New-York tribune., 1911-01-19
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Bond Houses Look for Further
Activity in Mortgage Issues.

The market for stocks and bonds
showed animation throughout the day.
hut price movements were irregular and
buU traders in stocks found moro diff
Guilty in advancing quotations than re-
Gently reported: indeed, in the larger
number Of prominent issues small net
losses were recorded at the close. Real
ling sales were heavy. and some press
urc was encountered from operators who
took the bear side on the theory that
the market was heavily overbought and
was entitled TO a reaction. NeVerthc-
less. declines when recorded were con-
fined az a rule 10 small fractions while
in some issues net gains were reported,
notably in American Smelling. Reading
and a number of issues that recently
had shown no indication Of life. Corn
Products. Distillers' Securities and Pa
cifc Telephone and Telegraph being
features in tais respect. The Pacific
Telephone and Telegraph Company is
controlled 10y the American Telephone
and Telegraph Company, and operates
tho telephone system in the Pacific
states where the expansion Of the tolo-
phone business has been large i'm the last
twelve months p reflection of which Is
found I'm the compdny's earnings, which
are well in excess oS the current 4 per
cent dividend requirements on the stock.
American Telephone and Telegraph
shares also were strong on an iucreas-
inC volume OF trading In view of the
strength I'm the last few days in Union
Pacific. United States steel and Norfolk
& Western the declines recorded in the
issues were not surprising, hut tho down
ward movement i'm them and in other
parts Of the list had none Of the ear
marks Of important liquidation. Appar-
entity cxtravagant bull speculation and
manipulation is not To he permitted I'm
the current market. Operations Of tho
sort that were reported AT this time last
wear would weaken the position of IN"
hanks. which in turn would tend 10 upset
the sound conditions now reported in the
bond market Bonds were exceedingly
active yesterday. and a most cheerful
sentiment was noted in circles where
until recently despair was general over
the outlook for a resumption of activity
I'm railway mortgage issues. Syndicates
that are underwriting new bond offer
ings now expect no difficulty in dis
posing Of their wares. and from the cur
rent course Of dealings in bonds on the
stock Exchange il appears safe TO look
forward to a period Of increasing DC
mand from investors
Tho compilation OF the Controller OF
the Currency, showing the condition of
national banks IN this city as Of Janu-
arv :. presents general Improvement i'm
conditions. as compared with the can OF
last November and with that Of Janu-
srv. 1910. while n is expected that inc
Ngures Of out-of-town institutions ais"
will exhibit a stronger banking si'ua-
tion than reported a year ago. Loans
are well under those recorded at ms
tiiuc last wear and reserves are higher.
q reflection of which If found in the cas-"
IN the current money market and in th"
accumulation Of funds at this
centre. A noteworthy feature OF tn"
statement is the gain In So
curities held by the banks other than
bonds To secure circulation, the record
showing an increase since November,
1910 10 the amount OF $17,OW1Sl, and
ono Of SO. .653. 197 over this time In 1910,
q significant change i'm view of the pres
.ut advancing tendency In securities
rrices In the week the banks have
gained on their operations with the Sub
Treasury and with the interior, and al
though the activity I'm the stock mar
ket may bring about an expansion In
loans I'm Saturdays Clearing House
statement. the gain IS not likely to bc
large enough 10 prevent a substantial
increase I'm the reserve above legal re-
ouirements. which in last weeks exhibit
advanced to more than SO. 100000.
Money was put ont at low figures yes
terday. some loans for less than sixty
days being recorded al per cent
sterling exchange was heavy. due most
likely 80 offerings by interests who ra-
c,nUy accumulated bills in expectation
of the usual January strength In th'