New-York tribune., 1909-06-20
FINANCIAL AFFAIRS
LIGHT STOCK TR4DING.
Net Gains in Chief Issues-Hea19
Reduction IN Loans IN Bank
Statement

Transactions in yesterdays stock market were
made up in great part Of the operations OF th the
Professional element. which appeared hloIS
hulishlv inclined than noted in recent days
doub+1ess on the theory that the weak holdings
had been eliminated by the liquidation OF the
last few DAYS and that the more important wall
Street interests would resume the campaign tor
higher prices Fluctuations in the two hours ol
business however were confined within narrow
limits in the majority of securities. With the
heaviest dealings in Atchison. Reading, Union
Pacific and United States Steel though even III
these prominent stocks the volume OF tradlhs
was Of unimportant dimensions. sales III steer
common for instance. amounting to only 2""oo
shares at a net change of Is Atchison again
was fairly we'll bought. the progress Of the mar
vesting OF winter wheat in Kansas and the n
dications that the weld viii be much heavier
than recent estimates encouraging the establish
rnent of bull accounts in the issue Earnings OF
the Atchison system are improving al q rate thal
suggests the return OF the common stock 70 d
6 per cent dividend basis at no remote perloG'
and in view OF that proba blity the issue Is one
Of the relatively cheap stocks IN the current
market in which bargains are so much OF a
scarcity. reflection Of which is presented in the
character Of actual buying Of the security Ior
investment holders Wall Street had the rumor
Yesterday that AIr Hartman while abroad would
begin negotiations for the listing Of Union Pa
cifc and Southern Pacific on the Paris Bourse,
but the idea did not secure much popularity IN
financial circles, owing TO the difficulty so far
experienced by the interests who are endeaVoT-
ing TO do the same thing with United states
Steel common. the success OF the Steel people IN
the matter being extremely uncertain, according
10 present indications Apparently some specu-
latOrs believe that the intrinsic value Of Steel
common Is dependent upon its being listed at
Paris Among the specialties that may come in for
greater attention in the current stock market Is
Brunswick Dock and Improvement. owing 10 the
contemplated increase in the company stock,
which doubtless is in connection with the ru
mored acquisition Of the Atlanta. Birmingham q
Atlantic Railroad by the Louisville q Nashville.
The seaboard properties Of the Brunswick com
pany are in line to be materially benefited if
some large road should secure control of the
Atlanta Birmingham & Atlantic. The Inter
borough Metropolitan securities were not af
fected by the offer of n new interest 10 build
extensive subway systems in this city
Weekly bank statement figures showed in the
exhibit Of actual conditions Of Friday night
tremendous reduction in loans and as a conse-
quence substantial expansion in reserves. while
in the average figures there was an increase in
loans Of more than S10.000,OG0 gain in cash of
S4S48 400 and an increase in the reserve above
legal requirements Of $1.453600 to SI9.26S.7 200.
against s58711675 at this time gear ago and
S5,526600 in 1907. Trust company figures pre-
sented q large gain in loans and moderately
heavy expansion in cash In the statement of
conditions at the close OF business the decline in
loans Of S35.271.550 from the preceding week
loans as result Of the selling Of stocks in the
market of Wednesday and Thursday, the dis
crepancy between these figures and those Of the
average statement being due to the fact that
the latter represented six days operations fig
ured on the average system, while the other
showed actual changes on Friday night from
the week before The local Clearing House
banks hold cash to the amount Of $3S2,302. 600
while the state banks and trust companies not
reporting the Clearing House hold $I51,482. 400
e ,rs,
loans has materially strengthened the Wall
Street situation, but there IS no reason to sup
pose that resumption OF active speculation in
stocks on borrowed money viii not develop. In
deed. there is every indication that speculation
will be extremely active for weeks to come, es-
pecially in the Steel shares and issues that rep
resent companies which VIII figure in important
Developments in the course Of the next six
months The prospects for big crops are so
promising that buying Of stocks doubtless will
continue in volume.