New-York tribune., 1910-12-29
FINANCIAL MARKETS
Sterling and Money Rates Show
Easier Tendency.

terday was almost entirely professional,
and the volume of business was smaller
even than on the preceding day, the to-
363 shares. Price changes We're unim-
portant, and at the close of the session
the list was about evenly divided be-
tween fractional net gains and losses
An unusual feature of the market was
the fact that not a single share Of New
York Central stock was dealt in during
the day. That a stock of such pTomi-
nence did no. open up at all only serves
to show how narrow and restricted the
trading was. The market opened heavy
and fractionally lower, and in the first
fifteen minutes of trading prices Of a
number of the leading issues declined
rather sharply. under the lead of United
States Steel common, which sold down
to 1o3s, the lowest price il has touched
in over two weeks. Rumors OF an open
market in steel and heavy price cuttings
next month were responsible for the de-
cline in the Steel shares. but there We're
no particular news developments of
bearish nature to account for the weak
ness in such stocks as Union Pacific, st.
Paul Reading and Northern Pacific,
which were among the sufferers in the
early trading. The prospective suit
against the so-calied Electrical Trust ap-
ueared to have lost its force as u bear
factor judging by the action Of General
Electric. which held firm throughout the
day and closed at a net gain of one
eighth of point, but the dlsagreeable
developments attending the suspension OF
the Northern Bank seemed to have Il
depressing effect on sentiment and con-
ttnued to furnish some ammunition for
the bears.
AS on Tuesday, Consolidated Gas was
the only stock on the list that could
make any consistent advance, and lts
strength was again feature Of the mar
ket- Under its leadership much OF the
loss sustained by most of the issues IN
the first fifteen minutes of trading were
recovered before the end of the first
hour. The stock sold up to 13I$s
point above Tuesdays high level but
lost some OF this gain before the end OF
the day, the closing figure being 1864,
net gain of three-fourthS of point.
After the first hour the market became
extremely dull, but prices showed con-
tinuance Of their hardening tendency,
and any active buying demand would
probably have caused a sharp advance.
The demand did not materialize, however,
and the market continued to drag along
until the close, which, as already stated,
n al ,,af Oh,
in the active list. One of the stocks 10
make substantial gain yesterday be
sides Consolida ted Gas was INTERIOR
ough- Metropolitan preferred, which ad-
vanced over q point in response TO the
report of the joint committee of the
Chamber of Commerce and the Mer-
chants Association recommending ac-
ceptance by the city of the Interborough
Rapid Transit Company's proposition for
new subways. The common stock was
not so much affected by the report, gain
ing only fraction Of q point. Both
stocks reacted in the later trading, the
preferred closing at q net gain of only
one-fourth of a point, while the COM
mon lost one-eighth Of q point, closing
at near the low level of the day. One of
the factors that brought about a shad-
ing Of prices in the afternoon was the
announcement of the reduction of l per
cent in the dividend of the Pennsylvania
company, making the total disbursement
for the year per cent instead of per
cent paid in 1899.
The bond market was also dull yester-
day, although the New York City issues
were in good demand and their price did
not appear to be affected by the prep |
arations that the city authorities are
understood to be making to bring about !
another SI0oo1.GD0 issue early next +,
year. The feature OF the money market |
yesterday was the decline in time money |
to -:3s. per cent fat for all periods from /
thirty days to six months. which was !
about The lowest figure of the year Call /
money was in somewhat better demand, I
and the price hardened little. Sterling |
exchange showed an easier tendency, de- |
ciining ) points. which brought it very
near the gold import level from London. /
The decline was due TO continued large
OF cotton bills and the limited /
demands for remittances TO go by the !
slow steamers Immediately available.