New-York tribune., 1909-12-12
FINANCIAL MARKET
MOST STOCKS STRONG.
Clearing House Statement
Shoscs improvement in
Bank Reserves.

Stock market trading was moderately
active in the two hours OF business on
rising level of prices. the upward ten
dency being well maintained In the larger
number OF issues until the close, not
withstanding active realizing sales in the
final operations. Sentiment in speculat-
i've quarters was extremely optimistic
over the prospects for a gradual broad
ening in the outside demand for stocks,
both for the account OF operators who
deal on borrowed money and for actual
investors, but in commission houses
there was little response TO the days
advance and no indication of an inn
mediate development OF an active In
Quiry in connection with the investment
OF idle capital. Most stocks ere too
high 10 attract investment funds, es-
pecially under current money market
conditions, aAd while there may be a
certain amount OF buying incident 10 the
January interest and dividend disburse-
ments. il is not believed that there will
be a noteworthy expansion in actual
purchases for permanent holding until
prices have been readjusted to a lower
level. The preferred Industrial issues ap-
pear TO be the most likely candidates
for investment attention in the new year.
In this class Of stocks fair return may
be secured AT prevailing levels.
Rock Island and New York Central
We're in demand throughout the short
session, while Reading, on covering OF
shorts, advanced Well above the low
level OF the preceding day. when IL sold
down on silly reports affecting the coal
roads in general 800" common again
was a strong feature. buying apparently
coming from Canadian Pacific sources
which always have been builish on the
issue. The movement was accompanied
by reports that the Canadian Pacific had
plans under consideration that would
strengthen the position OF the 800"
company. including the purchase OF the
Green Bay & Western. the bonds OF
which have been unusually active in
recent days. The Gould shares Were
strong and Western Maryland advanced
4 points on reports Of the probability OF
important new interests buying into the
property. American Ice was the only
important weak feature in the days
operations. The character OF the buying
in the Hartman shares and United
States Steel encouraged the expectation
of higher prices in to-morrow's market
Bank statement figures were fairly
satisfactory. both In the exhibit OF actual
conditions as OF Friday night and in
the average showing. reserve in tho first
named increasing e252. $50 and in the
latter $2,247 $50. Cash holdings in the
actual statement increased $2,996, 200
but loans showed q material expansion.
while in the average compilation there
was a snall decrease In cash and a large
contraction In loans. Trust company
loans also Increased. As q result OF all
changes the average reserve above legal
requirements now stands at 50. .062 200.
against 1883. .623 at this time a year
ago and a dencit OF &4O.lOl. ITO in 1907.
Money rates promise to remain nrm
throughout the rest OF the year, and the
same thing may be said OF sterling ex-
change. des.its the Improvement re-
ported in the merchandise export move
ment. Tho Bureau Of Statistics OF the
Department OF Commerce and Labor re-
ports total exports of domestic products
in November 70 the value Of S1l3. 1872 $40,
compared with $97 .653. i55 in the CORES
ponding month I'm 1908. the increase be-
ing due IN large part 20 the active out
ward movement OF cotton At high prices.