New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-02-12
FINANCIAL MARKET
METAL STOCK STRONG
BQnk Statement Shoes GAIN
an Legal Reserves.

Stock market prices enjoyed further
Improvement in yesterdays operations
on 4 moderately active volume Of bust
ness, made Up in large part Of the opera
tons Of the professional element and
purchases by substantial banking inter-
asts. The public was not much OF 4
factor in the dealings, except as far as
actual cash buying was concerned cash
purchases have amounted TO large total
in recent days, both for speculative and
investment account. Great strength
marked. the course of the copper issues,
in which American Smelling and REIN
ing shared. while United States Steel
also developed considerable strength, the
movement in the issue being helped by'
the large purchases by the United states
Steel Corporation Of Bessemer pig iron,
amounting in the last two days to $4,000
tons This Is the first time in the last
twelve months that the corporation has
bought iron IL the outside market and
already iron tsade conditions have been
stimulated by the operation The de-
mand for copper likewise is more active.
and sentiment has materially improved
increase in consumption, as shown in the
monthly figures Of the Copper Producers
Association.
Buying Of Union Pacific preferred was
something Of a feature of the trading,
and the fact that purchases came from
sources that are likely to be well in
formed regarding Union Pacific affairs
encouraged the idea Of coming develop
rnents that would affect favorably the
preferred shares Of the company. Rock
Island and Reading were heavily bought.
and in the late trading the entire mar
lzet Of active issues were at the high
points Of the day, with every indication
Of powerfuI interests exercising their in
fuence along lines calculated to bring
about further Improvement. Bank state
ment figures published after the close of
business were favorable showing in the
actual exhibit a large reduction in loans
and a substantial increase in reserve,
with only an insignificant loss in cash as
against an estimated decrease Of more
than 100000 The average statement
did not reflect the Improvement that actu-
ally has taken place. Loans are now well
below deposits, while the reserve above
legal requirements stands at $29.05I,223,
which compares with the average reserve
Of sq4e-. 500 at this time last year and
s3O-65G. 225 in 1908. There was a good
demand Yesterday for high grade bonds
for foreign account.
The fact that high prices have made
the United States a good country for the
foreign seller and a poor market for the
foreign BUYER continues to be reflected in
foreign commerce figures. For the month
Of January exports Of the chief domestic
products showed a falling off from the
same time last year to the value Of S23.-
12l.60l. and loss from the correspond
ing period in 1908 Of $62.49s,008, lighter
shipments Of cotton being the chief fac
tor in the decline. In the last two
months the loss in exports of cotton from
the corresponding months in 1903 and
1905 amounted TO S33.345,510- Shipments
Of food products also show a big con-
traction from 1909 and 1908 Total ex-
ports Of grain, cotton, meat and dairy
products. cattle. hogs and mineral oils
IN January reached a value Of s65,5f2. 067.
against S8S, 299, 0S5 in December SIS, 633.-
66S in January. 1909, and s12S.0l0,076 in
January, 1908. The full statement u
foreign commerce, which will be issued
next week, viii make an extremely poor
showing unless there has been mate
rial increase in shipments of manufact-
ured goods. Of which there is little indi-
cation Ia known figures on the export
trade. In 1909 the apparent balance in
favor Of the United States amounted 20
$Z5L862,923. compared with 1896. 46l 800
in the preceding year. but this surface
credit was wiped out by foreign freights.