New-York tribune., 1911-01-17
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Biq Bank Reserves Reflected in
Easier Rates for Money.

Traders made several attempts 10
bring about materially lower range Of
prices in Yesterdays stock market. but
as a rule declines were confined TO frac-
tions OFFERINGS We're easily absorbed
and the general character Of the buying
did not suggest the development Of more
than passing weakness in the immediate
future. barring, Of course, news bearing
adversely upon the intrinsic worth of
securities. 1t is quite evident that the
larger interests are committed 70 the bull
side. although they apparently are max
ing no efforts TO bring about a rapidly
advancing market. Prices doubtless will
be moved up by stages until the public
becomes convinced that stocks are worth
buying and that the big men are IN for
a long pull. but II may he well for the
public to recall i'm connection with this
idea that most losses in the past have
been made by waiting for the confidence
that high prices have inspired. As a
rule, the outsider is confident that quo
tations will advance at the time when
thew are ready To decline. The course of
business in the bond department on the
Stock Exchange and over the counter is
worth Watching. for stocks generally fol-
low bonds. and the latter are now being
heavily dealt in at slowly rising prices,
especially the issues Of the second grade.
Weakness in American Tobacco SIS yes-
terdav was not representative Of the gen
craI market. the decline being based on
the theory that the Supreme Court would
rule against the American Tobacco Com
many IN the antitrust suit. thereby dis
solving the holding company, which would
involve the retirement Of these bonds at
par. Tho distribution Of business in
bonds was better than that I'm stocks
trading in the latter being made up in
large part Of the operations in five issues.
Tho larger number of stocks closed at
small net losses Rock Island was an
exception among the prominent shares
ruling strong throughout the day ana
ending at net advance Of h.
The large gain in cash and reserve
holdings Of the local banks as shown in
Saturdays Clearing House statement
was reflected in easier money rates in
yesterdays market. both for call and
time funds. Demand for accommoda-
tion was not active, either for specula-
tive or mercantile account. but IN bank
ing quarters II was thought that bet
ter inquiry soon would develop as con-
sequence of tho probability of long
neriod of cheap money at this centre.
Sterling exchange declined under the In
fluence Of increased offerings Of bills, and
TO some extent in sympathy with the
country's December statement OF forelsn
trade showing the largest exports or
merchandise ever reported FOR a single
month In the history Of the nation and
an excess over imports TO the value OF
500. .3S3, ,l91, which made an excess FOR the
calendar wear Of S301 .603, Gas, against
$3.50 677. .921 in 1900. In 1910 our for
eign trade, imports and exports,
amounted In value TO S3,42I. .2ls,S9Z a
total never before reached in a twelve
month period, exceeding by upward OK
$50 600 900 the best preceding yearly rec
ord. made in 1907. The enormous value
of exports in December was due 70 heavy
shipments of high priced cotton. 1t Is
interesting 10 note that in 1910 imports
Of merchandise free Of duty supplied
1923 per cent OF the total, compared
with 41.48 per cent in the year before
and 1920 per cent in 1905.