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Show STOCK MARKET TRADE LIVELY Stagnation Which Prevailed During March and April Entirely En-tirely Overcome. LITTLE CHANGE IN PRICES RECORDED Professionals Optimistic as to the Future: Recession in Foreign Trade. By Leased Wire to The Tribune. NEW YORK, May 6. One of the principal factors In conditions that have given a decided optimistic tone to business busi-ness during the past week has been the activity on the stock exchange, which has entirely overcome tho stagnation which prevailed during March and April. Compared with tho dullness which preceded pre-ceded It, the animation of the market has been the token for speculation boyond what had been predicted by market seers, yet prices have been little altered on the whole and the transactions from day to day have been much of a professional profes-sional character. In one detail the statistical sta-tistical record of the country, as published pub-lished this week, contained an item that was novel and of no little significance. This wns the compilation of commercial failures, showing tho largest aggregate of small defaults for any April for many years. Including April. 1908. when they reached their maximum after a long Interval. In-terval. So far as foreign trade goes tho weekly port figures indicate a material recession, a recession which will perhaps be notable In the export movement. Farm Products High. The high prices of farm products have brought a period of prosperity in sight for the railroads, as may bo noted from the placing of orders of rail and equipment. equip-ment. The Carnegie Steel company reports re-ports rail orders for five hundred tons for tho Western Pennsylvania Railways company. com-pany. The Florida East Coast order for 14.000 tons will be filled by the Pennsylvania Pennsyl-vania Steel company. An order by the Seaboard Air line for 15.000 tons is divided di-vided between the Tennessee Coal and Iron company and the Pennsylvania Steel company. Rail orders over the past week approximate about 100,000 tons. The Seaboard Air line has ordered ten specific type C locomotives from the American Locomotive company and ten consolidated and rive heavy switching engines en-gines from the Baldwin Locomotive works. The United States Steel corporation corpor-ation has banked no additional blast fur-I naces lately and Is operating about 63 per cent of capacity. Finished production Is on a basis of something like 6G per cent of capacity. This would seem to Indicate 28.000 tons a day. which is at the rate of about S,-500,000 S,-500,000 tons a year. In 1902 tho steel corporation produced S.200.000 tons of Bteol, so that operations today are only slightly in excess of what they were ten years ago. Wall Street's Policy. Notwithstanding the fact that money was apparently the dominating influence In promoting whatever Improvement took place In the stock market during the week there Is a growing sentiment In some quarters that Wall street Is starting start-ing In to discount trade betterment In tho not distant future. Tho argiment used in favor of this theory is that on many years past improvement has come when business was at a low ebb. That this Is the condition at present Is shown by the week's developments. Bank clearings, always a good barometer of the country's trade, show a decrease for April of nearly 12 per cent, and evory state reported a loss with the exception of the south Atlantic section, which gained 10 per cent. Optimism overreaches Itself in deBcant-lng deBcant-lng on the growing crop outlook in the spring, but there is no crop prospect, properly speaking, before August. Conditions Con-ditions to date liave heen generally propitious pro-pitious and unusually so, and tho probabilities proba-bilities are that the agricultural outturn out-turn of the year will "be satisfactory In amount. Bank Statement. By Associated Press. NEW YORK, May 6. The statement of clearing house banks for the week shows that tho banks hold S38.S09.075 more than the requirements of the 25 per cent reserve rule. This Is a decrease of S1,S74,100 In the proportionate cash reserve as compared with last week. The statement follows: Dally averages Loans, $1,351,953,500; decrease, $7,399,-100. $7,399,-100. Specie, $315,363,200: decrease, $670,000. Legal tenders, $74,913,900; decrease, $871,800, Deposits. $1,405,872,100; decrease, $10,-672,00. $10,-672,00. Circulation, $45,927,200; decrease, $197.-400. $197.-400. Reserve. $390,277,100: decrease, $4,-542.100. $4,-542.100. Reserve required, $351,468,025: decrease. de-crease. S2.6SS.000. Surplus, $3S,S09,07o: decrease, $1,8 14,-100. 14,-100. United States deposits Included, $1,-525,100; $1,-525,100; Increase. $33,500. Loans. $1,340,994,000; decrease. $15.-257.300. $15.-257.300. Specie. $315,035,700: decrease, $1,829,300. Lgal tenders. $73,311,900; decrease, J1.256.fiOO. Deposits, $1,394,831,100; decrease, $17,- 8ClrculatIon. $45,841,700; decrease. $140,- Reserve. $390,347,600; docreaso, $3,085,- 10Reserve required. $348,707,775; do-crease do-crease $4,272,425, Surplus. $41,839,825; increase, 51.187.- 3'5 ""United States deposits Included, $1,-531.800; $1,-531.800; Increase. $28,900. Summary of state banks and trust companies In greater Now York not reporting re-porting to tho clearing house: ., LoanB. $1,1113,007.800; Increase. $8,937,- BSpecle, $118,332,000; increase. $1,239,-4Iegal $1,239,-4Iegal tenders. $18,798,700; docrease, Total deposits. $1,303,481,300; increase, $24,040,400. The Financier will Bay: The most striking feature of the Now York clearing1 house banks for the week ending May G was a docreaso of lo.2o7,-300 lo.2o7,-300 In loans- As the loans of the trust companies and Institutions outsldo the ffoaK liouso rose $8.937 500, It Is a fn p Inferonce that somo of the commitments of the clearing house banks have been shifted to tho trust companies. The decrease de-crease In loans, accompanied by an un-cxpecled un-cxpecled shrinkage of 3,085 100 In cosh, lessoned deposits to the extent of 517.-089.700. 517.-089.700. and with the lower reserve re-milrement. re-milrement. due to tho shrinkage In deposits, de-posits, the actual reserve hehl by the Ganks rose $1,187,325. making the present SSrpluB ; above the 25 per cent legal requirement re-quirement of ?l.fi39.S2K or four times the amount reported for the corresponding wmk last year. Tho above figures are baaed on the statement of actual con-d con-d tlons In the report of averagos, loans SLVrenqpd $7,399,100, cash decreased ?fflfj and deposits $10,672,000. This brmieht about a shrinkage In resorvo ommmtlng to $1,874,100. tho average surplus sur-plus standing at tho ond of the week a ThoS2ffinVoaturB of the report of tho inifit companies nnd outB'.de banks, other han noted above, were an Increase of nhout $1,000,000 in cash and an increase Of $9,070,600 in deposit s. |
