The Daily Missoulian. [volume] (Missoula, Mont.) 1904-1961, 1909-01-28
The Martin Co.
ON STOCKS
ADVANCE
LIGHT BUYING HAS EFFECT OF
STIRRING UP MARKET IN
SOME QUARTERS.

New York Jan. 2S.-Prices of stocks
were lifted in various quarters today.
The dealings were not active at any
time, but the demand was unsettled
by tho various reports Of railroad
deals, and the offerings were so incon-
siderable that light buying sufficed to
make an impression on prices The
plethoric condition of the money mar
ket relieved the holders of stocks from
any pressure in securing financial re-
sources. Interest rates are declining
The interior keeps up an abundance
of shipments to this center, for which
no employment is found at home.
New York trust companies are pre-
pared to comply with the Is per cent
reserve requirement, which goes into
effect on February /, compared with
the 10 per cent cash reserve now held,
and these institutions hold large ad-
ditional deposits with depository
banks. Their own deposits have now
risen we'll over billion dollars. and
the difficulty of placing their resources
has given rise to discussion of re-
duction OF the rate of interest paid on
deposits from 3 per cent now offered.
The pressure toward the sources OF
issue of bank notes is another index
of the redundancy of the circulation.
The call upon the United States treas
ury for current redemption of bank
notes is so great and the drain upon
the gold holdings so severe as to give
the department officials much con-
Germ. This rush of notes to current
redemption is not symptom of dis
trust Of bank notes. but only of the
lack of demand for them in the circu-
lation. 1t is the usual custom for de-
pository banks to sort out notes of
other banks as they come to them and
send them to the treasury for redemp-
ton. From that point they are sent
back to the issuing banks and SO kept
in circulation. 1t is because of this
that the heavy injection Of new notes
into circulation during the panic in the
latter part of 1907 has never gone into
retirement. But their current redemp-
ton is now on an unprecedented call
The steady rejection of these notes
from the money circulation Is due to
inactive business. This and other signs
OF slow business discourage large buy
ing of securities, but the easy money
A''oA hVt iiidhcS Il W sell.
Yesterdays sale of the Chesapeake
& Ohio to the Hawley interests gave
fresh vitality to stories of deals, and
the election Of E. II. Hartman to the
New York Central directorate met
an expectation long held in the
financial district The influence OF
these two incidents was traceable
through most of the price movements
during the day. The Gould group was
conspicuous and New York Central
made response. There was another re-
duction in the quotations for copper
at the New York metal exchange. and
the quarterly dividend of United
States Steel was not liked for the
successive declines in the monthly
earnings for the quarter. The metal
industrials were heavy in conse-
quence. London was somewhat dis
turbed by the stiffening money mar
ket and signs of congestion in new
investment issues.
The pressure to find employment
for the growing Accommodations OF
money resulted in bond market OF
extraordinary breadth, strength and
volume. Total sales (par value), S.
1896 600
United states rs registered declined
and the coupons q per cent on call