New-York tribune., 1909-12-05
FINANCIAL MARKET
BEARS RUSH TO COVER
Bank Figures Shoe Loss in
Cash and Reserre Holdings.

Stock market operations were heavy
in volume in the leading issues in the
two hours OF trading on a rising level
OF prices. active bidding being reported
for the account OF the shorts and a bet
ter commission house demand for long
account. Both movements were es-
pecially pronounced in United States
Steel and Union Pacific; also TO some
extent in the Hill shares. which were
remarkably strong on light transactions.
The argument that the transfer of the
Ryan holdings Of the Equitable Life TO
Mr. Morgan indicated increased har-
mony among the larger Wall Street in
terests and denoted a confident feeling
in substantial quarters over the future
of market prices was effective in driving
in obstinate shorts. who for several
weeks have been fighting against a re-
sumption OF bull operations. while re-
ports that the switchmen's strike would
be settled Immediately also contributed
20 the discontinue of the bear element.
Realizing in Reading, Consolidated Gas
and Brooklyn Rapid Transit was heavy
enough 10 bring about small net losses
in their final prices. but elsewhere in the
active list last quotations showed ma
terial gains. the days Improvement
being well distributed throughout the
list and extending TO several issues that
recently have shown little signs of life,
the latter tendency being marked in st.
Louis Southwestern preferred.
The Gould shares are becoming more
nd .F ha af-in sc
sues both for speculative and invest
ment account is reported. St Louis
Southwestern preferred represents a
Gould property of great intrinsic merit,
and the current movement in the issue
doubtless is based upon the companys
growing earnings. which since July i
have amounted in gross TO S4,2tO. l5S.
against S3,9S5.010 in the same ''me in
1905, and in net TO S1Ss.235. compared
with S5j5. 40 in the year before. The
stock is upon a 1 per cent basis. but il
is understood that in 1910 the rate viii
be advanced TO -er cent. United
States Steel rose TO 302., closing at that
figure. the strength of the issue being
helped by the growing conviction that
the management Of the corporation al
ways has 50 carefully observed both the
letter and spirit of the law that no basis
can be found for a suit against il as a
combination in restraint of trade. High
financial quarters appear TO be well in
formed regarding tho recommendations
that will be made in the Presidents
message, and that they are we'll salts
ned with the attitude OF the Executive
on corporation matters is reflected IN
their expressions of confidence in ths
theory that stocks are not a good short
sale for more than a market turn.
Clearing House figures for the week
show. as expected, a material decline in
cash in both the actual and average ex-
hibit OF the banks. but only a slight loss
IN reserves as consequence of sub
stantial contraction In loans. In the
statement OF actual conditions as Of
Friday night the reserve above legal re-
quirements stands at 50. .7O5.925 and in
the average showing at S7.714.650. the
latter comparing with S20.l7 .775 at this
time a year ago and a deficit or s46.-
2lO.35O in 1907. There is no reason 20
look for any disturbance in money in
the rest Of the month. though there
doubtless Will be unimportant fiurries In
the call department Of the market at
the close Of the year. incident 10 the
preparations for the financing of the
January interest and dividend disburse-
ments