New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-05-24
REVIEW OF THE
STOCK MARKET
Upturn In Steel and Week
Ends Strong Surplus
Reserve S50,000,000.

Following the hopeful views ex-
pressed by officials of the United states
steel Corporation on Friday, decided
strength in Steel yesterday improved
security prices. Closing out OF COM
u,tments by traders on the short SIDE
ot the market who desired TO take no
chances over Sunday aided in the up
turn. Business, while not large, maze
n two-hour total that compared favor
ably with the trading Of the week, but
the list continued narrow. Gains on
the day reached over point In some
of tho. moro active securities Bonds
were dull, with few issues traded IN
and price changes slight
In addition to hopes Of better ousi-
ness in steel, the Quickening In re-
tail trade on the approach OF warmer
weather reported by tho mercantile
agencies was hailed IN some quarters
as a forerunner Of general revival OF
industry. Publication Of the fort
nightly figures Of idle freight cars,
however, told OF side-tracked equip
ment on May 10 increased more than
1000 to the unusually high total OF
over 23S,OOO. proof Of the present stag
nation of trade.
European markets were dull and
London prices came irregularly
changed. Here the opening was frac-
tionally higher, and comparatively &C
tive trading followed. with a general
advance. The latter half Of the day
was quieter. but prices held steady,
and at the close were around the best
Of the day.
Steel accounted for more than one
fifth OF the trading. After opening
with a fractional gain II advanced to
62A, closing at the high price. with a
net gain Of " points. Canadian Pa
ciflc gained nearly III points, and Cop
per and Union Pacific stood almost
point higher at the close Reading lost
part Of its early improvement and
made a net gain Of a small fraction.
Harvester and Rumely preferred were
higher, with renewed discussion Of how
much the great crops promised would
assist the implement industry. New
Haven advanced over point to 69n
and closed at 691s. Chesapeake & Ohio
and Baltimore & Ohio were firm. but
comparatively quiet. Missouri Pacific
went up over a point to I'M, closing
at II. Announcement was made that
about one-haf Of the SOS, 100000 notes
which II is hoped will be deposited on
Monday had been turned IN.
Before the close of trading q third
engagement of 100000 in gold for
Paris brought the total on the present
movement to s11,0O0000, and made the
amount taken this year S27 100000.
Exchange rates continued steady, de-
mand sterling at tho end OF the day
standing at 1885. The Clearing
House statement OF actual conditions
showed how little the export movement
is affecting the accumulation Of idle
cash in the Golfers Of the banks. Sur
plus reserve stood at the unwieldy
total of over $5O.O00,0O0. increased
some $11.O00.O00 from the week before,
and the highest at this time for some
five years. Loans at the beginning Of
business yesterday had been reduced
about $32.00O,0O0 and deposits were
over $40, 100000 smaller. while through
the week loans averaged S13,0O0.O0O
under the previous figures and deposits
S4,000,000. Actual cash holdings were
nearly S6.0O0,000 greater. moro than
the gain of known currency movements
had indicated. Completion Of some of
the pending railroad refnancing was
responsible for the weekend decrease
in loans.