New-York tribune., 1911-02-12
FINANCIAL MARKET
Bank Statement Shows Loss in
Reserve Above Legal
Requirements.

Attendance on the floor of the Stock
Exchange was light, and as a conse-
quence trading reached unimportant to-
tails and represented in large part the
evening of contracts by operators who
did not care to have commitments on
either side of the account over the two
day holiday. Price movements were ir
cant changes In the majority Of issues.
net gains predomnatlng. The usual
selling by traders incident TO the holi-
day suspension Of business was without
effect upon quotations. such sales being
readily absorbed. while on the other
hand the buying was not strong enough
to bring about substantial gains. the
leading issues as a rule showing only
fractional increases, Canadian Pacific
and the 800" shares being exceptions.
the first named closing at net advance
of more than points, and 800" com
mon at a gain Of more than | point 4
report was circulated that 800" COM
mon would he advanced to an 8 per cent
ferred likewise would be raised to the
same level Missouri Pacific and Erie
were somewhat in evidence, and the
rumor that the Hawley interests were
seeking control of the Gould road was
again heard. without any confirmation
Clearing House figures showing the
actual position OF the associated banks
failed to reflect the increase in cash In
dicated by the estimates based on the
known movement of money in the week.
Fridays statement Of a gain Of almost
SG.OOOO00 dwindling to a gain of ST.
S4O,SOO. The average statement made
a better exhibit. AS a result Of all
changes in the actual statement the re-
serve above legal requirements de-
creased 81, $40. 800 to S35, ,769075, against
an average reserve Of $36.316.6oO. which
compares with S24.173,O50 a year ago
and $9.479. 800 in 1909.
The country's export trade is growing
and il is making rapid strides, as com
pared with this time in the last two
years. the statement showing the Janu
airy outward movement of domestic
products representing an increase to the
value OF S41 ,620,561 over the record Of
the corresponding month In 1910 and an
increase Of $40, ,496, $50 over 1909. The
largest gain is found in exports of cot
ton, but shipments of breadstuffs also
are heavier than in January year ago,
although slightly under those Of the
same month in 1909. The gain in cotton
was due to an increase in the actual vol
ume of takings for foreign account,
rather than to the price OF the staple,
which in January OF the current year
showed little difference from that of
twelve months ago At the moment spot
cotton is selling about l point under the
level reported at this period of 1910.
The detailed statement Of the country's $
foreign commerce for the last month.
which will be available in the current
week doubtless will show heavy eX-
cess Of exports of merchandise over I'M
ports. and viii compare favorably win
the excess Of $90Jil,S04 in December
Statistics of our foreign trade In the last
thirty years generally have shown bal
ance in this countrys favor, but last
August the balance shifted TO the other
side. showing an excess of imports from
January / TO September ! of upward OF
81 900 DOO, which, however, was crossed
out in the last four months OF the year,
the December statement exhibiting an
excess Of exports Of a little more than
$500 100000. The turn in the tide OF
foreign trade is one Of the most encour-
aging factors Of the current SITUATION