The sun., 1909-05-16
AND COMMERCIAL.
SATURDAY, May is

SATURDAY, May is.
The most striking development OF in-
terest TO the stock market to-day occurred
after Stock Exchange business was over.
The weekly bank statement made public
at that time was Of extraordinary char
scter. Although estimates OF the state
tnent, complied as usual on Friday from
figures furnished by few OF the leading
banks, had foreshadowed considerable
increase during the week In the volume OF
bank cash the formal statistics thereof as
furnished to-day far outran the estimates;
and as II appeared that bank loans during
the week had been decidedly reduced the
result was an addition to the surplus re-
serve IN both forms Of the bank return,
which doubled It. In the average figures
pf the return an increase Of s7,2p.ooo in
casb was shown, while in the actual figures
the increase was over $12. 900 900. In the
one statement loans were decreased nearly
% ooo, 900 and in the other g., 800 600. The
trust companies, too, decreased their
loans and enlarged their cash, showing
:fhat the favorable report made by the
banks was not at the expense Of other in
stititions. The bank surplus is now large
angle exception Of last year when it was.
10 consequence Of the business depression.
disproportionately great. The stock mar
ket itself to-day was OF noncommittal
sort except in this respect, that there was
no continuation Of yesterdays selling
movement, Real liquidation in the
market, 80 far as there was any, seemed
to have exhausted itself and speculators
Tor the fall we're wary Of making further
attacks Whatever slight tendency shown
in prices was therefore toward higher
level and a. rule small fractional gains
~ere shown at the end OF business. Third
ASenue stock was rather particularly
heavy. due, as was supposed. to the ap-
proach OF the time whom an assessment
UPON tho stock may be levied. Con-
,sStsely. the Consolidated Gas shares
ooutipued their striking advance of yes
terday. Otherwise the market was with
out feature. Weather conditions in the
Wet to-day we're still OF extremely favor
4bie nature, az they have been for a fort
night past, and it was said that the -bull'
leader ID the Chicago grain market while
predicting higher prices for the odd crop
wheat options bad expressed himself
strongly to the effect that the brilliant
prospects, for record crop Of corn and
other coarse grains in the present year
would result .ip lower prices for these
connmc dities. Its
r'f'sr surprising IN importance all other
nhstters having financial bearing this
$eek were the many signs Of returning
heisiness confidence in the United States.
The stock market, although active and
strong, did pot huctuate widely and there
we're few il any striking news events in
which Wall Street was greatly interested
But from every side came reports OF en-
larging business operations. Great in
cresess in the weekly gross earnings Of
railways were constantly made known.
ana proof Of the picking up Of the business
OF tine industrial companies was even
more noticeable. Orders iowedin to the
iron and steel manufacturing concerns
With more rapidity than in any previous
period this year and the tendency Of
prices was distinctly upward in all these
quarters. No doubt the time OF year is
approaching when the iron and steel
BUSINESS is normally dull, at least in
cotnparatre sense. and it should sur
Prise no one II during the next few months
&Stsvity in this line should be lessened; but
'th&re -is still the best Of reasons for be-
Leving that the iron and steel business
during the summer months will be better
than It vas year ago Money rates re-
mained practically unchanged during the
veal and although sterling exchange
continually hoyered around the gold
export point but a small amount Of gold
~ hA -
pfher hand large remittances Of money
&ere received here from interior institu-
tions, and in banking circles the view
taken is that there will be no stifTening Of
.rite money market worth considering be-
fore the fall Of the year. At that period,
according TO all reasonable expectations
and always assuming that the crops have
been satisfactory, 1t is not improbable
laat general business will be in such
larger swing over the country that money
viii command higher price than it now
does That our ma nufacturers are max
isg preparations for such an enlargement
Of their operations is disclosed plainly
enough in the increasing volume Of the
country's imports. Our immense pur-
ohasee Of raw materials in foreign coun-
tries earlier in the year for manufaotur-
ers' use have already attracted wide at
teption. During the week the Govern
ment'e monthly statement OF the coun-
fry's exports and imports showed that in
April imports had again increased in the
large sum Of ss4.7Oo,ooO over those OF
April, 1908. Our exports are still rela-
lively small, owing Of course to the high
PRICES prevailing for all kinds Of meat
and ,breadstuffs.