New-York tribune., 1911-11-14
FINANCIAL MARKET
Somewhat Better Demand for
Money, Without Effect on Rates.

Stock market trading was active in the
best part Of the day, prices showing ir-
regular tendencies, with more net losses
than gains at the close. In few issues,
notably Lehigh Valley, Consolidated Gas
and American Cotton Oil, decided
strength was reported, although they
gave way with the general list in the last
hour ending with good proportion If
their improvement wiped out. Substan-
tial interests made no attempt TO check
the reactionary movement. and appar-
entity We're quite willing TO leave the
market in the hands Of traders, who
were helped in their transactions for
lower figures 10y the apathy Of the pub
lie. The health of the market will be
improved by the liquidation Of small bull
accounts and the establishment of a
new short interest. Stocks have ad-
vancod rapidly in tho last two weeks
and their prospects of eventually going
10 much higher levels will he strength
ened by passing declines. Among the
prominent issues Union Pacific presented
the chief weakness, traders finding in
the decision In the Kentucky tax case
reason for taking & gloomy view Of the
Hartman issues. As matter of fac.
the decision was not matter OF great
importance. referring only indirectly To
the Union Pacific and directly to the
Southern Pacific. but as the outstanding
bull account in Union Pacific was large
that stock was selected as offering the
best point Of attack. Lehigh Valleys
advance was accompanied by further re-
ports Of melon for the shareholders,
and as for time Reading acted in SYM
pathy it. too. was said TO be in line to
receive favors from the management of
the property. There may be something
in the Lehigh Valley report but well in
formed men do not look for anything ~
the way of extra Reading disbursements
at present out of a total business of
upward 100000 shares. United States
steel common supplied almost onc-third
losing little more than one point.
Time money is in somewhat better de-
mand than recently reported, but rates
are unchanged. with no indication in the
situation affecting the market Of mate
rally higher quotations in the near fut-
ure Commercial paper is not being of
fered in volume. and discounts are SO
low that the banks arc not especially
anxious to add TO their holdings of bills,
preferrlng to use idle funds in short
term notes that Weld considera bly, more
than mercantile loans. The banking sit
uation abroad is stronger. and it is quito
probable American lenders in Europe
who have loans coming due in the cur
r,ut month and in December practically
cheaper figures than those on which the
accommodation was originally granted.
Opinion in foreign exchange circles is
mixed as to the amount Of loans that
will be paid off at maturity. but 1t is
generally believed extensions viii he
asked for in the larger number of cases.
Unless money market conditions here
change radically our bankers will find It
profitable TO renew their foreign loans.
even at concessions in the matter If
rates short term notes are i'm good de-
mand 10y institutions and individuals,
and railroad companies. which at the
moment in largo part are confining their
borrowing TO collateral Of this sort, find
no difficulty in securing accommodation.
The Atlantic Coast Line sold 10 bankers
last week s2.J000O0 AZ per cent equip
rent notes. II was announced yesterday
that the entire issue had been resold