New-York tribune., 1911-01-31
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Active Trading in Bonds. ESpe-
cialIy New York City 414'S.

on moderately active volume Of
business stock market prices moved IN
the direction Of higher levels throughout
the dsv. The advance, however,. failed
IN attract substantial buyinG orders for
the account OF the so-called public while
the general character Of tho operations
did not suggest accumulation Of stocks
bv prominent banking interests The
| important banking interests evidently
are working 10 maintain stability in tho
market. and. In view Of their resources
and the plans they have in mind for the
/ financing Of the requirements Of various
railroad and industrial corporations, II Is
mot likely that ,radcrs who favor lower
prices will make any largo amount "'
money in the immediate future on trans
actions based on tho short side Of spec
ulation. Stocks are in strong hands ana
every known condition present and pros
rective encourages the idea that liquda-
t,on will not develop at present quota
tions The 50 called bic men OF Wall
street accumulated stocks when prices
we're we'll under prevailing figures. ana
tbeir cncrations lust now appear I" be
confined 10 the rendering Of support on
the appearance Of boar pressure. rather
than to transactions calculated TO bring
about a rapid appreciation In Stock tN-
change values. The chief strength IN
yesterday's market was suppned by
Amslgamsted Copper Northern Pacific
Rock Island. United states steel Read
ing and Union Pacific. the last named
issuc being helped by the company :
report of earnings for December showing
an increase both in gross and net re-
turns. Earnings Of tn" railroads IN De
cember Of the last year compare with 4
corresponding period i'm 1909. when both
gross and net <r@oipts We're adversely
affected by widespread unfavorahle
weather. Dealings in bonds were heaVY'
especiallv i'm the new local municipal
VS. which charged hands between lol
ard 1O1i.. the last sale being ~ lois
Money market conditions do not sug-
gcst the development in the imm"diate
future Of higher rates for accommoda-
ton. Tho demand for call and time
funds Is light. while offerings OF com
n,ercial paper are not heavy, in spite of
tho feet that the banks are willing 20
Inv the best names at quotations lower
than any recorded in the last twelve
months. The highest paper IS being as
counted At from 3s4 10 4 per cent on h'lIs
running from sixty days 70 six months
and the large banks and trust companies
arc more than willing 10 invest their
funds on this basis, while transactions
have been reported in recent days as
low AS 80 per cent, an unusual iignre Tor
th,s class OF accommodation. There Is an
overs,pplv of money at this centre for
stock Exchange purposes. but notwith-
standing the accumulation Of funds by
the leading financial institutions there
are some bankers who believe that pres
ent low rates for loans Will not continue
for any length of time. and that at no
distant period tho tendency VIII be in
the direction Of higher quotations. In
deed they apparently are 30 confident
that the demand for accommodation will
cxpand 10 q material extent IN the course
Of the next fcw months that instead Of
uniting out six months money at the
prevailins rate Of -. per cent they are
lending on August and September ma
Turtles on the basis Of the average quo
tation each day for call loans. with
minimum Of 2l2 per cent and maxi
r,up, of Il per cent. This rs not an un-
common practice ~ the moment money
is more actively employed In the bond
market thar in the loan market the
difference in interest return accounting
for the current popularity Of mortgage
tissues Easier discounts IN London yes
,erdav were reflected in q decline of 10
noints in demand sterling here.