New-York tribune., 1909-07-17
FINANCIAL MARKETS
STEEL STOCKS STRONG.
Banks Lose HeaUily on Week'S
Currency Mocement-Further
Gold Exports.

Stock market prices continued their upWaru
movement in yesterdays trading on a small vol
ume of business, the larger part Of which was
contributed by United States Steel common and
preferred Union Pacific. Reading and Amalga-
mated Copper Steel common made a new high
record at 7224 while the preferred also sold
above the best preceding quotation of the year
the first named apparently moving under the
influence of the operations of substantial specu-
lative interests and to some extent public buy
ing though the transactions Of outsiders were
heavier on the selling side. The latter move
meut was Of unusual interest, as the public sell
dom shows willingness to take its profits when
prices are aggressively strong. United states
Steel common has fully measured an increase
in the dividend and the favorable progress of the
/ iron and steel industry, but such Considera-
. ton has no effect upon the current speculation
in the issue. which evidently has for its object
d materially higher quotation. The stock may
90 to a better level. but it is dear nevertheless
/ the prevailing figure, and does not recon-
mend itself TO operators who trade on small
margins The preferred stock IS widely
held as an investment to-day than at any other
time in the history Of the corporation. and much
Of the buying of II yesterday for genuine in
vestnent accent. Outside of the Steel shares,
Amagamated Copper. American Car and Foun-
/ dry and Louisville & Nashville, there were no
important net gains, the action Of the leading
rails suggesting quiet liquidation, this being
especially pronounced in the Hartman shares
and Reading The Street has found a new ex-
PLANTATION for the recent buying of the Wabash
issues and II is far more plausible than any
heretofore presented. it involves traffic al
lance among the Wabash company, the Chi
cago, Milwaukee & St. Paul and the Missouri
| Kansas &, Texas. which could be effected much
10 the advantage Of the roads concerned. St
Paul interests. it is said, have been heavy buyers
| OF Wabash and are in position 10 control the
property though the present management says
/ ii knows nothing of such q probability.
According TO the known movement of money
in the week the local banks have lost more than
IS 600. 600 in cash holdings Though the banks
gained their operations with the interior, they
! lost heavily 10 the Sub-Treasury on the with
ORA wal OF government deposits; also on gold eX-
ports: and as a consequence Of these move
ments to-day's exhibit Of the Clearing House
doubtless will make unsatisfactory showing,
unless there has been heavy reduction in loans,
Of which there has been no indication in stock
market operations. Much of the gain on the in
terror receipts Of currency was due TO the re-
nittance by out-of-toWn banks to New York
institutions for the purpose Of returning federal
deposits called for by the Secretary Of the
Treasury 1t IS estimated that upward Of
S9.OoooOO was paid by the local banks to the
government on account Of themselves and their
correspondents. while the banks also paid to
the Sub Treasury an amount customs that
, showed an increase Of more than 81 100000, as
COMPARED with the preceding week. this opera
/ ton however. being offset by federal eXpendi-
lures which pension payments alone We're
upward of S2.000.0 600 in excess Of those Of week
/ ag There still due the recent govern
rnent call for national deposits more than $12.
GOO 600 most Of which will be Paid at this centre,
/ notwithstanding the fact that the New York
! banks have 10 their credit unimpOrtant
amount OF federal funds, the larger part Of the
| PAYMENTS To he made being for the account of
! banks in other cities, which either settle by re
mftting her" OF else by drawing on their New
| York balances
/ Heavy additional engagements Of gold fcr Ar
! gentna were made in this market yesterday,
bringing the total for the week to $S.150,o0o but
! ss shipments Of the bulk OF this amount VIII not
/ be made until next week bank statement figures
/ to-day viii not be materially affected by the
/ movement. unless the banks in their bookkeep-
! ing deduct the SUM engaged but not actually
! withdrawn Since January / New York has
! provided S36.650.o00 gold coin for Buenos Ayres
and has shipped to all countries $73. $50 000, the
! shipments TO Argentina being more than double
the total eyer sent in any preceding year
i'm the history of the country. and rejecting the
ability of London To settle European obligations
in South America At the expense of The local
market Current foreign exchange conditions
the position of money at London and the strength
. of Paris exchanse the British capital clini-
nate the possibility Of further exports of gold
/ L. Europe at present, but apparently the move
ru.nt Of tho metal from here To Argentina is not
= over Wall Streets speculative community takes
little account Of the enormous outward move
. rleut II gold from this centre in recent months
and the probability II additional shipments to
South America IN its calculations Of money mar