New-York tribune., 1912-01-16
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Money Rates Easy, While Ster-
Iinu EXCHANGE Advances.

Stock market prices showed small
changes in the five hours OF trading
with small net gains reported IN the
larger number of standard issues. Al
the opening a large amount OF scattered
solIine was readily absorbed, but the
buving while coming from good sources
was not heavy enough in volume TO
bring about important advances Whiie
tbore appeared to be no disposition on
the mart of the larger interests to DO
ANYTHING more than render support on
declines. Commission houses had te"
orders for public account on either slde
of the market. The so-called puolc
evidently either is waiting for sub
stontiaI reaction or else for some well
defined indication that quotations are 10
move to higher levels, as they generaiiE
arc expected to do in the last two weeks
of January. Although the average OF
tbe leading railroad and industrial shares
is under the high point recorded in 1911
the general list does not present many
instances of real bargains from specu-
lative point of view. but for conservative
investment purposes there are still at
tractiye opportunities for the placing OF
idle funds, especially in the bond de-
partment. Large financial institutions
have been the best buyers OF investment
securities in recent weeks and months
their operations having been based on
the extreme ease in the money market
and on the well founded theory that al
some subsequent time they will be able
70 dispose of holdings bought in the pc
riod of easy money at profitable figures
The general market was dull I'm the
afternoon, with few features of strength
among the active issues, Reading, Le-
high VALLEY and ST. Paul being the chief
excentions. Traders professed to see
good selling in Reading on its advance
but they did not appear overanXious to &c
short of the stock. The fact that the low
point in prominent shares in the course
of the forenoon's dealings was under the
low level recorded on Saturday encour-
aged the theory in bear circles that a
slow decline was under way that eventu-
ally would end in fair sized break N
all parts Of the list. In the late trading
q hardening tendency developed, espe-
cially in St. Paul, in which there was
active trading at steadily advancing
prices. The idea that the st. Paul dl-
doctors may reduce the dividend to
per cent appeals to many traders as
bull argument on the stock. as action oi
this sort would be along the conservative
lines always followed by the st. Paul
management and would reflect Its de-
termination not to pay unearned divi-
dends.
Bank statement figures published or
Saturday show an extraordinary accumu-
lation Of cash at this centre. and from
the current course of interior exchange
on New York local bank reserves Will
move TO higher levels in the next few
weeks, unless a radical change takes place
I'm money market conditions. There is
fair domestic demand for accommoda-
tion London is still borrowing in this
market anu SOlu eADOIlS dlc lihSiS w
develop, yet these factors are not at the
moment Of sufficient extent to encourage
the expectation of higher loan quotations
in the immediate future. The supply OF
money is far in excess of the present
demand, but this fact should not create
the impression that the loan market Is
stagnant. The general inquiry for funds Is
moderately active, the demand appearing
light only in comparison with the heavy
amounts of money available for lending
purposes. Money generally accumulates
at this centre at this period of the year
and the growing strength In bank re-
serves IN the present instance suggests
that borrowers soon, under the influence
Of returning confidence in business cir
Cles. will come into the market for a
considerable amount of loan accommo-
dation, while IL also suggests that for
eign bankers will take further advantage
of the low rates prevailing I'm New York
to increase their loans at this centre. II
is strong country that can take care of
its own needs and meet the requirements
of other nations.