New-York tribune., 1909-10-03
FINANCIAL MARKETS
NEU' STEEL RECORD.
Most of the Leading STOCKS Up
Bank Reserves Decline.

Stock market trading was light in volume in
the general list. with the chief transactions IN
Atchison United States Steel, the lnterborough-
Metropolitan issues, Pennsylvania and the Har-
rirnan shares in which price movements were
confined within a narrow range at unlmportant
final changes United States Steel common
made a new high record. and again was the
leader in point of strength and activity among
the active shares while in the larger number
Of leading securities net gains were recorded,
though Union Pacific. Southern Pacific, Read
ing and Erie ended at fractional losses on a
small volume Of business St. Paul, Louisville
d Nashville and Pacific Telephone and Tele-
graph enjoyed substantial advances on trad
ers' operations and somewhat larger deal
ings Interborough- metropolitan showed decided
strength. Atchson bought on the eXpecta-
ton of an increase in the dividend rate, the bull
element in the issue raising its estimate of what
in its opinion the stock should pay TO per
cent as against the generally accepted theory
that the directors viii restore the rate ia the
8 per cent prevailing before panic conditions
induced a reduction to per cent The Atchi-
son. Topeka & Santa Fe company has made
remarkab bic progress in the last twelve months
and in its earnings has added convincing testi-
mOny to the argument that business conditions
in this country rapidly are returning to the level
of great industrial prosperity. Ana the same
thing may be said of about every railroad in
the country Earnings Of all roads reporting
for the third week in September show q gain
over the same time last year of more than y
strength in the industrial situation is desired it
may be found in the record of bank clearings.
which present large increases over correspond
ing weeks i'll 1898 and compare most favOrably
with past periods of record breaking business
operations The position of the countrys in
dustries VIII make active demands upon the
money market in the months to come, and in
view Of the falling bank reserves at this centre
a halt TO bull speculation on the Stock EX-
change may become an actual necessity
Bank statement figures for last week showed
a reduction in the reserve above legal require
nents, in the exhibit Of actual conditions as of
Friday night, Of $5,250525 to $2,045,075. While
IN the compilation of averages the reserve
was reduced 10 $4,691 G75. against $422S915O
at this time year ago and $2648075 in
| 1907. The decline in reserves was made in
! spite of large contraction in loans the de-
crease in cash holdings being large enough to
Offset the lower loan item as an influence on
! the surplus above the . per cent limit The
| higher rates for money in the week brought
J IN a heavy Offering Of trust company funds as
| reflected i'm gain in the loans Of these instf-
! tuuons which WAS made in the face of a small
/ decline IN cash. Efforts to belittIe tile money
/ market situation as Il factor that may serve
/ 10 upset bull calculations in the stock market
Viii fail TO convince any who studies the
showing Of the banks and the current move
mcnts Of money, which are heavily against New.
! Aork al d time when foreign exchange rates are