New-York tribune., 1910-12-17
BANK STOCKS ON STOCK ExcHANc
FINANCIAL MARKET
Transactions in Bonds Increase
and investment Demand
BroadenS.

,so, that stock market prices VIII
materially higher level oeIofe
-. of the wear is not general III
'.i' 60. ub,1e on the floor or tne
Exchange sentiment Is 1h'eiise'S
,,o.r;sh over the course OF quo'a'ion'
+,,a immediate future IN
.+,ons the movement Of prices AGAIN
r,,o,1ad great irregularity, with coiisiu-
- Streneth at times and net gains
.,o larger number Of issues at 'iio
zoo,;,es when made being Small
.r,iscant only of traders Selling
n-assrre. Rumors of the snu'''he uo"
of steel plants, the labor si'u"'io
tho Western railroads and the "a' 'oiA
NV certain military experts, WIZ oeio
Nth Secretary Dickinson reearoine
ora.od unprepared condition OF the
,,,,,+rv to repulse the invasion OF l'r-
o;s,, foe. supplied good bear arguments
o.,5i,,e, tn the bears point OF Vle"'
-. +,,ox- failed to bring out actual STOCK
- oIarm genuine investment holders
Tro 1-nited States Steel Corporations
largo steel rail plant at Gary Has oee"
,.losed to reopen after the emo ol TIC
COR q. usual proceeding at this season.
a,a If is not unlikely that more hiiiiis
,,-;,, no shut down and more furnaces
,,,o,,,,, o,t before real Improvement IN
t,,a iron and steel trade develops. ih1s
situation. however, offers no reason 1sr
+,,a sale of solid investment stocks.
T, eome Wall Street houses a better
class of buying than recently noteo "as
re,,orted. and 1t was thought thae GER
tain interests were accumulatlne OH jill
declines I'm expectation Of January
rise The most important-lh 1ac'' -'iie
only really important feature OIL Iiie
n,ar,Set-was the Improvement IN the oe-
r,and for bonds from investment sources
botb on the exchange and over tne
counter. especially for high grade issues
which for many weeks nave peeh III
active. The inquiry from large institu-
tions was broader than noted at any
time in recent months, and 1nternatlohai
houses reported increased interest In our
bonds abroad, particularly IN the ne"
rotations of railroad companies On the
stock Exchange the 1nterborough-
A1e,ronolitan 41as and the Central OF
c-aorgia income issues were features.
Current sales of bonds are we'll under
those of this time a, year ago, but II is
not unlikely that the movement now de-
veloping will reach larger proportions.
According TO the known movement OF
r,onev in the week the local banks have
lost net more than 100000 In cash
holdings, due to their operations with the
Suh-Treasury, on which there was loss
of more than S4.OOO,0OO. The banks
gained from the interior. the larger part
of the receipts coming from nearby and
middle Western points, while shipments
were chiefly for the account of the South
and San Francisco. To-days bank
statement figures may show further
loss in reserves, but, based upon the
estimated movement OF currency and
the light demand for accommodation In
the loan market, it does not appear
probable that the decline, II one should
be registered, will reach important dl-
mensions, while it is quite possible that
through the shifting and liquidation OF
loans an actual increase may be effected
in the reserve above legal requirements.
The banks have called loans in the week
to a material extent, and there has been
more or less shifting to trust companies
and outside institutions. Money rates
showed no material change yesterday In
any department of the market, the de-
mand for accommodation both on col
lateral loans and mercantile paper being
extremely light, with no indication OF
pressure from borrowers in the near
future Sterling exchange was a trifie
easier. At the moment it does not ap-
pear likely that local bankers will be
able to secure the South African gold
that will be available in the open Lon
don market on Monday.