New-York tribune., 1910-12-23
FINANCIAL MARKETS
Banks Report Better Business in
Mercantile Paper.

The stock market was intensely dull
throughout the five hours of business,
trading being made up almost entirely
of the transactions of an unimportant
professional element and confined in
large part to Union Pacific, Reading,
United States Steel and Lehigh Valley.
Foreign houses were not factors in the
operations on the local board. while COM
mission houses reported a pitifully small
number of orders for outside account,
with the only actual investment buying
in the bond department, where a fair de-
gree of life was maintained on a we'll
distributed volume Of business. Price
changes in stocks as q rule were repre-
sented by small fractions. At the close
many more net losses than gains were
reported, but the lower levels We're not
significant OF adverse developments, as
there was nothing in the days news of
q discouraging character, although ef-
forts were made to depress the market
on runnors that originated in the
imagination of bear spectators, as, for
instance, one that the directors of the
Atchison would reduce the dividend on
the common stock at the next dividend
period.
Reports Of shading of steel prices In
the West may have been considered bear
arguments, but there was no important
selling Of the steel stocks; neither was
the weakness in the copper metal mar
ket reflected 20 any extent in the move
ment of the copper shares. Independent
manufacturers Of steel are cutting prices
in the hope of securing new business,
ard it is not at all unlikely that in the
new wear the United States Steel Cor
poration Will cooperate with the large
independents TO bring about lower fig
llres or else declare an open market as
it did in February. 1909 1t may be re-
called that following the establishment
OF the open market in that year United
States Steel common stock began to i'm
r.rove. and that the action of the cor
poration had the desired effect of stinu-
Iating buying orders for finished steel
products. Domestic consumers Of copper
apparently believe that they will be able
TO secure cheaper prices on the metal
pfter the close of the current year, and
As a consequence they are doing nothing
in the market at present.
Money rates were easy and sterling
exchange showed q stronger tendency
under the influence OF a good inquiry Tor
remittance and an absence of a large
supply of bills. Further heavy offerings
of cotton bills evidently will not be
factor in the market for a long time TO
come and as in the last three months
the country's Improvement in its foreign
trade has been due in large part TO the
rushing of cotton to Europe, there Will
have to be a material increase in eX-
norts of other domestic products and
manufactures if we are to maintain the
favorable position in international trade
recently established. The Bank Of Eng
land made no change in its minimum
rate of discount yesterday, but showed
a decline in its proportion Of reserve to
Inability of almost points from the lever
reported a week ago to $3.50, which
however was higher than recorded Tor
this week in recent years. the nine-year
average being 361a. The local banks
found some employment for their 1uhds
i'm commercial paper, but little money
yvas placed on collateral loans.