New-York tribune., 1911-12-28
FINANCIAL MARKET
Stocks LiStIeSS and Irregular
MoneV and EXCHANGE.

Dulness prevailed in the stock market
during almost the whole of Yesterdays
session. although the total transactions
were a little in excess Of those of the
preceding day. and the price fluctuations
were in the main confined within narrow
limits. The market was irregular
throughout the only appearance of q
definite trend being in the last hour.
when moderate selling pressure on Union
Pacific Occasioncd an irregular decline,
the close. however. showing few net
changes which ran above fractions.
Transactions in the three oldtime mar
ket leaders, Union Pacific. Steel common
and Reading. were relatively small, and
all three closed At or nearly at the bot
tom In a number of ordinarily fairly
active issues there were no dealings until
the middle of the afternoon, and then on
very restricted scale. Some Of the
speclalties were pushed to the fore by
their sponsors and guardians, conspicu-
ously International Mercantile Marine
common and preferred in which the
trading, which included purchases for
foreign account. was in unusual volume.
and which gained, respectively, 5s and
points. The Mercantile Marine bonds
were the feature of the bond department,
the heavy dealings in them, as in the
stocks. at advancing. prices being ac-
companied by reports Of an expected
measure of prosperity for the company
with the opening Of the Panama Canal
National Biscuit another specially,
made the largest gain Of the day, more
| than 3 points. retaining most Of its ad-
vance at the close. The copper stocks
were among the most prominent in the
DAYS trading. encOurag cement for buying
| them being found in the concurring re-
ports from various quarters of con-
/ tinuing and increasing demand for the
metal and in the fact Of an advance in
/ its price which has already proceeded
far and which bids fair TO continue. The
steel stocks. on the contrary, were in
crncl to sag. despite the very promising
outlook for the industry. as indicated by
advices from various centres and by the
comment Of the leading trade organs
that i'm the buying of finished steel, al
though if continues on a heavy scale. the
mace is not so headlong as to make likely
sudden halt and consequent slacken-
ing OF the activities Of the manufactur-
ers
The local call money rate did not go
above 50. per cent. although some Of the
Boston banks were reported to have
marked up their figures to . per cent
and demand for time accommodation for
all maturities was slight, with triling
lowering in quotations. The present
premium on New York exchange at san
Francisco indicates that the drain of
funds from this city 10 the Pacific Coast
for moving tho fruit crop has ended for
the season. having amounted in all to
more than S13OO000O. and the move
mont OF money from the interior con-
tinues in large volume There may he
temporarily higher rates for money here,
as an incident 10 the preparations now
well advanced for financing the great
January interest and dividend payments,
but /. is not expected that it viii at any
time assume the proportions OF real
stringency. The foreign exchange mar
ket was weak Yesterday, with demand
sterling down - points. Gables are now
full cent above the sight rate, diff
ference duo 10 the possibility of de
manl within the next few days from
Europe for funds for meeting end Of the
year requirements.