The Washington herald., 1911-01-06
WALL STREET NEWS
Business Much Quieter Than
on Wednesdays Trading.
MONEY RATES REMAIN FIRM
Both French and English Banks Re-
port Large Expansion of Loans.
Wheat Prices Still Advancing,
While Cotton Shows Strength.
Wall Street More Cheerful.

New York, Jan. 5.-Business on the
stock exchange was conducted in a much
quieter way to-day than yesterday, but
the general characteristic of the stock
market was that, although profit-taking
sales after the weeks advance were nu-
merous and fairly heavy. that these were
readily absorbed. showed such decided
underlying strength as to give rise to the
opinion on the part of some observers
that not only was liquidation being we'll
taken care OF, but that visible '.accu-
mutation of stocks was in progress.
1T Is undoubtedly the case that profess
Slonal speculative sentiment in Wall street
is by no means pessimIstic as it was
ten days ago. The prevailing belief seems
TO be and Is voiced with a good deal of
quiet emphasis in banking quarters that
business and stock market pessimism has
lately been overdone, and that while
there may be no good grounds for eX-
pecting any rapid or immediate rise in
prices, yet that the stock market ap-
pears to be in d more or less sold-out
condition, and in d mood to discount
better times, even if this increased pros
perlty may still be somewhat far off
Money Rates Remain Firm.
In all the banking centers of the world
to-day money rates on call continue to
be firmly maintained because of the Slow
ness with which funds were returning
to points of disbursement after the dis
trlbution of January interest and divi-
dend payments. This delay is. however
altogether seasonable. and il is as certain
as anything can be that in few days
money will pile ZIP at the worlds leading
financial capitals. following it's usual
course i'll the first month of the new
year.
Both the French and English banks
reported 4 large expansion in loans even
!. gold holdings. or at any rat" the
bullion holdings. of the Bank of England
Increased. In our own city the return
movement of funds from the interior
was on somewhat more lively scale
and the banks reported a net gain from
III" subtreasury on the weeks transac-
IONS thus far of SI.SO0.GN0.
Nevertheless. most of the days stock
exchange call loans were made at } per
cent. although toward the end of the
afternoon ( per cent was aS high as
could be secured by lenders Sterling
exchange was at first slightly tirmer. but
later on eaSed off little
Wheat Prices Advance
In the commodity markets there was a
renewal of the advance 81 wheat that
mas been going on for some days past.
owing to the operations. as was under
stood, of newly formed bull pool in
Chicago. The buying of this pool is
said to De du" to the reduction in the
quantity of farmers deliveries of wheat
at primary points. this in turn being
caused. as is supposed hy tendency on
the part of producers at present to hold
their grain for higher prices
cotton prices were ut first weaker but
later on advanced upon support fur
nish"d by spectators for the rise in the
commodity. Among the greater number
OF wcli-in1"r!Ied and conservative people
IN Wall street this speculation in cotton
seems just no" to be riding for Il fall
All current evidence goes To show that
IL" countryS total commercial crop of
cotton last NeIr will he little below
lc.'"".r"' bales; that cotton Spinners her"
and abroad nav" accumulated about all
IT," stocks of cotton they desire for a
very considerable time I" come. and that
IN tn" meantime consumption of the COM
modify is b' ing greatly curtailed on ac-
c"'nl of its high prices.