New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-07-10
FINANCIAL MARKET
Bank Figures Show Heavy Gain
in Reserve Holdings.

Stock market prices moved toward
higher level in the two hours Of trading
yesterday. most of the prominent issues
showing substantial gains at the close.
Buying. by important interests was re-
ported in the early dealings, and the
presence of this support after Fridays
late break in quotations encouraged an
active covering movement, which in the
final operations developed into a mild
bear panic in the Northwestern railroad
shares and in United States Steel. st.
Paul ended at a gain of more than 3
points at I'D, against 10, the low point
made in Wednesdays transactions,
while Northern Pacific enjoyed net
gain of 112 and Union Pacific a net gain
Of 2A The general market suggested
the proba bility of further Improvement
in the current week. and in many quar-
tiers of the Street it was thought that
the liquidating movement that practi-
cally has been under way since last Au-
gust had run its course. and that pres
ent quotations discounted the unfavor-
able features in the situation, as, for in
stance, the serious injury to the crops in
the Northwest.
Spring wheat will make small har-
vest, but from current indications its
loss as factor on the total money value
of all crops will be offset by a large
yield of corn. An enormous acreage has
been planted to corn, and government
figures showing the condition of the
plant on June 1 foreshadow a larger
harvest than was gathered a year ago.
Cotton and corn both give promise Of
adding great material Wealth to the
country Winter wheat is being har-
vested and is turning out much better
than expected earlier in the season.
Wall Street has discounted business re-
action, poor spring crops and other So
called adverse factors in the situation,
and il is not unlikely that before long
the stock market will begin to discount
in advancing prices for stocks a period
of industrial and financial prosperity
that is looked for in many conservative
circles following the duh summer sea-
son. Opportunities for the safe invest
ment of funds TO return an attractive
income are now presented in the stock
and bond markets. Investment capital
should wake up.
Bank statement figures showing the
actual position Of the associated banks
at the close of business on Friday night
make an extremely favorable compari-
son with the exhibit of a week ago.
when there was a decline in the reserve
above legal requirements of more than
item has increased more than $4,000
600, owing to a gain in cash and heavy
contraction in loans, the latter declin-
ing 24,021.1 100 The statement COM
piled on the average system presents a
loss in cash of more than S13, 100000
and a loss in reserve of more than ST.
10000, but these figures are worthless
as rejecting the true money situation at
this centre Loans as shown in the
actual statement declined because of
liquidation in the stock market and
syndicate operations, while the gain in
cash apparently came from over the
counter movements not included in FRI
days estimated movement of money,
which indicated q heavy loss in to-day's
figures. There also was heavy decrease
in trust company loans, the total con-
traction in this item by all banks and
trust companies amounting to SOL $685.
900.