New-York tribune., 1911-01-21
FINANCIAL MARKET
Banks Show Heavy Gam on
Weeks Money Movement.

The volume Of trading both in stocks
and bonds showed contraction as COM
narad with the earlier days Of the week.
md nr,ces continued TO exhibit irregular
tendencies. with unimportant changes IN
the larger number of issues at the ciose'
net gains predominating. Traders re-
,eued their efforts 10 bring about sell
ing movement. but their operations were
not successful. as far as attracting
rouidation was concerned. There was
,,o nrassure Of stocks at any time. while
the buying was good enough to prevent
moro than fractional recessions IN the
warming and strong enough in the after
noon to give the general list an appear
ance of decided strength. operators
who are selling stocks in the nope OF
getting them back at cheaper prices Ger
tainIv can find nothing encouragl
from, their point of view in current mar
ket conditions and price movements
There is. however. no reason for conh-
dence I'm the theory that an unihler-
r,nted advance has developed, although
thoro are many good arguments for the
,,rediction that ultimately everything on
the list will sell much higher ono OF
the strongest factors in the current sit-
rotion is the turn of foreign trade IN
favor of this country. the importance or
which az an influence upon money ana
business cannot be overestimated, and
while AT the moment the significance OF
this movement is not fully appreciated
IN money and business circles It's power
for good gradually will be rejected III
stronger financial conditions.
Consolidated Gas made new high
record for the year on buying that hdn
tho earmarks of accumulation by SUD
s,artial interests. The company, II ~
ho,ieved has important plans under way
.bo+ will add intrinsic value 10 the
e,ocl hut II is not expected that any
announcement regarding them VIII be
made at the forthcoming stockholderS
r,eeting Another stock that appears
90 no in process Of accumulation fs
American Smelling and Refining. CaDle
advices report good demand ior ue
stock on the London Exchange "here II
has inst been listed, and an lndlcauoh
~ &c popularity is found in the transfer
yesterday Of a certificate for a large
block into ten-share lots for Shipment
IN the British capital. With an actiVe
demand for the common the preIerfea
should find q good market When III the
couree of a few months it is added 10
tba London list. OF the prominent ls-
ouos Union Pacific and United states
steel closed at small fractional losses,
but elsewhere advances were recorded.
According TO the known movement or
-,,oro,, in the current week, the local
hanks have gained more than Sl1,VpOVo
IN cash holdings, due In large part 10
their operations with the interior. -'e-
ceints were larger than in the preceding
,,eek but the net gain was not up to
last weeks big total, owing 10 somewhat
heavier shipments from this centre IN
c,udIng q substantial amount OF ma
tional bank notes sent to Washington
tor REDEMPTION. While IT Is reasonable
90 look for expansion in loans In to-
DAYS Clearing House statement, II does
not appear that the increase VIII be
large enough to offset the gain in cash
ae an influence upon the reserve above
legal requirements. which week ago
stood AT more than S33,OcO,OOn ana
which doubtless will cross SJOVpo'oo
before the middle OF February Money
VAS easy in all departments yesterday
and sterKng exchange exhibited iirmer
tendency. The demand for loan accom-
mediation was not active as far as STOCK
Exchange borrowing was concerned put
a better inquiry was reported from mer-
camille quarters and increased offerings
Of commercial paper were noted Good
paper is being discounted at per cent
against to 5is per cent last fall.
There was little change in the Lon
don money market, although discounts
were firmer. and the failure Of the Bank
of England 10 reduce it's discount rate
IN the face of big gain in reserves con-
tjnued TO excite discussion. Apparently
the governors Of the British institution
are unwilling TO lower the rate until our
foreign exchange market indicates the
passing of the danger Of shipments OF
gold from London 10 New York. Gold IL
not needed here but it is conceivable that