New-York tribune., 1911-11-30
FINANCIAL MARKET
Call Money Goes to 6 Per Cent,
Highest Rate Since Last
January,

STOCK
best part Of the FIVE hours of business
under the influence Of selling by the pro-
fessional element. Commission houses
had no buying orders for public account,
Axcept in the investment department OF
the market, while the substantial Wall
Street interests were not factors In the
dealings beyond picking UP attractive
shares in which the selling movement
eppeared to have been overdone. Anal
gamated Copper. 81. Paul. Lehigh Val
ley, Reading, Union Pacific and United
States Steel supplied the chief weak
features among the prominent issues,
but their losses failed 10 bring out much
stock. except from sources where small
margins had been materially weakened.
An advance IN call money TO g per cent.
the highest rate recorded since last jan
uary, naturally encouraged activity on
the part Of bear traders. but little gen.
tendency Of money. a. he movement
was wholly in line With known condi-
tions governing the market. Call money
loans made Yesterday carry over until
tomorrow. when the banks will be en-
gagged with the December interest and
dividend disbursements. and in view OF
the drain upon the banks for gold for
Canada, California and South America.
10 say nothing of the fact that the ma
tional banks are expecting a call from
Il. h.
higher quotations charged yesterday
We're not at all surprising. The general
market was an uninteresting affair i'm
the afternoon. Traders had various
theories regarding the course Of quota
tions in the immediate future, which
summed up, afforded little iIducement
for transactions on either side Of the
speculative account. In their minutes OF
leisure which were many. traders found
time to predict a big bond issue by the
New York Central and the passing Of
the control Of the Chicago, Milwaukee &,
ST. Paul from No. &c Broadway TO No.
% Wall street. St. Pauls interests
would not suffer if the MorganH Hill
First National Bank people should turn
up as the chief owners Of the company S
stock.
The outward movement Of money from
this centre 10 Canada and California and
small shipments Of gold to South Amer
lea DO not encourage the idea Of ma
terially higher rates for time funds in
the local market. Conditions governing
the money market at this centre are not
T.. ~.e .s.f A.. 4.
rates for loan accommodation, and any
marked upward tendency will be i'm
mediately checked by a movement Of
currency from out Of town points and by
imports OF gold from foreign countries.
We are sending small amounts of the
yellow metal TO South America for the
account Of European capitals, but the
operation does not represent drawing on
foreign credits here. The United States
is simply financing the obligations Of
London and Paris in South American
countries, and is thereby adding to its
credits abroad. which will come in handy
if New York should find it necessary TO
increase its bank reserves by calling on
Europe for gold. our balance on trade
account with foreign nations more than
offsets interest payments due on Ameri-
caa investment securities held abroad.
American travellers credits. money sent
by foreign porn CltlZenS TO the 'Ol0 COun-
try" and other factors that go TO make
up the international financial account.
For the twelve months ended october 81
our exports OF merchandise exceeded i'm
ports 10 the value Of more than 500
100000. In the week ended November
% OF the current year exports of mer-
chandise from this port showed an in
crease. as compared with the same week
year ago. 10 the value Of S9.457,735.
Although no official announcements
have been made, Wall Street has as
sumed that the notable strength of the
American Tobacco securities in the last
few days has reflected TO some extent
satisfactory progress in carrying out the
terms Of the decree of the United States
Circuit Court, which was entered on
16. II is also true that favor
able comment has been made generally
upon the action Of the committee repre-
senting the 6 and per cent bondhoders
and the preferred stockholders with re-
spect 10 the acceptance of additional
amounts OF those securities asserting 10
the plan on precisely the same terms on
which considerably more than a major
lty i'm each instance was received for de-
posit prior TO the entering of the decree
and the accordance of the plan by the
This offer of the committees
10 act as a clearing house. az II were, for
the security holders who have not al
ready deposited their bonds and stocks
will be a great convenience for the lat
ter and will facilitate the consummation
Of the plan, as it will, 10 a great extent,
prevent the confusion and delay which
would necessarily result If each holder
crAoaNnVGd N n GyrhanUe