The sun. [volume] (New York [N.Y.]) 1833-1916, 1909-06-06
aNANcrAL AND COMMERCIAL.
~sArunpAY. June S

kA1& kAAa4 "a NAAAR s0sheS
The banks gained in cash in a correspond
ing degree. In a decrease in the surplus
reserve OF the institutions associated in
The Clearing House. lnasmuch as all
Nstimates yesterday foreshadoved only
u moderate increase in the volume OF
ssashy holdings of the banks a poor bank
4lApsrnent wal rather uniformly expected
fn@dsyj and while It could hardly be said
,1i.st rae bank return when published was
Isfvfe Adorable than had been looked for
r8ss.nharacter OF, the showing attested,
aluaG with a similar exhibit made last
week by the Bank OF England, the effect
lcf the recent upward movement in Sc
purity prices here and in England upon
existing stores Of bank capital. To-day
1.-THE banks under the average system re-
ported an increase in loans Of $lI 900, 900,
decrease in cash Of 81, 100000 and a de-
grease in surplus reserve OF se,12s,ooo.
Pnder the actual figures Of the statement
loans increased nearly SIC. ooo, 900, cash
decreased $500, 900 and the surplus re-
carve decreased s7,479 900; but as the
tptal bank surplus stands at comfortable
figures and money rates show not the
slightest tendency to advance the bank
return lost but little Of that academic
character that it has maintained through
the present year. In the stock market
to-day prices were at first inclined to be
steak under the continuing influence OF
afquidatio in certain stocks that was a
feature of the market yesterday. but the
Innate residence Of the general situa ton
quickly asserted itself. Renewed buying
~ a., l., N ax~,;oo. ;ss,,aS pory.x-iro
many of them to the highest figures OF
the year. The United States Steel com
mon shares, in particular, after selling
shortly after the opening OF the market
At a-price a., points below the highest
lgvel of Thursday recovered TO within
u Of a point OF it's high record quotation.
Especial strength was shown by the
.ktchison, Baltimore and Ohio. Erie, On
Serio and Western. q eneral Electric,
Illinois Central, Northern Pacific and a
number of stocks. Finally in the last
telf hour of business another selling move
ment occurred. which was insufficient.
however, to leave other than a nearly
Uniform record of net gains when the
market left Of ofnews to-day of market
interest there was aside from the bank
ekatsment but little else than the an
nbpncefnent this morning OF the resump-
tton Of regular dividends on it's preferred
4t1eA by the Republic Iron and Steel
Company and the declaration OF an ex-
stri dividend, Of o~ne-quarter OF 1 per cent.
Ycn.tAe same stock on account OF the pay
afsnts due thereon for back dividends.
It;i Shonlds be noted that the volume OF
deaifngs Ia the market MAS at the same
high rate, as that Of yesterday and the day
before.
The violence Of the riss in security prices
in the last ten days or really in the five
business days Of the current week was. as
the week closed. the leading topic OF con-
versation in financial circles high and low.
Ihere was expended upon the advance
this usual amoun Of adverse criticism
heard at such times, a good share Of it
proceeding from older and more conser-
people, to the effect that the rise
had been too rapid. that there ought to
be a reaction, that the pace Of the market
was becoming altogether too wild and so
forth. That a market Of the sort that
developed this week is Of more hazardous
character as regards its purely specula-
NV BLU tAluu ouC VI ~ hluu W WuIUIl
people in Wall Street have lately been
accustomed goes without saying; but it
must be confessed that more force would
attach T. such animadversions as have
been described il many Of those uttering
them had not proved themselves to be
eignally wrong in their conception Of the
stock market and Of the fundamental
soundneee Of business conditions for
many months in the immediate past.
Evidences o fairly abound Of the prog
ress Of business improvement throu ghout
the country The bank clearings, the
railroad earnings, the record breaking
orders for iron and steel and a host Of
similar indications prove this in an unmis-
taxable way. SO far as the activity Of
the stock market is concerned it is to be
remembered that up to the beginning of
the, present week the average range Of
security pricee had enjoyed little II any
substantial advance for nearly a month
previously. Such strength as the market
exhibited was shown in some Of the in
dustrtai stocks having to do with lines Of
trade which were feeling in a particularly
Vigorous way the thrill Of new life and
business recovery. Meanwhile, although
tbs, market was maintaining an attitude
of comparative inaction except in a few
departments, the underlying financial
'astrength was becoming more and more
manifest. The United States Steel stocks
.rose not only because the prospects OF
-the iron and steel business were bright
/ ening but because OF knowledge OF the
large sums Of money expended out Of earn
ings upon improving the property OF the
corporation IN recent years. But IL was
arndsniable that much the same process OF
sxpenditlre OF earnings for the benefit Of
property had taken place in the case Of
the -Atohison. Union Pacific, Southern
Pacific and In general all the great railway
OF the land. II stocks we're to
Be bought upon q recognition OF the value
cos equities the force was operative as re-
CARDS a great many railway companies
no less than industrial organizations.
Conditions therefore were as ripe for a
riss N the railway stocks as in the indus
trtsls, and perhaps the torch that started
The blaze in the railway issues in the mar
.ketla week was a feeling which became
dispersed all through the financial COM
rnunity that although the wheat crop Of
the country this year might not be Of
bumper kind yet that there was every
Indication for a production Of corn, the
Z country's most valuable staple. far out
running all previous records. The gen.
eraly hopeful feeling about the crops was