New-York tribune., 1911-01-11
BANK STOCKS ON STOCK Ex
FINANCIAL MARKETS
Money Supplies at This Centre
Are Increasing.

on a light volume OF business. stock
market prices moved toward a lower
level in the best part of the day, hnal
quotations showing substantial net
losses in the larger number Of issues.
Realizing sales and pressure by the pro-
fessional element were responsible for
the downward tendency. rather than
liquidation by investment interests, al
though spectators for the decline en-
deayored 10 create an impression that
real holders Of securities were selling as
a consequence Of reported uneasiness
over conditions in banking circles. AS
matter Of fact the local financial situa-
ton Is unusually strong. Weak spots
have been eliminated, and banking con-
Germs with big possibilities but with
small working capital have been taken
over by men who are actively identified
with the constructive side Of money and
business in this country Commission
houses were not active factors in the
days trading. although bond houses re-
ported a fair volume Of orders for actual
investment account. Operations in
stocks were confined almost entirely TO
the dealings Of the professional element
which appeared TO be intensely beartsh,
but the selling pressure from this source,
however, was not effective In bringing
out important offerings in the general
list. Selling OF New York City bonds
developed following the announcement
that the new city loan would carry Al.
per cent interest. but in banking circles
the AZ per cent rate was considered
reassuring indication Of sounder invest
ment conditions. II is learned on excel
lent authority that several banking syn
dicates are quite ready to take the en-
tire amount of bonds the city proposes
10 offer.
On their operations with the Sub
Treasury the local banks have gained
upward Of S5,OOO,OOO since last Friday,
and from present indications the Clear
ing House statement at the end OF the
week will show a large increase in the
cash and reserve holdings Of the asso-
ciated institutions Money rates were
easv Yesterday, and in spite Of large
demand for accommodation In connec-
ton with Stock Exchange requirements
the quota ton for call funds did not eA-
ceed 4 per cent. There is fair demand
for time money and a better inquiry
for loans based on commercial paper
In well informed banking quarters II IS
thought that money will be easy in the
course Of the next few months and that
corporations will be able to secure funds
or favorable basis for new capital eA-
penditures. The railroads OF TINS couh-
try need money for new construction
and improvements. and following the
forthcoming decisions of the Supreme
Court in. the Standard oil and American
Tobacco cases and the decision or the
Interstate Commerce Commission in the
matter of railway transportation charges
q large amount OF capital doubtless VIII
he available for investment Conditions
in tho sterling exchange market 30 not
suggest an outward movement OF gold IN
tho immediate future. but in view of the
heavy movement Of money to this centre
and the demands upon the Bank OF Eng
Land for the precious metal for the Cont
nm, and for South America our bankers
,.sy bo called upon to send gold 90 Lon
don later i'm the season. Domestic eN-
change rates indicate increasing snip
,oents from the interior to New YORK