New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-01-01

.....- e1% May Is ssA Mich 81 ssh -
1876, TIA. O94 shares for 1908
more than $3.50, 900 900 is shown. the maxi
mum gain in that period amounting to
more than $7o0000,00o. No one pretends to
dispute the statement that no inconsider-
able portion of the increase has been due
to the purchase of Investments by the
banks. In other parts OF the country the
banks and financial institutions In general
have been following the same policy, much
to their profit and to the profit of their
stockholders. The banks did a most ex-
celent business in the last year, a ref1ec-
ton of which was presented by the dfvi-
dend declarations of the local concerns in
the last few weeks Extra disbursements
were common. while in many instances
rates were placed upon permanently high
er basis Trust companies likewise were
generous to their stockholders
INTERESTING MOVEMENTS.
OF the many interesting movements on
the Stock Exchange In the year two de-
serve especial attention-namely, the specu.
lation In United States Steel common
which was backed by one of the most
powerful cliques ever formed for advanc-
ing stock to a higher level, and the ma
ended In a near corner In the issue last
week, when the price for the shares adj
vanced in less than ten minutes from 30
to 81, followed by an equally severe break,
the gambling In the security exerting a
most depressing effect upon the entire list
The last real corner was that engineered
in Northern Pacific in 1901. Reasons for
the Rock Island movement are too well
known to call for discussion at this time
In the Steel speculation enormous profits
were made, as the stock moved from IA
the low point, accompanying the announce
ment in February Of the establishment OF
an open market for steel by the United
States Steel Corporation, to a high Of
81 IS in October, transactions in the stock
In large proportion of the time of active
markets averaging 100000 shares daily
The campaign in Steel had the support of
the most powerful private banking system
in the United States, which financed the
movement 10 a large degree by borrowing
abroad on finance bills. In connection with
finance bills it is worth noting that In the
last year borrowing for American account
in London was larger than in any preced-
ing year in the history of the country. And
the fact that our speculative operations
conducted on foreign borrowed funds and
our immense borrowing abroad so far have
not been accompanied by adverse develop
mentS apparently has strengthened Euro
pean confidence in the position of affairs
IN this country, as better market for our
securities is developing abroad.
The volume OF business on the Stock
Exchange in the last year amounted to
Hl o1,2o5 shares, against 196.774.Oe4 in the
preceding year, and in bonds to the par
value of $1,306, 32S, 900, as compared with
81, 0S7.745,000 in 1908. On Friday. June 4
dealings, both in stocks and bonds were
heavier than on any other day in the year.
transactions in stocks amounting to 1,616, 916
shares and in bonds to the par value OF
S10,950, 500. The lightest operations in stocks
We're recorded Thursday, March IL
when oOO,5l1 shares changed hands, While
there was some hesitancy in prices early
In the year, the general tendency was in
the direction of higher levels, both in the
first and second half of the calendar period
the only important declines, outside of
those brought about by technical market
conditions being reported at the time of
Mr.. Harriman's last illness, and following
the announcement Of the decision by the
United States Circuit Court against the
Standard Oil Company. which was in
terpreted for brief period as notice to
out of business by the Sherman antitrust
law. From the panic prices of 1907. show
ing an average for the leading railroad
shares of S1.4 and of the industriaIs
an average of 5S. the same issues advanced
in 1908 to 1905 for the railroads and Sc 10
for the industrials, while at the close of
1903 the railroads showed an average of
13008 and the industrials an average of
1858. the final figures of the year being
under the high records made in August.
The decline incident to Mr.. Harriman's
illness for about. ten days, and in
that time Union Pacific, Southern Pacific
New York Central, Reading, st. Paul and
the United States Steel issues, the stocks
chiefly affected, showed a total depre-
citation based on the capital stock out
standing of S152, 245.6o0. Just prior to Mr.
Harrimans departure from Europe for
this country, on August IS, Union Pacific
sold at 219, and from that point declined
almost without interruption to a level
well under 200 subsequently returning
to a range averaging the latter figure
while the general market recovered all
its loss soon after the death of the
countrys most conspicuous railroad man
and fnancier. Then followed the Stand
ard Oil slump, from which prices also
recovered, with the last period of weak
ness at the time of the recent Rock Island
affair. The course of the bond market
which is freer from the influence of
speculation than the stock market, and
which moves more in accordance with the
price of money, apparently is tending to
a lower level, and since May, 1909. when
Ortc