Arizona republican., 1917-01-07
FINANCES AND MARKETS
TRepublIcan A. p. Leased wIre1

NEW YORK, Jan. 6.-(Wall Street) Except for it's relatively strong un- dertone today's dull and narrow mar ket presented no features of special interest RecoVeries of ] to 3 points from yesterdays lower levels, some of which were later forfeited resulted al most wholly from the closing of trad CTS contracts. The attendance of mem- bers on the floor was characteristic of the post-holiday period and public in- terest was again lacking. United States Steel and the usual specialties contributed more than half to the in significant total. Metals also were substantially better, but rails were apathetic. Total sales of stocks 1885, 000 shares
 Foreign affairs evoked little interest aside from the announcement of an other large gold importation for ac- count of the British government EN- change on London was firm. but rates on Paris, Berlin and Rome shaded slightly.
 Domestic trade reports indicated a slight halt in mercantile lines. The ear shortage continues to work to the detriment of steel mills and allied in dustries.
 Actual reserves of local clearing
  new year expanded by more than $23,- 0O0 000 Firmness ruled in bonds, with an active demand for Southern Rail- way general As at a full point net gain. International bonds also denote bet ter inquiry. Total sales of bonds, par value, $3,S5O,OOO.
 Government bonds were slightly more active during the week. United States 3's advanced a slight fraction, while Panama S's yielded a point.
 WEEKLY FINANCIAL REVIEW
 NEW YORK, Jan. 6.-Practically the same influences that operated to de press values in the final weeks of last year were again effective this week, though in more moderate degree. Dealings lacked the initiative or inn pulse of public interest and traders continued to sell the active list at al most every market advance.
 The trend of foreign events was again the most potent factor in shaping speculative sentiment In keeping with December markets, however. price changes often were paradoXical and confusing, so-called peace stocks fall ing on renewal of peace rumors, while war shares as often lost ground on de velopments favorable to those issues in the bull markets of last fall.
 Absence of any marked investment demand thus far this year is the most disappointing feature to conservative financial interests.
 Contrary to the custom the bond market fails to indicate more than moderate inquiry from that quarter, despite the more attractive issues of fered. This condition is ascrtbed to a natural hesitation growing out of cur rent peace negotiations and the prob ability of another large foreign under taking by our bankers.
 Metals were irregular, partly in the belief that foreign demand reached it's crest some weeks ago. Price conces- sions for high grade copper served to strengthen this belief.
 CLEARING HOUSES, ETC.
 NEW YORK. Jan. 6-The state rclt of the average condition of clear ing house banks and trust companies for the week shows that they hold $40 Al, ,440 reserve in excess of legal requirements This is an increase of S23.lG5750 over last week. The state ment follows:
 Actual condition:
 Loans, discounts etc, s3,S44. .77S,O 900; increase, S5.32S. 900.
 Reserve in own vaults (B), S4S2. =. 544.0O0: increase. S39. 934.0O0.
 Reserve in federal reserve banks, $lS3647. 900; decrease. $9,S5l. .O00
 Reserve in other Repositories, S55.- 495,000: decrease, $39, 900.
 Net demand deposits, s3,37I. FPS. 900: {: increase $37,456, 900.
 Net time deposits, s161277 900: in crease, $1.492. 900.
 Circulation S2&870 900; decrease. sS5. O00
 (B) Of which s13,S24, 900 is specie.
 Aggregate reserve. s72l. .sS6. 900.
 Excess reserve. $40, Al. 40; increase s23,I05.750.
 Summary of state banks and trust companies in Greater New York not included in clearing house statement:
 Loans discounts. etc. $754,97 900: increase. Sl,599. 60O.