New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-23
Volume of Trading Small
Uncertain, HeSitating
Price Movement.
u. S. STEEL QUIET
IN NARROW RANGE
Changes on Day Fractional, with
Trend Downward-SurpluS
Reserve Up SS,000,OO0.

Securities in yesterdays short ses
sion followed the irregulsrity with
which Fridays trading had closed, IN
stead Of the upturn that had brought
such pronounced recovery. Speeula-
tive commitments having been ad-
justed the day before. yesterdays deal
ings were small and price movement
was desultory. The show Of strength
with which the industrials had rallied
brought no additional interest in these
issues. and not even the remarkable
condition reported IN the market for
copper had any obvious reflection IN
the dealings in stocks.
Prices a. the outset were FOR the
most part fractionslly higher. Sore
reaction followed, and in the second
hour there was an irregular recovery
Generally changes on the day were
fractional. with declines outnumbef-
ING gains in issues most active. Total
dealings Of less than 10000 shares
made the smallest Saturday since that
before Christmas.
New York Central, IN fairly heavy
trading, went back more than point
and was good fraction lower st me
close. This issue, which improve
while other roads fell back on foreign
selling, seemed yesterday to be SUI
fering from liquidation. lndustrls!
Alcohol, the most active Issue OF the
day, declined points TO 100, rose 10
Friday, high figure Of 16e, and ended
points lower on the day. Corn Prod.
uct., Mercantile Marine preferred and
Baldwin Locomotive were other Issues
particularly active. United Statss
Steel. with dealings OF around 10000
shares, moved in q narrow range ana
ended shade higher
The fall and recovery Of the w.ek
left active issues not greatly changod
from final prices Of the Saturday pre-
ceding. 1t may be that the week -
come will lift the market out OF us
hesitation. \ year ago announcement
that dividends on the common stock O.
the United States Steel Corporal on
had been suspended because OF tAe
moor results OF the preceding quarter
was followed by a marked check TO ms
upward movement in the market ~
is no wonder that the trading eIeine -
has come 20 feel that Tuesdays a.
rsc.ors' meeting nav mark turn in
securities.
Continuation Of easy money here
seams assured BY further inereaSe
Of more than 100000 in surplus re-
serye held yesterday morning. by Clear
ing House institutions. Loans ex-
handed more than Sl5,OOo,OOO during
the week, and deposits showed great
or increase, but the additional REQUIRE
ments we're more than ner IN the Slz'-
600 600 added 20 aggregate rese We
held The surplus Of more than sloC,-
600 900 IS the largest since Novemosr,
and compares with S143,00O,OOO on the
corresponding week of last year.
Shipments Of funds from the interIcr
instead of gold from Europe is AIDING
10 the local banking resources, tnougn
some gold came from the other see
yesterday. Sterling rates hold aro1nd
l7s In the pound for demand, clos'ns
a little higher yesterday, unchangeC
from the day before. During N,
week there has been a net advance o.
three-eighths OF q cent IN the pounN'
Exports Of grain continue heavy arc
munitions are understood 10 be gouhs
ON, now in good volume, with mor'
companies soon TO make deliveries o.
va contracts. OF the proceeds OF th'
Anqlo-French loan only 10 per cent re
mains uncalled for. How we'll return
of our securities from the other 81;
and banking credits here Will enaoi
sterling rates TO be maintained IN fac'
OF the movement OF goods Is an inter
esting question.