New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-09
Strength at the Opening
Changed TO Irregular
Price Movement.
MOST ACTIVE ISSUES
ADVANCE ON THE DAY
Profit Taking Checks Early Rise
Bank Surplus Up-Loan
Increase Small.

Overnight news from Washington
carried out the promise Of the day be-
fore, indicating that Germany was pre-
pared 20 remove the submarine ques-
ton SIS csuSe Of disturbance, and
pfices were higher. a little further ad-
vance followed, but the market Was
still professional, and proht-taklng
soon caused reaction. IL the latter
I,art OF the session there was no def
mite trend of prices. a few issues
showed considerable strength, while
elsewhere prices weakened. AZ the
close the more active stocks were gen
orally higher, but gains for the most
part were Of fractions only.
The war contract issues. which had
provided most Of the excitement Of
the week. were UP a point or so at the
start a good part Of this gain was
quickly lost, but there was more or
less uneven recovery later Cruclo!e
Steel was exceptionally weak, falling
nearly 8 points and ending only irac-
ton above its lowest Lackawannss
Steel improved on merger talk. and
Mexican Petroleum gained more than
"a point on the day. The argument pc
tween Tennessee Copper and the In
ternatjonal Agricultural Corporation
was not continued, and there was some
Improvement in the issues. United
States Steel was steady, 81 its lowest
getting only a small fraction below
Fridays close and ending unchanged
New York Central was strong IN the
late dealings. and New Haven improved.
The first weeks trading Of the year
signally failed 10 carry out the prom
ise OF the sessions, with which 1910
ended and 1916 began. For the most part
nr;ce movements have been reacNon-
arv. but losses on the week, outs de
Of those in a few OF the industrials'
have rot been large, and Fridays up
turn has given q better feeling as 70
what is 70 be expected. Changes IN our
foreign affairs have come swiftly OF
late. however. and so traders were IN
disposed 70 enter into new long COM
mitments over Sunday.
The Clearing House statement, lss1eo
ofter the close Of the market, gave
further assurance that for some time 70
come low money rates, which 90 so
much toward encouraging market oP-
c-a+ions will be continued. Loans yes
teTdsv morning had increased less
Than $4,000. 600. While demand de-
nosits were more than $4,000, 600 greater
and time deposit. up about Ss,U ooG Ooc
he aggregate reserve was SlO,OOO'VVO
greater' As result Of these changes
Surplus was expanded more than -
00oO00 70 over s153,000,0Oo. AT the
Fedora, Reserve Bank, where IN tlme
Of monetary scarcity redise;ounts may
he expected TO expand at this time OF
year. there was practically no change
in commercial paper held, and invest
ments were increased by about so'VOV,-
600 more put into municipal warrants
FOLLOWING the speculative break IN ster-
ling exchange Of the day before there
was some early recovery YESTERDAY bu'
demand closed lower az 4.76 OILS IL the
pound. Marks rallied from the unpre-
cedented low rates Of Friday. nus
\ sian exchange continued exceptionally
n weak. The Russian loan here when
y IL is expected viii soon be ANNOUNCED
while probably not creating so large
credit as had been hoped for should
do considerable toward Strengthening
the ruble.