New-York tribune., 1911-01-06
FINANCIAL MARKET
Increased Activity Marks the
Course of Time Money.

STOCK market Prices uloNcu WIN eiS''
irregularity throughout the five hours
Of trading. with final figures at small net
gains in the larger number of leading
issues. In the better part Of the day.
however, there was no definite tendency
in either direction, but operators for the
decline showed growing disposition to
work for lower quotations on the theory
that the failure Of the advance in the
preceding days Of the week TO attract an
active outside demand for securities
would not strengthen the chances OF the
development Of a sustained upward
movement in the current month. on the
other hand, experienced traders who
were committed to the bull side thought
that the market already was in bull
swing and that ii would be moved up
by easy stages until the public could
finally be induced TO take hand in the
transactions. The dealings were made
up chiefly Of the sales in a limited num-
ber of issues, and as rule were for the
account of the professional element the
larger interests apparently being salts
fed to let the general market take care
of itself What was considered good
huying was reported in Consolidated
Gas. Chesapeake * Ohio, Reading, Amer
lean Smelling and American Beet sugar
the operatjons in the last named sug-
sastirg a resumption of the transactions
for higher prices for the stock that
marked its market course for time IN
December. Consolidated Gas enjoyed
maximum advance Of more than two
points. and while the Improvement vas
not accompanied by news developments
affecting the property an impression was
created that an announcement would Oe
made at no distant period Of value to
tho stockholders. The bear element was
more aggressive I'm the late afternoon
than at any other time in the week, but
II was not successful in bringing out
large amount Of stock. especially IN
United States Steel, against which the
chief efforts were directed. Most stocks
showed a strong power OF resistance
Increasing activity was reported In
time money. owing in large part TO the
renewal Of maturing loans, while in the
call department the demand for ac-
was fair, with the prevail
trg rate 3 per cent. Quotations on cur
rent loans are under those reported In
the first week of January last year. and
unless there should be a large eXpan-
sion I'm stock market dealings IN the
course Of the next few weeks The ten
dencv should be IN the direction OF a
lower price for funds, as the movement
OF currency is running in favor OF the
local banks. both on direct operations
with the interior and on transactions
between the banks and the federal
Treasury. The latter has lost TO the
New York institutions upward or 81
100000 since last Friday. General indi-
cations point 10 the accumulation OF
large bank reserves at this centre IN inc
present month and in February, and II
is this outlook that encourages The be-
lief In bond circles Of material eX-
pansion I'm sales OF mortgage issues IN
the near future Already the market
shows signs OF broadening. The Bank
Of England reported yesterday dis
tnctly unfavorabie weekly return. but
made no change in its minimum rate OF
discount from the Az per cent level es-
tablished several weeks ago. The pro-
portion Of reserve 10 liability WAS 31.lo
per cent, which makes a poor compari-
son with this time in recent years, with
the exception of 1906, the average for
the last ten years being about IL per
cent. The worst features Of the exhibit
doubtless will be corrected by another