New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-01-24
FINANCIAL RECORD
HERE and ABROAD
Part of Early Loss Made
Up Before CloSe-Bank
Surplus Greater.

The market yesterday was again re
dictionary, but became dull when trad
ing was half over, and after some I'M
rrovement closed heavy rather than
weak. Selling pressure IN number Oh
the international stocks WAS evident
but losses on the day were not large
and some issues showed considerable
strength. Traders who had been op-
Grating for an advance closed out con
tracts in some volume, doubtful as 20
how far foreign liquidation would eH-
tend in the week 20 come. Bonds were
dealt in to a rather large tota. fot
Saturday and ruled firm.
At the opening prices were irregE-
lsrly changed, but generally niue
lower. and in the early dealings the
market looked decidedly weak. ne
decline. however. did not extend isr,
ard in the last hour the market turned
upward, led by Reading. Copper MADE
UP its early loss before the CLOSE
steel moved IN a narrow range. Onloh
Pacific had 20 absorb considerable sen
lng, and ended the day fraction down
New, York Central again showed eXcep-
tional strength, Missouri racine los
more Of its recent advance. Denver
Rio Grande was lower and western
MARYLAND turned weak again.
The bank statement. rs expected
showed surplus higher. Loans, as
result OF heavier trading in securities,
were EXPANDED nearly Sl5,0OO.OOO. and
demand deposits increased S3s.OOV'OUU.
In ,pite Of this larger liability sur
plus was $1,000, 600 greater, reserve IN
members vaults and In the reeionai
hank having increased nearly Si4,OOU'-
O00 Surplus now stands az over Sl4o,-
600. 900. This great sum of iclc money
seems ample for requirements o. trace
and Of the securities market, and large
enough 20 furnish such accommodation
ss IL NAV be necessary for us 10 eN-
tend 70 our foreign customers
In addition 20 allowing lower redis,
count rates in the South. the federal
Reserve Bank has approved reduetlohs
OF rates in Chicago and IN San fian-
cisco, as ease Of money is now general
save in the cotton states. Improve
ror, 4, the South is indicated by the
fact TINT most Of the retirement OF
emergency currency in this CITY re-
Gently has been for banks IN that sec
tion.
Sterling rates here yesterday were
again a trife frmer, as the result OF
sales OF securities for foreign account
in this market. During the week. now
ever, the rise has been less than one
half Of a cent in the pound. and de-
mand sterling closed a. 4.S4Ns. ne
cold pool. no longer needed 10 protect
our holdings Of the precious metal, has
been formally dissolved. Its resources
were hardly touched, but the sentimen-
tai effect Of this mobilization Of the
country's reserves aided IN keeping
down exchange rates until commool1y
shipments turned the current account
in our favor.
Little news Of market moment came
during business hours. The, govern
ment's report Of cotton ginned to Jan
uAry i6 again set new high record.
Gable dispatches announced that sub,
scriptions to the Austrian war loan mad
amounted TO S67O,OOO,00o The re-
ported conference over joint war loan
by the Allies was denied in Paris. In
London security trading was on
smaller scale, with American shares
lower.