New-York tribune., 1911-12-07
FINANCIAL MARKET
Stocks Weak in Late Trading
The Money Outlook.

The stock market held fairly firm IN
the early trading yesterday, although
dulness prevailed, and there was sue
cession Of small recessions and recoV-
cries. Around noon pressure began 10
be exerted against Northern Faclnc'
which affected the general list, and IN
the last hour active bear selling, which
forced the execution Of many stop loss
orders. brought final prices 10 levels
under those Of Tuesdays close Ihe
trading was again in very limited vol
ume. almost complete dulness prevailing
a times. and much of the selling ap-
pealed TO he for account Of holders who
had become weary Of the lack OF action
I'm the market recently. No news
directly relating TO the stock market de-
veloped yesterday. but there were fair
number of rumors to fill the place OF
ern Pacific was sold. had it that a bond
issue for that company was impending
and Others were related 10 alleged pro-
iected legislation at Washington which
would be preiudicial 10 the interests OF
railway and other corporations the pos
sibility not being overlooked that the
coming report of the Hadley Commission
on Railroad Securities would contain
findings and recommendations which
would be bearishly taken by the Street.
The weekly reviews of the leading or
gans Of the iron and steel industry,
which were received a little before the
close. expressed a hopeful view Of the
outlook and reported a cheerful feeling
among manufacturers and their Convic-
| ton that the decline in prices has run
! its course The Steel issues. however
sapged with the rest Of the market clos
ing fractionally down. All of the Gould
stocks were weak, in sympathy with
Wabash. Both the common and pre-
ferre1 stocks Of that company suffered
| fractional losses on selling by holders
who believed that their stocks would be
assessed in the reorganization. while the
/ refunding As. in which the transactions
were very large, rose point or more
and lost their gain. closing unchanged
! IRON lIle DitN'plllS Rh- -'-'
! Chalmers issues again developed acute
weakness, which gave rise to renewed
rumors of early reorganization. Ameri-
can Tobacco preferred. in contrast TO
the market in general. advanced ) points
10 a new high record figure. its strength
! being explained partly by the references
| to the tobacco company reorganization
/ in the Presidents message.
| The course Of domestic exchange on
New York is beginning TO reflect a
movement Of currency to this centre In
response TO the higher rates for funds in
! the local market. In view of the condi
tions shown in last weeks statement of
the Clearing House members and the
heavy loss reported by the banks in the
| current week on their operations with
the Sub-Treasury movement Of cur
rency 10 this point will be welcomed in
financial circles, assuming that the pres
ent enlargement in the demand for ac-
ccmmodation is not passing incident OF
the financial situation. The Canadian
demand for gold has subsided; likewise
/ the Californian inquiry for funds In this
market. although there may be some fur
/ ther small transfers of money 20 San
/ Francisco incident To the completion Of
| the financing Of the citrus crop move
ment. While conditions favor the ship
ment Of currency to New York, IL Is not
likely the interior will send any large
amount Of money 10 this centre until
after the next cali Of the Controller OF
| the Currency as the national banks are
anxious 10 make q good showing in their
reports for the last month Of the year.
| The government reports rs Of December
I an increase in the amount of money
/ in circulation in the country of NOR
than S77.00Oooo as compared with the
same time last year which in connection
with our growing credit balance abroad
naturally strengthens confidence in the
/ theory Of expansion in our industrial ac-
tivities in the year TO come. The busi-
ness and financial community apparent
/ ly Is losing It's fear Of politics