The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-01-08
THE FINANCIAL
TRADE REVIEW
Diversity of Opinion on Flu
ture Conditions Reflected
in Business

~ VA
the New Year in the stock, market
was the occasion for formulating
views of the coming year in publish
ed expressions from IL large body of
Well informed persons. The average
opinion, thus outlined, howeverfi prov
ed unusually difficult to determine, SO
varying were the individual views. The
hating action of the stock market it's
self was a reflection of this condition.
a feeling of h~opefulness and conf
dence on the whole was the rule. In
the market itself it will be evident
that such a feeling had been count
ed upon by some previous speculative
buying and the realizing sales from
such sources burdened the market to
some extent.
The movement in congress to inves-
tigate the charge of a community of
interest amongst the great banks and
by the ways and means committee
drew the attention of the financial
community.
The feature Of the week was the
general relaxation of money markets
all owe the world. Call money in
New York went lower day after day,
and foreign markets reported a steady
decline in discounts.
The digest of the controllers re-
ports of the national banks for Deem
Der 5 threw interesting light on the
movement of credits and make a sur
prising showing of changes in bank
crease of s4,391,00 in loans and $780,
681,OO0 in cash since the preceding
call on September / was more than
accounted fol by these items in the
banks in New York city alone. The
light demand for commercial funds
is the easily understood explanation of
the showing. The same condition is
shown in the yearly comparison, the
$2OS,60O.OOO oan increase in that per-
.iod being the smallest for the corre-
spending period since 1903. Here again
moderation is with the New York
banks, their loan increase over No
vember 10, 1910, being but $22, 200, 900.
The singularity of the showing lies
in the item of Bonds, securities, etc"
in which the moderate influence Of the
New York banks also appears, al
though the slack commercial demand
is given to explain the enormous eX-
pansion if investment holdings by the
national banks as a whole. The con-
troller's call shows an increase of such
holdings from September l to JOecem-
Der 5 last year of 208,55O,O 900 al
though the New York banks gain for
that time was $4,000. OF this years
gain by all the banks of $~37O,381,0O0
the New York banks account for but
$~57,384,000.
The stock markets puzzle is how
far this growth may represent secur-
tiles current in the New York stock
market and no wfar securities of To-
cal enterprises confined to different
sections Of the country. The fact that
attempts at important new financing
are expected at an early date in the
New York adds interest to the ques-
ton. Both the item of security hold
ings and of individual deposits in the
December return to the controller es-
tablish new record figures.
Expiration of the time limit on
many questions at the low basis was
held responsible for some of the plac-
ing of orders for steel products be-
fore the end of the year. The test Of
the demand at advanced prices is felt
to be before the market. Copper also
faces the prospect of stimulating pro-
duction in consequence of the rise in
refined copper. The ~seasonable wealth
er was considered good for retail trade
and dry goods were helped by steadi-
ness in the cotton market.