New-York tribune., 1909-05-02
FINANCIAL AFFAIRS
MOST STOCKS LOWER
Erie Shares Strong Fe0tureS-B0nh
Statement Figures.

IN vasterdav,s short stock market sesSioh
,-3ce movements showed great irree eulaII'y
18th the general tendency in the HIsl nun -
the direction Of lower quotations, thousn H'
,o.ar+ losses were reported In the supse-
80 onerations recoveries were made IN SOM
tesues and notable strength deVeiopea ~ IN
Erie shares Western Union CanaulaH an,
and Pennsylvania. but in the greater hunlpei %
stocks final quotations were slightly uhuel Il
closing Of the preceding day AS rue u us1ns |
.c+,one renresented the operations or the pro
fessIoneI element. which advanced as ieaso
lower nrices the continued strength III 'i4e g.
market the adverse weather IN lle 0lop
tion of the country and the possibility OF d ue
;.;o- egairst the railroads concerned IN thS
ooyorooditv clause case tomorrow. None ol 'lI0
factors named appeared TO encourage mp
.an+ Houidation. Commission houses "eie ,''N
oc+,ve buvers of stocks for the speculau'e
p,b1ic hut they had fair volume OF oIueIS oh
Strictly investment account and some buFlng
orders Of q speculative nature IN pohos' 'iiOiUu
ing the Erie issues. The most cohFluCiHs a.
=. q, fayor OF the Erie stocks at the moment
Is found in the character OF the huylhs ol u'V
mortgage securities of the company. oplhioi
regarding the future Of the Erie has Improved
wonderfully in recent weeks, and the pest tiinP
ehout the change in sentiment is that II -
based upon actual Improvement IN 'he diLs''
~ the COMPANY, including q marked eApahSloi
8, the volume Of business being handed by lhe
road The movement in Pennsylvania appeared
to he based on operations OF traders. VINO desli eu
70 secure the dividend declared yesterday uhe
sroo,,n+ being the usual semi annual B per cent
which is payable May %, purchases or the hIoch
CARRYING the dividend. as the companys transfer
hooks do not close until May ;. the 1act lhal
the Hartman shares were sluggish appeared -
oor,,ince hear traders that the leading market
interests were not in sympathy with the current
market. and as this argument satisfied them'
though attracting selling. no one tleu 10
show them that they were wrong IN IheF con
c1usions Reading weak and closed at us
lowest. ~, It'll.
rank statement figures showed in the exhibit
- averages an increase in the reserve above
legal requirements Of S1O99.S25, and decrease
an the exhibit of actual conditions as or Frloay
night of s2653. 400. In the average showing
loans decreased more than S2,000,00O. while III
the actual figures there was an increase OF more
than s5 600 COO AS a consequence of all changes
the reserve above legal requirements now stands
at s11 207, 200, against S62,3529o0 at THIS tlme
year ago and S6.S24. 625 in 1907 The slightly
frrner tendency IN call money az times last
week was reflected in a material expansion In
the trust company loans, the increase being
more than twice that OF the banks as shown IN
the statement OF actual conditions, and with the
latter making gain Of all institutions 1or Ihe
week Of more than S17.000,0 900. Though the mer-
camille community is not active borrower the
hanks and other financial institutions are hand
ling a large business for speculative require
nents and new financing by corporations. and
compared with this time year ago the out
standing loans Of the associated banks show an
increase Of s14s.eo2 800 while in the same time
cash has decreased only s1S,645,800 these fig
ures not including national bank notes. which
show decline Of about S7000,000. Compared
with this time In 1907 cash shows a gain of
s-o eee 200 and deposits a gain Of s266, 900.
The banks are in strong position and though
reserves above legal requirements are not heavy
there Is no immediate chance OF a material al
vance in money rates, Notwithstanding the prob
ability of further exports Of gold which were
indicated by the course of the foreign exchange
r5oxy and sfo I
noints A large amount of South African gold
viii be offered in the London market tomorrow
and the chances the Bank OF France viii
secure II London discounts easy and Paris
exchange is against the British capital