New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-12-14
FINANCIAL MARKET
Interior Exchange Rates Indicate
That Money Is Moving
This Way.

Trading in stocks was light in volume
i'm the best part of the day, while prices
moved in an irregular manner. with net
gains in most issues at the close Inc
fact that the general market ended at
nrice levels above the final figures in
TUESDAYS operations was due to cover
ing of shorts in the last hour and mod
est purchases by commission houses
buying by tho latter apparently beng
based upon the excellent reports re-
ceIved from iron and steel trade CEN
tres. on the strength in the copper metal
market, on the bullish sentiment In busi-
ness circles over the future Of our In
dustries. on the underlying strength IN
The money market and on the current
absence Of uneasiness in money and
business circles over the political out
look. The display Of strength in the late
afternoon suggested the probability or
better prices to-day, especially as the
inward movement was accompanied by
q marked expansion in the dealings en-
bracing practically the entire list or
prominent issues. In Amalgamated Cop
per. Union Pacific. Southern Pacific,
Reading. Lehigh Valley and United
States steel net gains were well in eX-
cess of / point, the last named issue adj
vancing from a low Of GALS in the morn
ing to 6Gss at the close, while Union Pa
cifc. which was the real market leader,
showed a gain in its final price of :
points as compared with its low level of
| the forenoon.
Heavy covering of shorts was reported
/ in Union Pacific; likewise in United
/ States Steel. the latter issues rapid rise
| in the last hour being accompanied by
rcnorts Of buying by one Of the biggest
capitalists in the country. Iron and
steel trade conditions. however, sup
piled adequate excuse for the advance
! in the price of the steel stocks, while the
steady Improvement in the copper
| metal situation furnished well defined
reason for the strength In the copper
shares Great Northern ore certificates
after an early decline closed at small
! fractional gain. Most Of the selling OF
! these certificates in recent weeks has
beon for the account Of interests who
believe that as a consequence Of the
cancellation of the United States Steel
! Company's lease Of the Great Northern
ore lands il will be many years before
the certificates Will return much TO their
| holders The United States Steel Cor
poration did not need the Great North
ern ore properties, and it cancelled its
lease at the psychological moment sug-
gested by the Stanley committees IN
vestigation Of its affairs.
Chicago exchange on New York was
! quoted at 30 cents premium yesterday
while the rates at most interior points
on this centre indicated an increasing
movement Of currency toward the East
In San Francisco. New York funds are
still III demand, but in view Of the large
sums transferred 10 that city IN recent
weeks. incident to the financing Of the
/ citrus crop movement. it is not likely the
local institutions will be called upon fol
! further heavy transfers through the Sub
| Treasury in the rest Of the year
| Although interior exchange rates as a
rule show that money is heading this
way, the movement is not expected tc
reach large dimensions unless the New
+, York banks are able TO maintain loan
| quotations ut the present level. Of which
there is considerable doubt in the minds
Of our financiers, owing TO the vast i'm
provement that has taken place in bank
reserves in the last few days. Never
! theless, it is generally believed that the
| period Of abnormally low rates for
! money has run its course and that de-
mand for accommodation gradually Will
| broaden.
Berlin is bidding high for money, APP
parently with the intention Of retaining
| American funds represented in loans
| now maturing. OF course, bid for loans
| 10 carry over the turn OF the year at GA
per cent and for three months accom-
mediation at > per cent il attractive, and
| il is quite likely that our bankers Will be
quite willing to take advantage of the
| opportunity offered. 1t Is within the
memory Of the present generation when
| foreign financial capitals laughed at the
| idea of ever being compelled To come
| into the New York market for money.
Yet the only thing that prevented a
money panic in Berlin In the acute
stages of the Moroccan situation was
| tie heavy lending by New York TO Ger
many The United States Is lending
money abroad and at the same time is
| piling up big credit balance on trade