New-York tribune., 1910-01-11
FINANCIAL MARKET
CALL MONEY STRONG.
TRADERS Sell Stocks and Pre-
dict Lorer Quotations.

Transa ctions in yesterdays stock mar
ket were made up in large part Of the
operations of the professional element
on q movement Of prices that ended at
net losses in most issues. There was no
public demand for securities, either for
speculative or investment account, while
there was no indication of active buying
or selling by the substantial Wall Street
interests, who apparently were more con-
cerned in the amalgamation and concen-
tration of control OF trust companies and
other financial institutions than they
were in the course Of securities prices.
The Morgan people have acquired control
of a big amount Of capital. representing
deposits in trust companies and banks
of enormous resources, and certain oppo-
sition Wall Street firms that include in
their assets power to call upon the liquid
capital of foreign banking institutions
are making every effort to protect them
selves against an encroachment upon
their preserves by the greatest aggrega-
ton of moneyed interests ever known in
the history of the financial markets. It
is therefore quite natural that many
people are uneasy and are depositing
their surplus incomes in mortgages and
savings banks. Deposits in the various
savings banks OF this city yesterday
were unusually heavy, despite the fact
that some institutions have lowered
their rates TO 311a per cent, with indica-
tons that other banks may follow suit.
Absence Of support In the early deal
ings encouraged aggressive selling by
traders, their operations attracting COM
mission house liquidation for the account
of operators who were disappointed over
the failure of the market TO advance ac-
cording to the schedule of q we'll be-
haved January specula ton, also over
the refusal of money rates TO react to a
materially lower level. Call funds ruled
at 0l2 per cent, an unpardonably high
rate, according to bull traders ideas. in
view of the favorable exhibit made by
the banks in Saturdays statement of
actual conditions of Friday night. At
the close the leading active stocks pre-
sented losses of from / to 21a per cent,
St. Paul being an especially weak feat
ure on selling, evidently based upon the
rumor. not indorsed in official circles
that the dividend would be reduced at
the next dividend period. There was no
bull enthusiasm in the market, and even
the report that the directors of the
United States Steel Corporation would de-
clare an extra dividend on the common
stock failed TO attract interest The is
sue just named ended at a net loss of
is. Among the specialties, United
States Express was feature at a net
advance of 10 points. Apparently some
one is anxious TO hold good line of this
stock.
Extreme rates for money last week at
tracted q large amount of currency to
this centre from the interior and ac-
cording TO current indications receipts
In the rest of the month will strengthen
bank holdings here to a material extent,
though il is not expected that the in
crease in reserves will be heavy enough
10 warrant easy loan quotations. Based
Oh the expectation that the present year
viii witness tremendous growth in our
industries, the output of new securities
in volume, a continuation of high cost
of living. new federal Treasury financing
and increasing imports of merchandise
not offset by a corresponding gain in
financial circles that borrowers will he
compelled 10 pay a good price for ac-
commodation, and that in view of the
high prices prevailing on the Stock Ex-
change the larger number of stocks
eventually will be readjusted TO a lower
level-a level more in line with interest
rates. Trade demands for funds are
moderately active for this season of the
year, and the chances are that the spring
inquiry will be of record breaking pro-
portions. So far in the present month
the speculative demand for money has
not been heavy, but il is not unlikely
that with the easing Of quotations from
the stiff figures reported in the first
week OF the year better inquiry will
develop, accompanied by vigorous efforts
on the part OF the chief holders of stocks
bought for speculative purposes TO at