New-York tribune., 1909-06-13
FINANCIAL AFFAIRS
LIGHT DAY IN STOCKS.
IRREGULAR Price Changes, Net Cams
Predominating-Bank Loans
Erpand.

Stock market trading was light in volume IN
tba greater number Of issues in the two hours Of
business on a movement of values that showed
rrea, irresularity. with however. more net ad-
vance. than losses Opening quotations as
rule were above the closing Of the preceding
dsv while throughout the first hour the ten
dencv in most Issues was in the direction OF
higher values with especial strength in United
States Steel common, which ended at gain OK
noiut on an excellent class Of buying, including
purchases for outside account in considerable
volume The West for several weeks has been
q heavy buyer of the Steel shares, large pro-
portion of the purchases representing invest
rllent of actual funds rather than marginal oper-
ations, particularly IN the preferred "hlch is
still selling al a level that makes an attractive
return 10 bl:vcrs The remarkable increase in
the demand for finished steel products and the
indics tions that for months TO come the. iron
and steel trade will enjoy great activity TO-
gether ulth the splendid showing by the United
States Steel Corporation in the matter OF earn
ings in the recent period Of acute business de-
pression and the dividend record made by that
concern since its organization. nave strengthened
confidence in the steel issues and have encour-
aged a blIying movement in them which is some
thing far better than the ordinary speculative
movements in Wall Street. Steel common
eventually will, without doubt. be placed on
higher dividend basis. but holders should not be
disa ppointed II the directors fell 90 take such
action at their next dividend meeting in August.
In the first part of the second hour the general
market reacted under the influence Of profit TAX
ing incident to the end Of the week but recov-
cred much Of the loss on traders covering before
the close Outside of Steel common, Reading,
Southern Pacific Union Pacific and Wabash
preferred transactions for commission house ac-
count were light fl volume. The last named
issue made a new .igh record on the current
movement. its advance bringing forth new
story affecting tn property. which was in effect
that the Canadiaa Pacific rather than the Lack
awanna had hen accommodating the stock. An
interest identified with the Canadian Pacific
characterized the report as mush.
The weekly statement of the Clearing House
banks showed in the average exhibit another
heavy expansion in loans and still larger in
crease in the same item in the actual showing
as Of Friday night, the latter presenting a gain
Of S262S9. .00O. and the average statements gain
Of sIss76.5OO. Trust company loans made a rel
atively small increase, and added more than
s2500 900 to their cash holdings, while the banks
increased their cash by $4.511.700 The result of
all changes in the statement or averages was q
decline in the reserve above legal requirements
OF $1.O4l.200 to S17,S15.1O0, which compares with
$50 S9I 300 at this time year ago and $4,5I4 625
associated banks have increased $14S, ,141,300
and are 1922, 252 900 larger than at this date in
1907. Deposits are s67.459 900 in excess of loans
cash holdings practically the same as they
were year ago, and are s92. .099 100 heavier than
they were in 1907. The great expansion that
has taken place in loans and the growing activ-
ity in the business and speculative markets sug-
gest firmer price for money before long. with
the possibility of moderately stiff rates at the
end Of the month consequence of the prep
/ arations for the heavy July interest and divi-
dend payments.