New-York tribune., 1909-02-28
FINANCIAL AFFAIRS
STOCK TRADING ACTIPE.
Most Shares Strong and Not Af-
fected by Break in Reading
Bank Statement Figures.

Transactions in stocks were active IN VoiuIiie
in the two hours of trading on movement 0
values that tended rule IN the oFec'ioii 'l
a higher level. Further buying oy 1lie EMU
interest was reported and the absence OF any
General selling pressure encouraged some com
mission house business for long account, thoueH
there was nothing in the way OF punlic oe
rnand for securities. Advances were not ld1 1ee
and at times profit taking operations onset mucI
Of the buying influence, final quotations showing
&c a rule ,,ninnportant net gains, with the CHIEF
irnprovement in Amalgamated copper ANA
conda St. Paul and Southern Railway. IN tne
early dealings Reading developed pTohouit0o
weakness, breaking more than per cent uhuei
heavy selling. and though the genefA insIA
was affected to same extent by the movement
the influence was felt for short time only,
while in the late operations large part OF the
loss in the issue named was recovered us HhdI
net decline standing at ! per cent. Iaih u
friction among insiders in Reading speculation
and the idea of an adverse decision tomorrow
in the commodity clause case were the only
known factors working in favor of the specu-
Iators for lower prices in the coal shares Amal-
gamated Copper was In good demand from the
shorts The weekly statement Of the Clearing
House banks In both the actual and average
aqrres failed to show the heavy loss IN cash
holdings indicated by fridays estimates that
were based on the known movement OF money,
the average exhibit presenting a reduction OF
ss62 900 and the actual a loss Of upward OF
Iiminary calculations while the decrease in loans
also was less than expected, though in the
statement of the trust companies heavy con
traction IN TN tte-es zz.;tGaai. result
of all changes the reserve above legal require
ments increased on the average compilation
S334s00 to S13,S79975, which compares with
s2s.2s2,675 at this time year ago, and sS85s,ss0
in the year before. The actual reserve as OF
Friday night decreased S2.30zo25.
The present position OF the money market
does not foreshadow immediate stinening in
loan rates. but there are some factors in the
situation that suggest better quotations at no
remote period. Bank reserves are 1ot heavy,
though they doubtless will be strengthened in
the course of the next few weeks by excess re-
ceipts from the interior and excess payments
by the federal Treasury, while future needs OF
the government undoubtedly will require exten-
sive financing which will be handled by the
banks at this centre. The requirements of the
railroads will be tax upon the money market,
and eventually (Which may be a very short tinle)
there will be q better inquiry for mercantile
accommodation a consequence Of a resunlp-
ton Of activity in industrial crcles-two factors
that should be taken into consideration in fgur-
ing on money market movements in the coming
months. IN the absence of mercantile borrowing
is found the chief reason for the current ease
in loan rates, but later in the year, unless all
signs fail. the inquiry from merchants Will be
heavy enough TO bring about material change
in quotations, and If any one wishes to look as
far ahead next fall ample reason will be found
for the current predictions that at that time the
emergency currency law may have to be called
upon. There is chance of currency legisla-
ton at the special session of Congress, and until
real currency reform is established there will
be the same old recurring periods OF extrava-
CANT money rates and general market disturb
ance Money market conditions are easy now
but il is just well to bear in mind at this
time that under eur present currency system
there can be no escape from future money mar
ket Ills Conditions affecting the country's gen.
eral trade, outside OF the metal industries
showed little change last week but hopeful
feeling prevailed in all quarters. with the ex-
pectation that commodity price readjustnent
and tariff changes when fully accomplished
would stimulate an active buying demand in all
lines of business In the West business is more
active than it is in the East, and a large amount
Of Western investment money is finding its way
into attractive railway mortgage issues and
such stocks as Union Pacific Pennsylva MA
Steel preferred; also the Steel sinking fund
bonds.