New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-17
FINANCIAL MARKET
Bank Statement Figures Favor
Bull SPECTATORS.

In the two hours Of trading In yester-
days stock market prices as a rule
showed an advancing tendency on a
moderate volume Of business. with the
chief strength in Amalgamated Copper
and American Smelling. There appears
to be 2 more bullish sentiment in specu-
lative circles on these issues as a con-
sequence Of better trade advices. while
the fact that their quotations al present
are far under the high figures reported
in November. 1909. also serves to make
them attractive TO operators who be-
lieve that the actual worth of the metal
shares is not adequately measured by
current market prices. Buying Of
United States Steel common was heavier
than that reported i'm any other part of
the list. and though il failed TO reach a
substantially better range there was no
lack Of enthusiasm over the prospects Of
the stock touching par IN expectation of
an advance in the dividend rate TO a )
per cent basis. Steel was bought in
heavy amounts at recent low prices by
important market interests. and it is
quite likely that stock from this source
will come out on all advances in the cur
rent week. The general market was
without especial feature. Bank state
ment changes. published as usual after
the close of business. made favorable
comparisons with the exhibit Of week
ago. the figures showing actual condi-
lions as OF Friday night, and those
showing averages presenting a substan-
tial expansion in the reserve above legal
requirements. owing in large part to n
drastic contraction in loans, the latter
being a pleasant surprise in view Of the
active speculation in stocks in the week.
Cash resources also increased. The &C
tual reserve now stands at S14969 175.
against an average reserve Of S109S0.-
600. which compares with 81. 2O2. 200 at
this time a year ago and Si9.973.425 in
/ 1905
Sterling exchange rates moved TO
higher level yesterday, and indications
in TIE market suggested the probability
OF further gold exports in the current
week. Although shipments of grain last
/ htth Eltbhtu cDlAlt lllAllDN bNFl liz
same time a year ago, the general export
! movement Of foodstuffs from this coun-
try does not disclose a tendency to in
crease TO an extent large enough to exert
an important influence on foreign ex-
change quotations. The value OF eK-
ports Of breadstuffs in March was the
/ lowest for any corresponding month in
many years. being less than half of the
March. 1907. record and almost 5000
600 under the shipments in March, 1909.
For the nine months ended March 81
the total value Of our grain exports
shows a falling off from the correspond
ing period in the preceding year Of more
than S29,eO0O00. and more than ST.
100000 from the heavy movement In
1907. 1t is not unlikely that with i'm
proving conditions in the agricultural
section Of the country. and with the in
creased acreages that already have been
PLANTED and 10 be planted wheat VIII
decline TO a level attractive 10 foreign
hlyers. At the moment the outlook does
not favor the maintenance OF high
prices for the products Of the ground,
and il is not thought likely that wheat
viii rule above 81 a bushei in the cur
rent crop season unless radically ad-
verse weather conditions should prevail!
throughout the growing period. Cotton
exports are light in volume. In the last
week receipts % the staple at first hands
were smaller than in any preceding week
I'm many years. amounting TO $1,000
bales. against llSO00 bales a year ago
and a weekly average Of not less than
10000 bales IN the last four years.
since July / Of the current fiscal year
this country has exported S19,962,oi9 IN
GOLD. against imports OF $33,63S,oI6, or
net shipments Of Sl6,324OO3.