New-York tribune., 1909-05-23
FINANCIAL AFFAIRS
BULL DAY IN STOCKS.
Steel Common at Ne7c High Record
Bank Holdings ImpOrc.

Stock market values were strong in the two
hours Of business under the influence of buying
by the professional element and good support
in number OF the prominent shares in which
substantial interests are known 10 have large
commitments, as for instance, United States
Steel common, which made a neY high record
at sos. a large short account in this issue
has been covered under so, and n consequence
its price does not respond as rapidly as desired
by bull operators in It. though its present
level there can be reason for dissatisfaction
on the part Of holders who have watched
steady advance in the quotation ever since the
elimination of the reaction that followed the
announcement Of cuts in prices for finished steel
products. Activity in Yesterdays market dd
not extend beyond few stocks, but the general
character of speculation encouraged the Jeles
in Wall Street circles that further operations for
the rise would mark the course Of trading in
the current week, particularly in the metal
issues. Union Pacific and the Hill securities. the
last showing some indication of a revival
Of buying on the part of commission houses.
Great Northern and Northern Pacific rose TO
high levels on the current movement. their
prices maintaining equality that suggested
to traders the idea that it the policy OF
the people identified with the properties 10
keep the two issues nearly together market
wise as the possibilities OF speculative move
ments permitted. Buying Of Amalgamated COP
per and Ana aConda appeared to come from good
sources; also the purchases of the Southern
Railway shares which showed marked strength
Of the material Improvement under way N
the finances Of the Southern Railway company
and the probability that when the preferred
stock Is returned TO the dividend column it
viii become Il permanent income security.
Pennsylvania strong. and sympathetic
strength developed I'm Long Island, which gained
1 points on unusually active volume of bust
ness. Last prices, as a rule. were at OF near
the best Of the short session.
Bank statement figures supply additional rea-
son for the belief that there will be no immedi-
ate advance I'm money rates. On the basis of
averages Clearing House returns showed an In
crease in cash Of s6.162, 100, and increase In
the reserve above legal requirements of S5,3O1.-
$50, loans decreasing S2.454,5O0 and deposits ex-
pandinE S3,441 00O- The result Of all changes
places the reserve at S19,919,775 which compares
with $5G4S5,375 at this time last year and SIS
6SS.875 in 1907. Actual conditions = of Fri
day night, showed a more substantial Contrac-
ton in loans, but small decrease In cash. with
a gain in reserve Of $1,423,800 Trust company
loans also declined, while reserve presented 4
small loss. Owing to the great expansion that
has been recorded in loans in the last year tbs.
declining tendency in this item in the last two
weeks is an encouraging development for the
money market. situation Another development
Of interest to the money market is the higher
rate for sterling at Paris and the indications
Of greater foreign interest in securities two
factors that serve TO work against gold ship
ments. With the Paris cheque London at
its present level there is profit I'm exports
OF gold from here 20 the French capital but Of
course il cannot be safely predicted that this
situation viii continue.