New-York tribune., 1911-12-11
FINANCIAL MARKET
Stock Prices Down and Money
Rates Strong.

rally have induced activity on the part
! of the professional element on the bear
side OF speculation. At the close OF busi-
ness on Saturday. December 2. the lead
| ing railroad shares showed an average
price Of HIPS. and the chief industrials
an average of S06s while final figures
! for the last week presented an average
Of 1880 for the same railroad issues
a..d 1925 for the industrials. Weak
| ness in Fridays market was helped by
/ the interview in a local magazine on
What Is the Matter with Business?" by
/ the president Of the National City Bank.
| but there was no indication in Satur-
days trading Of any alarm in specula-
| tive and investment circles over Mr..
/ Vanderlp's pessimistic forecast, doubt
! less owing TO the fact that the reports
/ 81 the commercial agencies published
after the close Of business on Friday in
| no way Endorsed the National City Bank
presidents views Of underlying csndi-
tons in the country.
the Sherman antitrust law, and he ap-
parently believes a serious situation is
ahead, while meh who have been born
and brought up in the iron and steel
| business, which is a pretty good oarom-
| eter of trade, are counting on general
/ industrial expansion. The Sherman law
will not knock out the country. The
4 Standard OIL and American Tobacco
companies have readjusted their affairs
10 this law without losing any business,
and other corporations will find it Just
as easy to reorganize In order TO comply
with the statute. Some Of our tinanciers
can see nothing wholesome In the en-
forcement Of the Sherman law, but the
business community at large is cheer
fully accepting the new order OF things,
and IL not concealing its belief that ulti-
mate results will benefit both the pro-
ducer and the consumer. Furthermore,
trade is expanding in all parts of the
country. and capital, from all indica-
tions, soon will have its hands full in
meeting the demands of borrowers.
Money is in much better demand than
recently reported, and fortunately there
is a large amount Of funds in the coun-
try available for general business and
investment enterprises, while our bank
ers, thanks TO our increasing credits
abroad, are I'm a position 10 draw gold
from Europe whenever the needs OF the
situation may demand such an opera
ton.
Call monev did not 60 above 81 per
cent last week, as compared with high
Of per cent in the preceding week, but
time loan quotations were stronger, as
high as per cent being asked for thirty
and sixty days use. II is not unlikely
that the present call OF the Controller OF
the Currency for the condition of ma
tional banks Will tend to increase bank
reserves at this centre, as interior insti-
tutions recently have been keeping their
funds at home and paying their obiga-
tions to the federal Treasury by drafts
to the Assistant Treasurer OF the United
States in New York on their correspond
ents here for window dressing" pur-
poses; and it also is likely the higher
quotations for accommodation in this
market will serve TO attract from out
of-town points currency that otherwise
would be kept at home. There Is every
reason TO believe that the period Of alb
normally low money rates has run its
course, and that a much more active
mercantile demand for loans is in process
Of develorment. Our bankers are still
! lending abroad, and at the same time
our exDorts Of grain. cotton and general
merchandise are increasing. while owing
/ 10 tariff uncertainties imports are re-
stricted. which, of course is adding 70
our strength in the international money
market and supplying us with formida
| bic lever IN case we want 70 oren the
foreign gold chests and bring some Of
their contents to this country At the
moment there is no actual necessity for
imTorts of the yellow metal. but the sud
den hardening Of money rates here has
i caused no little apprehension in London
and on the Continent, where an aprre-
ciahle advance is reported in discount
quotations. II is a noteworthy fact and
freely admitted by the European fnan-
cial writer's that in spite Of the large
reduction in American credits abroad
during the Moroccan dispute, when
American securities were so uncere-
moniously thrown upon the local mar
ket, our financial balance abroad is still
heavy.
One Of the important develorments Of
the last week in the railroad and fnan-
rcial world was the announcement Of the
election Of new directors to the Wabash
Railroad and the willingness Of one Of
the most important banking houses in
the Street 10 undertake the financial re-
organization of the so-called Gould COM
pany. The readjustment OF the COM
pany's finances 70 a new basis evidently
is TO be made without the help Of the
courts but this docs not preclude the
possibility OF an assessment upon the
( common and preferred stock. Wabash
securities have suffered severe decline
in recent days. but II would seem as Il
the losses recorded have about measure
the misfortunes Of the company, al
though spectators may be able TO bring
about further depreciation. The refund
ing As, which are selling in the neighbor-
hood Of 81, appear 10 be we'll taken
The COPPER Producers Association re-
port showing the statistical position OF
the copper metal trade. which was pub