New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-04-18
FINANCIAL AFFAIRS
SECURITIES ADVANCE.
Earlv Losses FolLo7oed by Reco0enes
Bank HOLDINGS Increase.

Stock market values opened at general de-
cnes from the closing of the preceding day
selling rejecting the operations of the element
that was successful in the final trading in Fri
davis market, and TO some extent the weakness
in London quotations, which were adversely az
fected by the apparently serious position OF the
Turkish situation In the British market con
soils suffered a sharp decline, while on the Con
tinental bourses prices also were lower, but the
depression abroad and the activity of the local
bear element were not effective influences here
after the first few minutes of trading. lhltlal
losses were recovered before the end of the first
hour, and in the rest of the session the senerai
movement was in the direction Of higher levels.
with the chief strength in the Rock Island is
sues National Lead, Reading Central Railroad
of New Jersey, which advanced II points on
light trading; Columbus & Hooking Coal and
Iron, Iowa Central Norfolk & Western North
ern Pacific and Union Pacific, the last named
gaining IA. The hard coal shares were the
leading features of the trading, Reading ad-
vancing for the day points on buying that
represented active covering of shorts and some
new buying for long account the upward move
ment being accompanied by various expressions
of bull sentiment this group Of securities
The anthracite shares dear propositions at
current quotations, except, perhaps the Erie
issues, which may prove profitable Tor long
pull. Good support was reported In United
States Steel when its price went below 80 in
the early dealings. while in most parts Of the
list purchases on the decline were better in
character than that of the recent selling The
strength that developed after the opening
was we'll maintained in the final trading.
Stock market values ended the week at mate
rial concessions as compared with the nigh fig
ures recorded in Mondays operations, when the
general average was at the best OF the year,
both for the railway and Industrial shares The
closing range, however, was by no means in the
neighborhood Of bargain prices though buyers
on the declines Of the last two days appeared
to be confident that better quotations would be
recorded before further substantial setback
could develop disregarding the possibility Of the
reopening Of the whole Eastern question as
consequence OF the developments in Turkey. and
a possible adverse decision IN the Hepburn
commodity clause case against the railroads,
two factors containing elements suggesting
speculative sales OF securities. The Street had
the report yesterday that the commodity clause
Of the Hepburn bill would be declared uncon-
stitutional Such action by the court would
serve in the absence of disturbing factors to
advance prices. while decision in favor of the
government would tend to attract liquidation,
though action by the court against the railroads
would not be reason for investment sell
ing II the Turkish situation becomes more
serious Europe may send back some Of the
stocks 1t recently has been buying in the local
market while the development OF uneasiness in
the foreign financial markets will tend to
strengthen discounts abroad and increase the
chance OF gold shipments from the United
States. Matters OF this sort however are not
worrying the enthusiastic bull traders who are
buying stocks the New York Exchange TO
hold for the higher prices they predict Tech
nical market conditions have been strengthened
by the selling of the last few days. and in the
absence Of disturbing developments the bull
element doubtless will be able TO carry values
TO better level. but all advances from the
current range the chance of sharp reactions will
increase. and the wisdom Of large margins in
purchases therefore is apparent.
II the liquidsting movement that marked the
course Of trading Friday continues there
ought to be an expansion in investment buying,
and the fact that capital stands ready to buy
securities declines furnishes of the
strongest factors at the moment in favor of the
contention Of the operators for higher quotations
that there can be no extended decline until
money advances TO a higher level. Bank state
ment figures for the week just closed showed a
heavy expansion IN loans in the average figures
and in the actual figures of Friday night
while the trust companies also presented a
material gain in this item. Tho increase in cash
was larger than Fridays estimates indicated.
amounting In the average exhibit So 1892, 400
and in the statement OF actual conditions TO
S265e 800. As a consequence Of all changes the
above legal requirements increased
S1164.I75 TO s11.2G2, 200. which compares with
S4se73,425 at this time year ago, and SILL
704,S25 in 1907. Loans of the associated banks
at present show a gain from this period in
1908 OF s1s2.os 4.4oe. while cash holdings show
decrease of ss.32s5o0.