New-York tribune., 1911-12-22
BANK STOCKS ON STOCK
FINANCIAL MARKET
Stocks Again IrreguIar-Weak'
ness in Gould Issues.

The nearness of the triple holiday was
again an influence making for curtail-
ment Of stock market activity, and eX-
cept in the case Of eight or ten issues
the net price changes. which were about
equally divided between gains and losses
were no larger than fractions. The mar
ket tended to weakness in the morning
hours and became firmer in the after
noon. but the price movement was
irregular at all times The Gould stocks
were under pressure from the outset
being sold on reports, probably arising
from the fact Of the Wabash receiver
ship. that the Denver & Rio Grande
would be placed in the hands or recelV-
ers. Authoritative denial Of these ru-
mors caused moderate recovery in
some of the issues of the Gould group,
but had little beneficial effect upon Den
yer common and preferred, which closed,
respectively, 2ia and 4% points under
Wednesday, while Missouri Pacific and
| Texas & Pacific declined between and :
points Lehigh Valley furnished a sur
prise TO the traders, and an unpleasant
one to some Of those who had sold it on
the failure of the directors to announce
/ a plan for forming a corporation to take
over the coal properties of the road, for
after opening under the preceding day S
| last price and selling down in the early
trading il suddenly began to advance,
not halting until it had moved up about
3ib points. the buying being accompanied
by a report that the board would at a
special meeting next week take action
upon the long expected segregation plan
Louisville e. Nashville was sold when II
became known that the directors haC
declared the regular semi-annual divi-
dend. an increase having been looked FOL
in some quarters, and the stock CLOSED
at a loss of 2H points, cqualling the Le-
high Valleys gain. The advance in Le-
high Valley stimulated the general list
to some extent, the chief improvement
being i'm the copper stocks which were
bought on the steadily increasing dc
mand for the metal at rising prices, al
though not much credence was given th'
report Of a copper corner abroad.
The call money rate cased off a little
yesterday. ruling between and 3l2 pei
cent. with the latter the final figure, al
though it is believed that temporary
sharp advance will be witnessed next
week. when the banks and trust com
panics will bc making their final ar
rangcments for taking care Of the cnor-
nous interest and dividend payments
I due i'm January. There was better de-
mand for time funds. reflected in q
hardening of the rates. especially for tho
longer maturities Tho demand from
Berlin institutions for Ovcr-the-yoa1
loans, at rates running TO I per cent oi
over slaCkened yesterday the necessities
Of the German bankers having appar-
emily been pretty well satisfied. The
foreign exchange market was weak, de-
lmand sterling declining 30 10 81 points
its course being explained by the fact
that the French steamer which left this
port Yesterday furnished the last means
for the conveyance Of sight bills which
could be presented in Europe before the
end OF the year. The statement Of the
Bank of England showed a loss of 50,
100000 gold for the week and a decrease
of $12,OOO,OO0 i'm the reserve, and its un-
favorable showing caused London dis
count rates TO stiffcn.