Show UNCERTAIN TONE IS 18 INTENSIFIED General Improvements Noted in the tie Money Market Mar Mar- ket ket CASH IN BANKS INCREASED Trust mist Tn tl t Agitation runt mill Combine Ilc I 11 his Ef EfOn On 01 Market New ew York Jan 12 TJI The week I lias as blou brought ht some striking Into unto the financial situation tine tha general effect of or which inns has been beca to ll In Intensify the tho uncertainty which has Inns distinguished distin distin- the stock exchange dealings for u a IOD long time past A w week el a ago o It Will vill be recalled there thero d cel l to be u n recal Wil very air prospect for or better things 8 In iii I. I store for the tine Immediate future In tho tim fr first t place pIner th the tho liquidation of December Decem ber had placed the market In inn what was waa apparently a t strong position and mor ninor especially renLy It had carried prices to a u level which It by comparison with wih tim thu tU two previous years appeared attractively attractively attract attract- ively low l 1 In the tine second place tine tho mone money stringency strum strum- gency enc which had hll so long harassed Op Operations per p- p er seemed In inn II a n fair way to nile alle ale ale- that last weeks week's It was as true statements I both bolh of or the home and for foreign or- or eign banks revealed re calel a n ner er very low 10 condi conidi- condition Lion tion of reserves But It was well wel un understood nil un- lon that tints this was wag due to lo heavy withdrawals of ot cash and a temporary temporary strain upon loan accounts to fulfill requirements ver o-ver Cr 1 the first of or orthe the year and that these necessities In In tho tine general over n a quick recovery ery would ensue banking position I i These expectations have as s a n. mutter matter of fact be been n very vory well ei realized lurn during the present week All AJ ti tine European Institutions reached a largo Jarg addition additon to lo cash sh supplies along alonS with wih a. a aai in enormous of oC loans Jonn while our local banks knave have ha e gained to an nn unusually large extent through the Line various ex ex- chan changes cs The effect has been felt fel in the casing easing of or call mone money rates rales toward the tine co close of oC tine the week week The attention of Wall Wallstreet Wallstreet street community has however howl been directed to two other aspects of or th tine the situation which during the te week weel have come com into unpleasant prominence one ne one Is the agitation of or the time trust anti question queston a again aln In the tine form of oI Investigations investigations In esl and suits a against alleged Il Illegal II- II 1 le legal al railroad mergers Tine Tho oth other r Istine is the tine appeals which continue to come from railway and other corporations for new capital needed to to meet en enlar enlarged en- en lar ed bu business demands if H past ex experience ex- ex coun counts ts for or anything such ef efforts of- of torts forts as are mow under way to break up railroad combinations will vili wil ham o no serious serious se so- rious consequences ultimately If H anything definite Is to be said ald of I the lie situation It I surely must bo n a word of caution Gut Guu eminent Alii 1 Expected The he outlook Is good ool f for r a u fairly alrh C easy 3 mone money market during the next few weeks The government wilt will wil be mak- mak Int larJ large disbursements for pensions mal mall carrying charges mad and other purpose purposes purposes pur pur- poses pose as It has June this 01 week Tho The secretary secre tar tary of or the tine treasury has inns J helped matters by extending the time for tine the return of the special government go de deposits tie tie- posits authorized n a month ago Besides Be- Be sides this thin th the thc cur ra i movement n should houd largely ly to the th up p building of ot bank reserves But But 1 If U this easier aster money moncy were to be made mado the tine occasion for a. a n bull buH movement mo on the stock tock exchange there could coull be he only on one object In view that is the thel un unloading un un- loading of or stocks by sp speculative Interests interests Inter inter- iter- iter ests who wino would like for the next nert nex six months to be le carrying less Jes than they now no are The Tine sheet anchor of the market market market mar mar- ket Is the tine moderation of its Is past speculative spec spec- movement mo and Its Is comparatively comparative comparative- ly h low price level Jevel Any such suet changes from these conditions would in iii view of or the uncertainties of oC the year ahead be a change han c for the worse Of or this the theVe can cnn be slight doubt Recovery He cn I Is Continued New Sew York Jan 12 The The recovery In the stock market which started late Jalc yesterday afternoon was continued contin ned In today's short session and prices throughout showed a strong undertone Opening Opening quotations averaged averaged averaged aver aver- aged higher and the tIne Improvement continued con con- during during- the first hour with wih with with-St. StPaul St St. Paul the leader Jeader both In respect to strength lh and activity About boul the only stock which showed a reactionary tendency was vas Northern Pacific which at al ono one timo fell Cel 1 4 1 per cent subsequently partially par par- recovering reco In the industrial section Amalgamated Copper and point Steels each were firm gaining about half halt a a Tho Bank lan Statement Statement I Interest chiefly centered in tho tine bank statement which was of quito quite as fa favorable favorable fa- fa a- a character as had been antic antic- The return of the cearing clearing clearinghouse clearinghouse house Institutions showed a gain gin In cash of at which squared quite ule closely with the record of or tho the known movements n of ot money moncy Some 1 was felt feJt because tho the reduction in lit loans amounted to no nomore nomore more than but the heavy gain In cash more than ian offset any unfavorable comment which might be made because of the small loan Joan con con- traction tracton The net result of ot thc these e echan chan changes es was an increase In surplus of or This was as considered suf- suf large to t justify the thc expectation expectation tion lon of easier casler money next week Following Following Fol Fol- lowing Jawing the publication of or tho the batik bank bani statement the market touched the tine top of the da day but closed slightly un under er the highest Government bouts bonds unchanged railroad railroad rail rail- ral- ral ro road d an and amid other bonds firm of Price Open High Low Close Kric Irie Irle com corn 12 2 42 H 42 2 4 42 Smelter com corn 15 Rio Ro Grande Granle 39 SPA 3 10 33 30 Z 10 40 0 Am Loco corn coin cor 71 74 74 7 So Ry fly corn comm 31 31 31 31 A Anna Ana un Copper I 1 i 4 Nort Norr Vest West SOW 2 W Rock lock Island 29 25 29 C. C F. F and I I. K t 66 M 21 65 55 56 06 Rep ep R Steel l OH r 93 99 4 09 r 5 so 99 Steel com coni IS 19 5 4 S t I Preferred 10 1004 IO 10 n. n unit and 0 O. Colo Cob Sou 19 as 19 19 28 ss 19 35 i Copper 19 1 UP 3 1 1 Sugar nugan com bor KWi U ft 1 Peoples People's Ga Gas 96 06 96 95 9 1 K S So Sou u. u t 60 tt i 60 9 60 B. B R. R T T. GOy gi 8 11 t G S1 Sn i. An-i. m m mn Car F. F 41 4 44 44 SO 80 w Sl sim St. St l. l Paul n 15 1344 1 1304 U. U L. L P. P 1 com 1 l oj i 11 lr IF Great West 11 t 17 17 A com 10 Ili 1 17 Preferred Preferred y S. S p P. pRy Ry fly 93 9 Own 95 93 03 93 I. I Mo ro Pac 9 5 Nor nor Pac si ICO 8 S. S 4 Texas 35 3 10 3 Can Pac lJ 1 W Ches Ohio K KAm Cles Si 1 54 j Sl I N. N Y Cent Cent 1 5 tI Ill 11 Cent 13 16 13 13 13 Ont Onto West 16 61 43 11 tG 46 5 Rf M K and T. T 72 72 72 72 Pa Ry fly 1 M 7 7 Reading IZ 1 1364 13 4 Lou Nash 1 13 i v infer Mex ex Cent KV 6 Ki w. w roI O O shahe hae 5 I I I f l. l t |