New-York tribune., 1909-03-21
FINANCIAL AFFAIRS
STOCK M4RKET HE4TI-
Banks Gain in Cash and ReserTe
HoIdingS-Morc Gold Engaged,

Lower prices for American stocks abroad and
an absence of anything in the nature of de-
mand for securities in the local market encouT-
aged wea kness at the opening on traders opera
tions for cheaper quotations. DecllneS' WHICH
as d rule were confined to fractions did not
attract outside selling the days business being
made UP entirely OF the dealings OF the profes-
sfonal element with the heaviest transactions IN
AnlaIgamated Copper. Chesapeake & ONO, Read
ing Union Pacific and United states steer colil-
mon. In the issues named, with the exception
of AraIEamated Copper which ended at a net
gain of X last prices were at losses as COM
rared with the final figures Of the preceding
dav while elsewhere in the list last sales gener-
ally were at prices slightly under thoSe III
Fridays market In the last hour fairly active
selling was reported in Reading on the rulnor
that the commodity clause decision would be
announced tomorrow, but at the close it was
down less than ! point Northern Pacific on
small dealings ended strong, also Great North
ern. though neither STOCK was aggresslNely
bought The general market closed without any
indication of animation Bank statement fig
ures showed a contraction in loans, a gain in
cash and a further addition to the reserve above
legal requirements. the gain in the latter item
in the average figures amounting to $1,453,525,
while in the actual showing as Of Friday night
the increase was $6,03605O- The actual figures
presented a decline in loans Of S16,5S4. 500.
against S3.71S.300 in the average exhibit, while
cash holdings of Friday night increased s.
.5S
age statement of 532,60O. The banks gained
from the interior last week on new gold and on
their operations with the government to an
extent that offset gold exports, which, however,
did not include the shipments reported yester-
dav. amounting TO more than 100000 The
trust companies also showed reduction in
loans but a falling off in cash of more than
s2.700.000. Reserve above legal requirements
of the associated banks stands at $l4,906,-
AS. against S37.242450 at this time last year and
$4.7O9450 in 1907.
Stock market movements in the last week
failed 10 encourage the expectation in speCula-
tive circles of the immediate development of
active bull operations. while the general course
Of trading held cut little promise for the adyo-
Gates Of a materially lower range OF quotations.
The market appears TO be marking time, with
the sentiment among the greater number Of
professional traders friendly to the bear account,
though this sentiment does not go to the extent
of aggressive transactions against the current
level Of values. While it generally is admitted
that prices are at a high level and more than
discount the favorable features in the outside
situation, traders are not disposed to make large
commitments the bear side owing to the fact
that stocks are in strong hands and costing
little 10 carry Money remains at easy level
in spite of gold exports, but if the current out
ward movement Of the yellow metal continues at
the present rate loan quotations doubtless will
move to a better point, though in the absence of
an active mercantile and stock market demand
.
out-of-town money it is not likely that there
viii be q large enough advance in the near
future to force liquidation the Stock EX-
change. Stock trading is extremely dul and
that the floor room element would
welcome an active movement either way. There
is nothing ia the way Of commission house ac-
tiyity at the moment in speculation or in in
vestment. and though bond houses nave long
lists Of attractive issues for sale money is not
moving actively in investment channels nor is
there any indication that improvement is near
at hand.
Further engagements of gold for shipment to
London We're made yesterday, bringing the total
on the present movement to more than 10000
900. Since the first Of the year New York has
sent more than s16000,000 to the Argentine while
indications favor additional shipments in the
current week to that point and to the British
capital. owing to the strength in the exchange
market and the difference between money rates
here and at London. London is settling its ac-
counts in South America, including the financing
Of the Argentine loan, through the New York
market. The Bank of England and the London
Joint stock banks adding to their gold hold
ings at the expense of this centre. which under
present conditions is not unwilling to see the
metal go out. though it could not in any natural
way prevent the shipments if il desired to do so
Grain exports light and imports in
creasing, and as a consequence there is an active
demand for remittance and only a light supply
OF bills. The fact that exports of grain from the
Argentine are falling off, together with the light
visible supplies in Europe. encourages the idea
Of a material expansion in our export trade in
the near future, the chief obstacle to large ship
ments at present being the high prices in the
grain market Holders of wheat here appar-
emily believe that the foreigners soon viii be
TO come into this market. irrespective
OF the price level