The Birmingham age-herald., 1912-01-08
TIE PAST WEEK IN FINANCIAL WORLD
A Feeling of Hopefulness and Confidence, on.the
 Whole, the Rule

New York, January 7.-Ihe opening oi the new year in the stock market was the occasion for formulating views of the coming year in published expressions from large body of well informed per sons. The average opinion thus outlined, however proved unusually difficult to determine, so varying were the invid- ual views. The haltng action of the | stock market itself was a reflection of this condition. A feeling of hopefulness and confidence, on the whole, was the rule.
 In the market itself. it was evident that such a feeling had been counted upon by some previous speculative buy ing and the realizing sales from such sources burdened the market to some ex- tent. The movement in Congress to in- vestigate the charge of a community of interest amongst the great banks and the taking Gp of the steel schedules by the ways ana means committee, drew the attention of the financial community,
 The feature of the week was the gen erally relaxation of the money market Call money in New York went lower day after day and foreign money mar Nets reported a steady decline in dis counts.
 The digest of the oomptroller's report Of the national banks for December 5 threw interesting light on the movement of credits and made q surprising show ing of changes in banking investments in securities. The decrease af $4,3O1,9e in loans and $926S1, GOO in cash since the preceding call on September l was more than accounted for by these items on the banks in New York city alone. The
 light demand for commercial funds is the easily understood explanation of the showing. The same condition in shown in the yearly comparison, the $2OS,500,0Oo loan increase in that .period being the smallest for the corresponding period slnce 1903.
 Here again moderation is with the New York banks, their loan increase over November 10, 1910, being but $22, 100000.
 The singularity of the showing in the item of bonds, securities" in which the moderate influence of the New York banks also appears, although the slack commercial demand Is given to explain the enormous expansion of investment holdings by the national banks as a whole. The comptroller's call shows an increase of such holdings from Septem- Der l to December this year of $20S- 550.000 although the New York banks gain was $712.OO0 Of the years gain by all the banks Of $370,3S1,0 600 the New York banks account for but $57- 354.O00
 The stock markets puzzle is how far this growth may represent securities current jn the New York stock market end how far securities of local enter prises confined to different sections of the country. Tine fact that attempts at important new financing are expected at an early date in the New York mar ket adds interest to the question. Both the Item of securitlty holdings of indi-
 vidual deposits in the December re- turn to the comptroller establish new rec ord figures.
 Expiration Of the time limit on many questions at the low basis was held responsible for some of the placing of end of the year. The test of the demand at advanced prices is felt to be before the market. Copper also faces the pres pect of stimulating production in consc- quence of tho rise in refined copper. The reasonable weather was considered good for retail trade and dry goods were helped by steadiness in the cotton mar ket.