New-York tribune., 1911-12-27
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Call Money Rates Unchanged and
Cable Transfers Higher.

Transactions in yesterdays stock mar
ket were light in volume on a movement
Of prices that showed unimportant
changes. Dealings were made up almost
entirely Of the operations of the profess
sional element, commission houses hav-
ing few orders for public account, while
substantial banking interests were not
factors I'm the days course Of business.
Outside Of Lehigh Valley. Reading,
Union Pacific and United states Steel,
dealings were confined to small totals.
Great Northern ore certificates were
weak on realizing sales. From what can
he learned regarding the Great North
ern ore Company the certificates are
worth more money than the price at
which they are now selling, notwith-
Steel Corportion has cancelled its lease
with the Great Northern ore Company.
to take effect in 1914. The ore company
has an enormous amount of UndevelOped
ore land, which eventually will move
into the metal market. The United
states steel Corporation controls a big
amount Of unmined metal and it is no
longer in a position where il has to de-
pend on outside concerns for its iron.
The steel market is gradually improv-
ing, and the United States Steel Cor
poration reports an increased volume OF
business at much better prices than
those recently prevailing. It is esti-
mated that in the early part Of the new
year the plants of the corporation will
he operating on basis Of 81 per cent Of
their capacity. The improved outlook I'm
the iron and steel business is responsible
for the best sort Of buying, both for
speculative and investment account, OF
the United States Steel securities, which
are now selling at levels which repre-
sent q good return on the money in
vested. The general inactivity in yester-
DAYS market was due entirely to the alb
sence Of many brokers from the Street
and TO the unwillingness Of board room
traders 10 make important commitments
on either side Of the market pending tho
turn of the year. At the close net gains
and losses were about evenly divided.
Money market conditions showed nc
change Yesterday, while there was prac-
ticany no business in foreign exchange
outside Of cables, the latter being In de-
mand I'm connection with the London
fortnightly settlement and the settle
ments Of balances between this country
and England incident 10 the end Of the
year. In the local time money market
rates showed no advance as compared
with last weeks prevailing quotations
while in the call department Of the mar
ket the price for funds was well under
that quoted at this time a year ago. II
is quite probable money rates will ad-
vance toward the end Of the week. owing
TO the preparations by the banks to
finance the January interest and divi-
dend disbursements, but nothing in the
nature Of "A squeeze is looked for. 1t is
generally believed in banking circles that
money will rule at easy figures in the
new year. In the event of a heavy de-
mand for accommodation the banks will
be able % bring in gold from Europe,
owing to this country's large credits
abroad. In the last twelve months our
exports of merchandise have exceeded
irnnorts TO the extent Of almost 5000,
100000. and, Of course, the tremendous
balance insures the importation Of gold
If the requirements Of the situation here
should demand such a movement. New
York bankers are still lending large
amounts Of money in Germany, and last
week as much as per cent was paid by
German bankers for New York loans to
run for thirty days. Commercial paper
offerings are increasing and rates show
a tendency 10 advance. In the last
twelve months business in commercial
paper has been inactive but it is thought
that in the year to come there will be a
marked expansion I'm this line Of the loan