The Birmingham age-herald., 1911-12-21
RATHER DULL DAY ON WALL STREET :nsistentDemand of German Banks for Over Year
 Funds Significant

New York, December 2o.-The insistent demand of German banks for over year funds was the significant feature of what otherwise was dull day in Wall street. Large amounts have been loaned 10 ter many within the last week, but the pio- ding was still xeener today. Seven per cent was paid for the greater part 'f this money and offers of Ag9s per cent above this figure were reported. Ihe amount of American credits in Germany is, of course, unknown, but 1t IS believed that it is now less than $12O0O0.1
 Cable advices were that an acute strin- gency prevailed in the German money market, as was implied by the urgency of the demand for funds The present situa- tion was said by international bankers to the result of over speculation in Ger many, over expansion of credits and the withdrawal Of funds by France in the fall at the Moroccan scare.
 Unusual attention attached to this sit uation, not only on account of the press ing nature of Germanys needs, but be- cause of the fact that a large part of the loans contracted here by Berlin inter ests in the course of the Moroccan dispute mature at the end of next month. Unless these loans are extended, Germany s financial resources will be put to severe tax when they fall due.
 In the stock market today business fell off sharply. With no new impetus from any quarter Of sufficient force to give the market decided trend, prices moved in ar irregular, aimless way. Some appear Hnce of strength was lent by point advance in Union Pacific and a continual ton of the upward movement in a number of speculatives, was which have been permanent recently by reason of their ris- ing prices. The electric shares, the fer tilizer, International Harvester. American Beet Sugar, Central Leather and Ameri- can Linseed common and preferred scored the best gains. Union Pacific advance at tracted particular attention because or the heayiness which it had displayed for some time. The stock was not maintained long at its long price, but huctuated In an irregular way throughout the day. Le- high Valley, after an early advance, fell back sharply on the announcement that directors had no action in regard to an ex- tra distribution to shareholders. The gen. eral run of stocks moved within narrow limits and at the close the list showed ir- regular changes.
 Amalgamated Copper rose in response to advance in the price to Ac, the highest price of nearly three years. The London market also advanced strongly and the demand from Europe was reported as still heavy. Favorable conditions in the steel trade also were reported. The weekly re- views of the trade noted that the steel companies had made further progress jn establishing higher prices for their prod ucts. Heavy buying from the railroads is expected and it was estimated that con tracts for 5lQ.0O0 tons of rails would be placed within the next few weeks. x
 Bonds were unusually active. American Tobacco and related issues were strong at record prices.I Wabash As became heavy after an carly advance. Total sales, par value, $6,00I0OOl United States bonds were unchanged on call.