New-York tribune., 1909-07-11
FINANCIAL MARKETS
TJGHT STOCK TRADING.
Further Quiet Distribution on i'd
uancing Prices-Bdnk Hold
ings Improve.

Stock market trading was light IN VoIume II,
the two hours Of business on movement VI
prices that showed net gains in the larger mum
ber Of issues. international Mercantile Marine
,,5 J,,+erl,orough- METROPOLITAN shares supplying
the only evidences of important weakness
Transactions as d rule were made up OF lhe
operations Of the professional element though
on the strength shown in several OF the ledu'hS
issues further liquidation for the account OF SUD-
stantial holders was reported. the selling now
ever being conducted in a manner calculated 10
exert no adverse effect upon quotations rms
sort of selling promises to become more pro
nounced in the course Of the next Few weeks.
partic,ilarlv il second class bulls continue to
1,-orl, for higher prices United States Steel was
in good demand from the shorts throughout the
short session: also Pennsylvania. both issues
being favorably affected by the extremely optl-
mistic reports from iron and steel centres which
show that the steel production of the United
States Steel Corporation is now running at the
rate of approximately %. 100000 tons year. the
heaviest estimated output in any year with the
exception Of 1906 and 1907 Iron production Is
reported on a basis of nearly 24,o00.000 tons
wear. which is only 1000 900 tons under the rec
ord of the active 1907 period. Prices for steel
products continue to show hardening tendency,
as consequence of the great increase IN the
demand including large orders from the rail-
roads which now more generous buyers than
at any time since the panic. Buyers Of Pennsyl-
vania stock are bullish on the security because
the company will directly profit from the pros
peritv of the United States Steel Corporation.
and because the issue is among the few rail-
road shares that still considered fair in
vestment purchases at existing levels Canadian
Pacific showed some further strength, and the
old yarn that the company would secure a New
York entrance by the purchase Of the Ontario &
Western from the New Haven again was pressed
into service. Backers of this idea also en-
deavoring to create the impression that the Can
dian Pacific is after the Wabash. though they
present no good reason for their theory The
Hawley stocks were strong, and Illinois Central
made high record on the current move
Union Pacific Southern Pacific and Reading.
however. off from the opening. The Mercantile
Marine shares closed frmer.
Bank statement figures showed in the exhibit
of averages an increase in loans and a decrease
in cash and reserve holdings. the latter amount
ing to S2.493,175. while the showing Of actual
conditions of Friday night presented reduc-
tion in loans nearly large S the increase in
the statement OF averages and q large gain in
cash and reserve. The trust companies and
state banks not reporting To the Clearing House
also returned gain in cash. but a expansion in
loans. AS result of all changes the reserve
above legal requirements figured on the
age system. stands at s32. .0029 900. which com
psres with s47053.250 at this time year ago
and se.s77.050 in 1907. The changes in the aver
age statement In the week reflect. TO a great
extent. the operations of the preceding week.
incident to the financing of the July disburse-
lnents. and are unimportant indiCatio of
present conditions. Bank loans as compared
with this time year ago show a gain of Sa3.-
267.son. and deposits gain of SOS, s,037. 400 while
in cash the gain amounts to only sa,45qOOO.