain of S14034S%OO, a cash gain
of 500 SCI 300 and deposits gain Of SIT. .4Ol,-
500 The general position of the banks is in
trinsically strong, with the indications favoring
a steady gain in reserves throughout the cur
rent month The money market was inactive
yesterday.