New-York tribune., 1909-04-25
FINANCIAL AFFAIRS
STOCK PRICES SIRONU'
4ctire Demand for Bonds-Bank
Statement Figures.

Stocks were strong and moderately actNe III
the two hours of trading. heaviness in the lot
eign markets as a consequence or the eNpecteu
deyelopments in Turkey failing to hnd renee
ton on the local board In American Smelling
Rrooklvn Rapid Transit, Reading and Naoash
preferred net gains ran to point OF liot <
while in Amalgamated Copper, ST Paul. INC
Rock Island shares and Union Pacific suostan-
tial fractional improvement was reported oii
the day's operations. The demand indicated an
active public participation in the movement
and confidence on the part OF the leading inter
ests that no great amount OF foreign seIllh6
would result from the serious disturbance IL
the Turkish capital which, Of course, contain
possibilities that might reopen the entire East
ern question The powers, however, appear 10
be satisfied that nothing OF farreachlns con
sequence, except to the Turks themselves VIII
develop, and certainly in the money ana STOCK
markets at the chief European centres there IS
nothing that foreshadows trouble. The hnan-
cjal markets are the best barometer of the
course of political affairs abroad and II there
fore is encouraging to note an extremely easy
position in money and an active demand 1or
investments including American mortgage
issues, which promise to go abroad IN large
amounts in the balance Of the year.
The declines that took place in foreign secur-
tiles Yesterday were unimportant, definite news
regarding affairs IN Turkey not being received
until after the London closing, while in the
money market there was not the slightest indl-
cation of uneasiness in financial or government
circles The bond market shared in the i'm
provement for stocks this exchange, and
further successful fotations taken by investors
were announced. II is not unlikely there Will
be an enormous output Of new securities in the
course of the next six months as the needs or
corporations are heavy, both for financing old
and maturing obligations and for expenditures
on the physical condition Of the properties, In
cluding on the part of the railroads, expenditures
for extensions and betterments. The railroads
will be heavy buyers Of structural material this
year. and the only thing that is holding back
large purchases of rails is the idea that prices
NAV be reduced. The United States Steel Cor
poration would gather in enormous tonnage
# it should cut the quotation rails. The
general market closed a little off from the best
The weekly bank statement showed in the
average compilation large increase in loans
that offset gain in cash as an influence on the
surplus, which declined $1.094,825 to $1G107,375.
comparing with S5S,984,750 at this time year
ago, and s12,346.775 in 1907. In the statement
| of actual conditions, Of Friday night. the
| increase in loans amounted to only s1672400.
while reserve expanded S1245.350. The most
| noteworthy feature Of the weeks money changes
was presented in gain by the trust companies
of S17.51S0 900 in loans. The general position OF
the money market suggests the development OF
& somewhat firmer tendency in rates but cur
rent indications do not foreshadow high quota
! tions for funds in the immediate future. unless
| there should be a heavy increase in the outward
/ movement of gold. It is expected that foreign
! operations in securities will to pro-
/ vide a fair supply of exchange. while the
! cheaper price for wheat undoubtedly will lead
! to larger exports of the cereal. Money con-
: tinues to move to this centre from the interior
! while banknote circulation is increasing, our
/ bond secured currency since the first of the
year showing a net gain of more than $4,000
/ 600