New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-15
FINANCIAL MARKET
Bank Reserves Show Marked
Improvement.

Transactions in the two hour session
in Yesterdays stock market were light IN
volume and confined in large part TO the
metal shares, International Harvester,
Virginia Carolina Chemical Union Pa
cific. Reading and Canadian Pacific, IN
which the course Of prices was IN the
direction of higher levels. Covering or
short contracts and buying by pool IN
terests in few issues, rather than cofh-
mission house purchases for puollc ac-
count. were responsible for the improve
,,ent but outside of Amalgamated Cop
per. United States Rubber, Canadian
Pacific, Reading and Virginia Caroiiha
chemical advances from the opening TO
the close as a rule were connned 10
fractions. The deal between the Clark
and Amalgamated Copper interests oy
which the Amalgamated company COMES
into control of the Clark Butte proper
ties encouraged buying by the shorts IN
the copper issues, but the TRANSACTION
received little attention in general WAN
Street circles, especially as at present
the copper companies are not In neeo u
increased ore supplies, but or buyers ioi
the stocks they have on hand. lnterhd-
tional Harvester was the best feature u
the DAYS market, its advance peing
based on the strong position of the COM
nanv and the expectation that eVentu-
ally the issue would be among the big
dividend pakng industrial investments
while similar considerations aHectihs
Virginia Carolina Chemical were respoh-
sible for the unusually active buying OIL
the shares. Wall Street went nome Gun
fident that general market prices "ouiu
move TO higher levels in the current
week. owing to the belief that the So
called money power in the financial COM
rn,,nitv would work on the bull SIDE Oh
sneculation until it's plans for the f1nanc-
ing of new American securities aproau
had been successfully completed anu
To the remarkably favorable showing py
the Clearing House banks for the week
inst closed. which naturally suggested
easier rates for loan accommodation
In the statement of actual conditions
as of Friday night reserve above leSai
tournaments increased S9.lS1,6oo TO
sol S27. 30. the gain being due to an
evanston in cash Of Sc. 163. 700 and
decrease in loans which affected deposits
TO an extent that brought about oe-
crease in the cash required against de-
rosits of So 423, $50. The exhibit COM
niled on the system OF averages ais0
made an excellent showing, but IN inc
statement of the trust companies foss
in rererve was reported. Average re-
serve now stands at S17.10a,95O, against
s11e17 a25 at this time last year ana
Sti4. COZ go in the corresponding Week
in 1905 The money market OF recent
DAYS did not foreshadow the large gam
recorded in reserve by the Clearing
House banks, but evidently 1t was the
uurpose of the chief banking interests
10 maintain loan quotations at fairy
firm level in the call department OF the
market in order to discourage oreren-
+h,,siasm on the part Of stock market
traders. Bankers apparently are in
favor of stability in the stock market
rather than an active advancing quota
ton level. Sterling exchange was strong
Yesterday. and the report of foreign COM
rnerce for the month of April gave fur
Their reason for the inadequate supply
of commercial bills in this market, i'm
ports OF merchandise showing an ex-
cess over exports to the value Of $S36,-
600 The figures, however. showed i'm
provement over those of March. when
the excess of imports amounted to more
than S19.000,000, while as compared
with April, 1909. exports showed a ma
terial gain, although the gain was offset
by a larger gain in imports. which were
heavier than in any corresponding
month in the history Of the country.