New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-01
FINANCIAL MARKETS
NEW STOCK RECORDS.
Highest Average for Year Reported
Banks Lose Cash and En-
tend Their Loans.

In the brief session on the Stock Exchange
yesterday new high prices for the year were
made. trading exhibiting all the earmarks OF an
aggressive bull campaign in the interest of large
holders who apparently are preparing to let the
plain people" have all the shares they may be-
lieVe they need in their search Tor sudden
wealth The market opened strong and main
tanned uniform strength in the best part of tho
two hours of business, closing quotations being
somewhat under the high points as a conse-
ouence OF realizing sales. which included some
large blocks of stock for the account of people
who believe the market is advancing TOO tast
for safety. All the standard issues were strong,
especial activity being shown by Reading whlch
crossed 100 for the first time since 1906 ana
moved to a point only trifie under the best
figure ever recorded. TO the accompaniment OF the
usual character Of rumors that always attend
the manipulation of the issue, which at the close
represented an investment yield of less than IA
per cent OF course. one is buying Reading
for investment on the basis Of its current diVi-
dend rate of per cent and II is not likely that
many people accommodating the stock on the
theory that it soon will return more to its hold
ers, despite the known valuable assets OF the
company. Great Northern Ore certificates full
filled, to a certain extent, the predictions made
on Friday of speedy rise in their market value;
Central Leather and American Hide and Leather
issues advanced on the strong prospects of the
enactment of the tariff measures in the current
week. free hides in the tariff schedules meaning
mOcA TO the companies AlcnlSOn mace q new
high record; American Car and Foundry en-
joyed a substantial advance, and United States
Rubber feature of the bull movement.
The effect of realizing sales reflected In
fractional loss in Union Pacific, Southern Pa
cific and New York Central; also to some extent
in United States Steel. which fluctuated within
a range OF less than l point. Total operations
were at the rate of more than 1900, 900 shares
for a full day
Bank and trust company statements for the
week showed a total expansion In loans Of near
ly S16,o00O00, making the gain in this item for
the New York institutions S190,4482 00 as COM
pared with this time year ago. The larger
part Of the increase in the week was supplied
by the trust companies, which, against an ex-
panslon or S13,G69,6O0 in loans. presented a de-
crease in cash of s34200 while the Clearing
House banks. in the statement OF actual condi-
lions as OF Friday night suffered a decrease In
cash Of sl,251,S00 and a loss in reserve OF 81
465.45O- The reduction in cash is not large but
1t suggests the beginning OF movement that
may bring about stiff rates for loans later III
the season. especially as all indications point TO
an active increase In loans in the course of the
next rev weeks as result OF heavy speculative
commitments in the stock market Loans AL
ready are heavily expanded. and when pressure
is exerted on the banks for funds in connection
with the legitimate requirements of trade thers
may be some trouble for the confident stock
market bulls who will have extended accounts
supported by loans subject to call Stocks will
not look so attractive when money rates are
higher. The position OF the associated hanks
based on the average compilation OF conditions
is far stronger than It was at this period I'm 1907
but makes poor comparison with a year ago
when the reserve above legal requirement stood
at s5s.OSS575, against s34,259, 400 at present
Cash holdings OF the banks about $40 900 900
under the record at this time in 1908.