New-York tribune., 1909-03-07
FINANCIAL AFFAIRS
LIGHT STOCK TRADING.
4ctice Shares Generally Higher
Bank Statement Shoes LO5cer
ReSerreS.

Stock market trading was light in volume
throughout the short session irregular
movement Of values that showed net gains in
most Of the active issues the chief exceptions
being supplied by Kansas City Southern, which
ended at a loss as a consequence of realizing
sales, and Amagamated Copper, which was
under bear pressure in the two hours Of bust
ness. American Ice securities Denver & Rio
Grande and Missouri, Kansas & Texas were
strong features. while Reading and the Harri-
man shares were heavy. Transactions were made
UP entirely Of the operations of the professional
element and st no time were Of sufficient i'm
portance to suggest the probable character OF
the dealings in the current week. though on
the board sentiment .as a rule was bearish for
The immediate future while in commission
house circles there was no disposition TO advise
the purchase Of stocks except on recessiOns.
The fact that there was no pressure TO sell long
stock in the two hours of trading naturally
encouraged some activity on the part of inter
ests short Of the market, but il failed TO attract
an outside demand the only evidence of public
buying being presented in the operations in the
bond department, in which there was a fair in
vestment movement. There IS little incentive
buy stocks at the prevailing levels notvith-
standing the fact that prices are under the best
OF the year, and according TO present indica-
tions there will be active inquiry for securi-
ties on speculative account until there has been
& further readjustment in the direction of
cheaper quotations In a few stocks spectators
are able TO induce a certain class Of speculative
buying, notably in the Kansas City Southern
and the Missouri, Kansas & Texas shares, but
IN the general list it is difficult to find a good
reason for the accumulation Of bull accounts.
Bank statement figures showed a decline in
cash and reserve holdings both in the average
and actual exhibits. while the trust companies
also presented a falling off in their resources.
Total reserve of the Clearing House institutions,
as compiled by the average system, stands
at $1L182,175 compared with S30,135,975 at
this time year ago, and s2,051.725 in 1907,
and cash at $352019,900, against s224061,100 in
1903. Deposits at present show a gain of S1S5.-
250400 over these at this period last year. There
reasons for the belief that in the near future
the money market will develop f1rmer ten
dency, and the further advance in foreign ex-
change yesterday viii attract more than usual
interest TO the course Of loan quotations in the
present week. An outward movement of gold
is foreshadowed by the present position OF ex-
change Sight drafts London are at the
highest level recorded since the first week in
November. 1907, and il is reported in banking
quarters that negotiations for shipments Of the
metal TO London are under way. At the current
price OF exchange gold coin can be sent to the
British capital at profit, and there is only
q limited supply Of gold bars at the Assay Office
II is likely therefore, that considerable amount
Of coin Will be sent to Europe this week. There
have been no shipments Of gold TO London in
volume since June, 1907 when bars were used
form of remittance The strength in for
eign exchange is due to several factors, incIud-
ing heavy sales of American securities for
European account in recent weeks, q falling off
in exports of breadstuffs and a better demand
for remittance as a consequence Of heavier i'm
ports of merchandise.