New-York tribune., 1911-01-20
FINANCIAL MARKET
Money Rates Easy and Foreign
EXCHANGE Quotations Firmer.

ON a moderately active volume Of busi-
ness prices for stocks moved in the dlrec-
tion Of lower levels in the early part or
the day, with. however, only few net
losses at the close among the prominent
issues. While the larger number or lead
ing securities ended at small net gains,
owing 10 active buying in the last hour
of trading. the general movement OF
quotations reflected heavy realizing sales
and pressure from the trading element,
except in the first few minutes of trad
ing. when advances were recorded on
covering by operators who evidently be-
lieved that an active outside demand was
about to develop. There was no re-
sponse to advancing values from COM
mission houses, and professional traders
soon reversed their position and endeaV-
ored TO bring about lower quotations,
their success being measured by frac-
tional declines. The larger Wall Street
interests We're not active in the market,
so far as working for higher prices was
concerned, but it was quite apparent
from the character Of the buying on the
declines that there was no intention on
the part Of the chief banking concerns
I'm the Street TO leave the market TO the
tender mcrcies of the bear element
This view Of the stock market situa-
tion apparently dawned upon traders be
fore the close, as in the last hour deal
ings represented to a large extent cover
ing by operators who evidently were
afraid TO go homo with contracts out
standing. United States Steel was espc-
cially benefited by this movement. Good
buying was reported in ST. Paul. while
there also was a fair class Of buying in
some Of the specialties. rs, for instance,
i'm the American Can issues and North
American. Wall Street had the queer
idea that the North American Company
which is q Western holding company,
with New York interests represented on
its board, would become something of q
factor in the local traction situation
Wall Street has many far-fetched
theories Transactions i'm stocks were
under the total of the preceding day
while there also was falling off in the
! operations in bonds as compared with
recent heavy daily operations. The mar
/ ket in all departments exhibited a tired
| feeling.
| Although the Bank Of England made
no change in its minimum rate of dis
count yesterday. It showed in it's weekly
| return an increase in the proportion of
reserve to liabilities and substantial
! gain i'm bullion, the general changes in
the exhibit suggesting a lowering Of the
bank rate before the end Of the current
month At J1.23 per cent the proper
! tion Of reserve 10 liabilities is above A
! nine-ycar average, and compares with
47.S5 per cent a week ago and 80 - per
cent at this time In 1910. open market
/ discounts at tho British capital are well
under the Bank OF Englands official
/ quotation but the general London money
market Is higher than our own. without.
| however. immediate prospects Of gold
shipments from New York Sterling OK
! change conditions At the moment are not
| I'm favor of exports Of the metal from
| here and II. as bankers generally expect,
/ Europe becomes an active buyer Of orr
securities FOR Investment account and
! foreign trade continues 10 run in our
| favor, the strength that usually prevails
I'm the sterling exchange market in the
! first three months of tho year is not
! likely TO develop in the present instance.
In December the excess of merchandise
| exports over imports amounted 10 $50
! J4l SOL, against an excess In the cOrre-
! spending month In 1909 OF S33. 1873, 40,
! but such favorable showing can hardly
| be expected In the current month. In
January, 1910. the excess Of exports was
! so. .79l l57 and from that month until
September there was practically no bal
| ance Of trade in favor Of this country.
| IN the last four months Of the year how
ever. declining imports and heavy ship
ments Of cotton at high prices brought
about an excess Of exports of S30l ,Go3.-
/ GAS Cotton exports reached their max
! imum in December. and If January pre-
| sents an excess OF general exports over
| imports Of one-half the value of the De-
| cember figures the exhibit viii compare
| favorably with the same month in pre-
ceding years