New-York tribune., 1911-01-14
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Banks Gain Upward Of ,000,'
900 on Weeks Currency
Movement.

Stock market prices were strong
throughout the day, with substantial net
gains recorded by many Of the prominent
issues. Trading was on fair volume OF
activity without the accompaniment of
an active outside participation in the
speculation, but commission houses were
inclined TO advise customers to buy, and
as a consequence q fair sprinkling Of
public orders were reported, especially
in Reading which was the leading feat
ure in point Of business in the day. Ca
madam Pacific also was q strong feat
ure. selling at new high record price.
while the Hartman shares and United
States Steel likewise enjoyed material
Improvement Banking interests did not
appear TO be much in evidence as buy
| ers. but the generally accepted theory
that they would not encourage opera
tions for lower prices and that their
financing plans demanded stability in the
market were effective in shaping the
transactions of some Of the largest trad
ers in the Street along bull lines. The
remarkable strength i'm Reading again
induced the opinion that something more
than mere speculation was back Of the
movement, but even without tangible in
formation regarding possible favorable
DEVELOPMENTS affecting the property
most traders were willing to buy the
| issue on the strong financial position Of
the company and on the fact that the
| biggest interests in the financial COM
| munity are identified with the company.
Missouri Pacific found more buyers on
the strength of the belief that the com
panv Is TO enjoy the influence OF pow
erful financial backing, while all the
members of the Gould group, though not
active, advanced in sympathy with the
| idea of the infusion Of new blood into
| the management. The general market
showed it's best strength in the late af-
| ternoon. when it broadened out mate
| rally and when the shorts had con-
| siderable difficulty in finding stocks for
covering purposes. Reading sold up 10
| 1861, and at that figure showed COM
plete recovery Of its 3 per cent diyi-
dend, for which the books closed yester-
dav. Good buying was reported in the
bond market, actual investment pur-
cbascs being made on the Stock EX-
change and over the counter. Many first
class railway mortgage issues are sell
ing at a level that makes them attractive
both TO investors and speculators, aud In
local bond houses the character Of the
| current buying suggests that substau-
tial buyers are taking advantage Of
present quotations.
According to the estimated movement
| Of money in the week. the local banks
have gained upward Of S19~oOcn In
cash holdings. The return flow of cur
rency from the interior has been heavy
in recent days, while receipts on opera
tions with the Sub-Treasury have been
well in excess Of payments by the banks
TO the government, to say nothing OF
| substantial receipts Of new gold by the
local institutions on Assay Office checks
AS the figures Of shipments OF funds
from the interior do not include yester-
days transactions. 1t is not unlikely
| that to-day's statement OF the Clearing
House showing actual hank conditions as
Of Friday night will mako better ex-
hlbit in the cash item than the above
estimate. Although loans may have In
creased in the week, it is not likely that
possible expansion has been large
enough 10 affect 10 any extent the inhu-
ence Of the gain in cash upon the re-
serve above legal requirements, which q
/, week ago stood at SIS. S.74S,OO0. From al
. indications there is to be large ac-
cumulation OF idle money at this centre
? in the course OF the next few weeks. De-
mand for accommodation is not active
and time money rates apparently fore
shadow easy loan quotations for a Ions
time TO come. Such situation naturally
will work I'm favor OF the bond market
, and encourage the offering OF new Sc
Z curitics.