The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-11
PRICES STILL FIRM.
An Encouraging Bank Statement--..Large
Gain in the Reserve.
Gold Firm, and United States
and Railroad Bonds Gen.
orally Steady.
WALL STREET.
SATURDAY, Jan. 1915 p. M.

SATURDAY, Jan. l0-6 z. M.
In the lace of existing facts-facts that are peing
developed every day in the week, and, one might
almost add. every hour in the day-t would be rash
to predict anything more thantemp0rary reactions.
The prevailing disposition to bull prices has rarely
been exceled, while the inclination manifested to
antag0nize the purposes OF the hour is 20 trining
as to be scarcely worthy OF comment indeed, ne
would be plucky man who, under existing cir
Cumstances, would attempt to break the market
IN the race OF the immense pressure from local
and outside sources that now favor o deter
mined advance There have been few periods
since the beginning OF the war when natural and
governmental causes more thoroughly combined
to move stocks upward and maintain the impetus
IN this direction than is the case at the present
moment. And these influences seem likely to en-
dure until IL Is made plain to the people
that the Treasury Of the United States is
in no wise different from an individual merchant
who is spending more than ne receives Imitation
Is already fixed fact Twenty.six millions OF new
money have been added to the currency of the
country, upwards OF $780, 100000 to the capital
that constitutes the basis OF bank credits We
have, therefore, many Of the results of a new
creation of wealth. 1t is but natural that these
should be employed to give tone TO speculation.
There is yet something more, however, to be con-
sidered. The daily accumulation OF greenbacks by
the public is adding new phases to the financial
complication. We have to-day, for instance, an
additional Issue from the United States Treasury
Of $o6o0oo. The influence may be remote just
now, but 1t will be positive hereafter and soon.
The disturbance of financial condition by an out
lay of 500 900 Is too serious be ignored, and
every considerable issue that is added to the sum
only serves to increase the difficulties Of the
financial problem. That we are vergng upon o
vortex is concession too frequently made 20 re-
quire argument.
THE BANK STATEMENT
Az was predicted IN this column during the
week would be the case, the bank statement Of the
week exhibits more than unusual strength, and
Affords substantial reason for the encouraging and
bu0yant feeling that has been exhibited in the
stock market for the past two or three days. 1t
will be noted that large gains have taken place in
SPECIE loans, legal tenders and deposits especially
In the latter item, which amounts to upwards OF
$14,co0,0o0 1t will also be observed that the ex-
cess over the legal reserve Of rs per cent is
81. 1s9. 000. The following is q comparison OF the
averages for the past two weeks:-
Loans sss ssss - Inc s1S go
Legal tends nc 800
Deposits. 205 399.5oO 2196eS 900 Inc IA 26S 500
Circulation. 27,lS6,300 2716s.3OO Dec. 1900
The following shows the relation between the
total reserve and the total Mabihties:-
Jan. 3. JAM 10. Differences
Specie s2s, 1906 600 sac, e7s 100 Inc Sass. 500
Legal tends 4s,45s,loO 5O,s26,0oo Inc. T. 46s. 500
Tot reserve. s74s5s7oo ssa $685. 700 Inc S. 1852 600
Circulation. 27.1s6,3O0 27.169, 300 Dec. 1900
Deposits 2o5, 3s9,5oo 219,6ssooo Inc l426S.5oo
Tot Liabilities 1882 800 s24e 300 Inc a. 500
Excess over
Is D. c. res. 1s.7o7,25o 21.sses75 Inc. 5,1se,125