New-York tribune., 1910-12-20
FINANCIAL MARKETS
investment Demand for Railway
Mortgage Issues Broadens.


sell stocks on advances, their offerings
We're not large enough to check the ris-
ing tendency in prices which developed
at the opening of the stock market and
ran throughout the day, with the eXcep-
ton of a brief period in the late after
noon. when quotations We're shaded to
the extent of fractions on realizing sales.
Such selling. however, did not change the
general character of the market, which
showed every indication of being q, sub
stantial bull affair for 4 few days at
least especially in such issues as Union
Pacific, American Smelling, United
States Steel and Reading, the last named
at one time ruling more than = points
above its closing in Saturdays opera
tions. Lehigh Valley failed to end at a
net gain, and the speculation in the
shares suggested that they had attained
their maximum price on the increased
dividend argument. Investment interest
was reported in various parts Of the list,
also in the bond department, which was
relatively more active than the market
for stocks, much OF the buying repre-
senting purchases in anticipation of the
January disbursements. A feature Of the
bond market was the demand for New
York City issues, particularly the 412s
OF 1857 at 1912, full point above the
low level OF a week ago, while increased
activity in the United States Steel sink
ing fund rs and continued buying of the
Central of Georgia incomes and the In
terborough-Me Metropolitan 41as likewise at
tracted attention. Total dealings in
stocks were not heavy, and were sup
piled in large part by American Beet
Sugar, Lehigh Valley, American Smelt-
ing, Amalgamated Copper, Reading,
Union Pacific and United States Steel.
The advance in sterling exchange on
Saturday, followed by a further rise in
demand rates yesterday, eliminated the
probability Of gold imports in the i'm
mediate future. There is a better de-
mand for remittance incident to January
curities held abroad on sight drafts by
to-morrows steamer, while there also is
an active inquiry for cable transfers TO
December 80, which assures firm mar
ket up to the end of the year. Money
market conditions here do not call for
imports of gold, and although the ccun-
try's position in foreign trade has been
materially strengthened in the last three
months, we are not yet a creditor nation,
as the excess OF merchandise exports
over imports is offset by other factors
that enter the international reckoning
as, for instance, interest payments on
freight charges on our merchandise car
ried in foreign ships, American travel
lers' expenditures abroad and remit
tances TO the old country by European
born American citizens. IT is estimated
that the United States needs d trade
credit of upward Of SsooH)0,ol0 a wear
10 balance its European financial liabi!i- |
ties Money rates showed no change yes
ferday from the levels prevailing last |
week, but in banking circles il was |
thought that q higher range would ce- I!
velop before the end of the year. es- !
pecially if the stock market should TIT. |
on active bull lines III the last two weeks |
Of the current month. The banks are in |
better condition than reported Il week |
ago. owing TO contraction in their loans.
but their reserves are not large enough
to warrant aggressive speculation on
borrowed money At this particular
period