New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-01-22
FINANCIAL MARKET
Bank Statement Shows Large
Gain in Cash and Reserve
Holdings.

Transactions In stocks IN yesterday
brief session on the Exchange were light
in volume on an irregular movement OF
prices that showed small net losses in
the larger number Of issues. Commits
sion houses were not active factors in
the dealings. while the larger interests
were not identified with the market so
far as participation in the operations
was concerned. transactions as a rule
being for the account OF a small pro-
fessional element. In the bond depart
ment however, q moderate degree Of
activity was reported, representing both
speculative and investment interest In
railway mortgage issues. OF the total
sales Of stocks the larger part was sup
piled by Union Pacific, Reading, United
States Steel and Northern Pacific La
clede Gas was quite extensively dealt In
at the expense OF its price, which de-
clined more than a point The general
market was without interesting features.
Bank statement figures showed sub
stantial expansion In the reserve above
legal requirements, in spite OF heavy
increase In loans. In the exhibit OF
actual bank conditions as of Friday night
loans presented gain from the preced-
ing week Of s20,0SS,s 800; cash increased
s13.656.000 and the reserve increased
s5.421,O25 10 s392S2,45o. the last named
item comparing with an average reserve
of s36o9s,675. A year ago the average
reserve was s3O,39s.650, against s30,3S1-
$50 In 1909 Loans are now we'll under
deposits. Trust company loans showed
only a small gain, the easy rates for
money tending to restrict lending by the
trust institutions. 1t is quite apparent
that the local money ma rket is In for a
,ong period Of cheap funds. and we may
therefore expect higher prices for both
stocks and bonds although there is no
indication OF 4 runaway market. Fur
| thermore, an uninterrupted advance
Goes not appear probable.
Copper trade conditions as presented
| by Daniel Guggenheim, who is a real
authority on the industry. are not so bad
| as spectators short Of the copper issues
would have The world believe. Mr.. Gug-
| genheim says that production In 1910
Appropriated l44s,132,Oo0 pounds. an
increase Of 3 per cent over 1909. and that
eyport and domestic deliveries in 1910
showed an increase Of 5h per cent over
| 1909. On January l. 1908 the proportion
of stock to production carried over was
| rs per cent. On January /, 1911, the
ratio was II per cent and stock on hand
now IS Just about the same as IT was
| four years ago, while deliveries FOR last
year promise TO be so per cent greater
than they were four years ago. Stats
| tics of the worlds production show that
over a period Of nine years consumption
has kept race with production, which
| clearly demonstrates that there has been
no oyerproduction of copper. 1t Is In
| teresting 20 note that about slO,OOOOOO
r. gold WAS obtained through the mining
Of copper ores in the United States last
year Since a large proportion or the
COPPER production Of this country Is eX-
norted. for which foreign countries must
DAY US in gold to the extent OF approx
irnately $4,000. 900. II will be seen that
one Of the benefits accruing from the
conner industry is 10 add 3l00,00O,OOO
yearly to the colo supply Of this coun-
try. From 1851 to 1880 the United
States produced $1,000 tons OF the
worlds total production Of 5O5.Sss TONS
or about 7 per cent. In the years 1901
10 1909 The United States production
vas S,351.s39 tons Of the worlds pro-
auction Of 6,0lO,O74 tons, or about Do
Der cent. There Is an impression that
the stock Of copper in this country ready
for the market is excessive. and that IL
must be largely reduced before any sub
stantisl improvement In price can be
obtained. This stock has been material
~ reduced III the last year, so that the
value Of copper carried over into ulis
year promises to be about s2'0oo,ooo less
than the value Of the stock on mana at
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