New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-24
FINANCIAL MARKETS
Dealings in Securities Result in
Small Totals.

Trading in stocks in yesterdays mar
ket was made up in large part Of the
transactions Of the professional element
on a movement of prices that showed
unimportant changes at the close. with
net losses predominating. In United
States Steel offerings were taken by
substantial interests, and in this issue
operations were more for the account Of
leading operators than in any other part
Of the list, the buying coming from
sources that ought TO be well Informed
regarding the action Of the directors Of
the corporation on the dividend at their
meeting this week The concern could
easily establish its common stock on a
regular . per cent basis from the stand
point Of current earnings and prospects
for new business in the rest Of the year,
and in spite Of the present unwarranted
bearishness in Wall Street speculative
circles It would not surprise followers Of
the course Of the steel trade in recent
weeks to see a dividend of IL per cent
for the quarter declared. Irregularity
in business and a slowing down for a
time in industrial activities do not mean
industrial depression, and the fact that
many merchants in various lines are
conserving cash resources in order to
load up with goods when the current
price reaction in commodities runs it's
course ought to impress Wall Street with
the fact that in business circles no I'M
easiness is felt over the future.
Bear sentiment on the Stock Exchange
was encouraged yesterday by the report
Of an increase over the last two weeks OF
idle freight cars Of 51,471 cars, the
larger part Of which was in coal cars.
There has been an overproduction in
anthracite coal in the last twelve
months. and the falling of in the num-
Der Of coal cars in use in the last fort
night doubtless reflects curtailment in
production and a contraction in the
amount OF the product being sent TO tide
water and to the trouble at the soft coal
mines. It should be noted that at this
time last year there was a surplus of
idle cars Of $4,000, against about 1000
at present Bear spectators circulated
various adverse reports on crop condi-
tons in this market and at Chicago in
the course OF their operations yesterday,
but trustworthy advices from the farms
showed nothing but promising condi-
tons. In line with the tendency In most
markets toward cheaper levels stock
prices doubtless viii go lower before a
sustained bull movement can be brought
about, but just now the technical posi-
ton OF speculation suggests the proba-
bility Of sharp rally.
Clearing House figures for the last
week rejecting actual bank conditions
as Of Friday night show a decline in the
reserve above legal requirements Of
81, 5S1. 275. compared with an increase in
the exhibit Of averages OF S4.035.62
the actual reserve standing at S12.3S7,-
900 and the average at S15,015.625, the
latter comparing with S1O,107,975 at this
time last year and S5S,9S4.75 in 1908.
In the actual statement loans increased
81, 167. 200 and cash decreased $751;. 100,
against a decrease in loans in the av-
erage statement OF SO. 162, 800 and an in
crease in cash Of S2.OS5.OO0 Trust COM
pany loans increased S5.5o0.3o0. while a
small loss was recorded in cash.