New-York tribune., 1911-01-28
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Banks Gain Upward Of 7,O0O,'
600 on Weeks Movement.

Transactions in yesterdays stock mar
kot were light in volume. and were maze
,,,, j., large part or the operations Of an
urimportaut professional element. rs
ru,o prices moved in the direction ot
higher levels. although not gains except
-, , fep- issues. were small and sign'n
90, If nothing beyond covering by th"
short interest. The hest strength was
.hov.r in the last hour Of trading, when
s,,cb issues as Reading. - Paul mon
Pacific and United states steel showed
substantial maximum Improvement me
advance. however. failing to attract 4
so,,,a,d from commission houses for the
aooo,,,, of the so-called public. The
foot that Union Pacific was taken ny
brokers who were supposed 70 represent
inside interests encouraged the ihea tnat
, decision In favor ~ the company
r,o,,Id he rendered in the Hartman mer-
oo~ chi, but as the federal courts are
not in the habit Of giving advance in
for,,a+io, on their rulings the movement
~ tho stock did not create the impress
sion that manipulation was not respon
sihle for the gain recorded. heaoins
was actively bought by the shorts IN 'he
ioe, bour. while q fair buying demand
/ was reported for Baltimore q ONO also
| Northern Pacific and Chicago North-
uestArn The idea recently put torth pV
,.,- ,,,era+ors that the Northern Pacihc
dividend would be reduced Is meeting
,,i,b little response I'm well Informed
Quarters for the good reason that the
MANAGEMENT Of the company appears 10
he distinctly opposed to any chahse III
tho rate at this particular time. AMONG
.,o sneciaIties the Bethlehem Steel Com
rarv issues we're strong features. Trad
i,,e, I'm bonds showed a falling off III vol
,,,,,o ae compared with recent daily
totals the chief activity being reported
in the Norfolk & Western conVerupies'
which advanced in sympathy WIN 'he
common stock. the latter Closing ~ d "''
gain of more than points.
According 10 the known movement 'f
,,,oro, in the current week the Iocdl
hanks have gained upward Of S""oV'""
in their cash holdings due to receip'S Vi
c,,,-renc,. from the interior in excess ol
z,,;-,r,arte and TO receipts Of new gold
-, Aesav and Mint office checks. FOR
r. ers. time in many weeks loss Is
recorded by the banks on thelr opera
tions with the Sub-Treasury' Whiie snip
ments Of currency from out-oi-lo"h
rointe show a falling off from the TOTAL
80 O week ago. the decline. however
hcinq unexpectedly light, in view OF the
heavy movement Of money 10 TINS cehIre
in the first three weeks OF the current
month. The indicated gain IN cash III
last FRIDAYS preliminary statement was
- ii,tIo more than Sl5.C0O,0Oo. while the
gain as shown by the bank statement
vas Si3 100000. with an increase in the
reserye above legal requirements OF So
| A01 600 II the banks could gain more
than S3.0Oo.OO0 last week in reserve on
an increase i'm cash of more than Hl"'-
onn Ooo and a loan expansion Of more
than 500 OOO. 900. II appears to be safe 10
count upon favorable showing IN the
reserve item i'm to-days Clearing lfouse
exhibit. Unless loans have increaseo
enormously. Speculative operations on
the stock Exchange in recent days have
NOT involved the use Of large amount
OF borrowed money. but financing OF new
securities issues doubtless will be re-
eocted IN a heavier ioan account. That
the trust companies are looking forward
10 a long period Of easy money is sug-
gested by the fact that many Of the
larger institutions are contemplating re-
ductions in interest allowed on deposits.
! All departments Of the money market
were dull yesterday. with rates un-
changed Sterling exchange was inactive
at slightly lower quotations
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