New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-12-20
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Money Relatively Easy and For
eign Exchange Rates Higher.

Prices for most stocks closed at net
gains in Yesterdays trading. The open
ing was dull and heavy. and throughout
the five hours of business activity was
confined TO q few issues. notably the
Wabash stocks, which naturally we're
weak on the announcement OF the ap-
uointment Of receivers for the Wabash
rropertv: Union Pacific United States
steel common. Reading and Lehigh val
lev. the last named showing strong uh-
dcrtone in the larger part of the day IN
spite of the reports that the directors
Of the company would take no action at
rroscnt I'm the matter Of an extra distll-
button to the stockholders. 1t is gen
orally believed that the Lehigh valley
directors will do nothing for the stock
holders beyond declaring the usual
dividends until April when arrange
,ncnts doubtless will he made for the
absolute segregation Of the company
coal business from the railroad business
involving a distribution Of the coal COM
many stock 10 the owners of Lehigh Val
lev on n basis that will be equivalent
to an annual return of > per cent m
addition to the 10 per cent which the
I.ehigh Valley is now paying. Lehlgh
Valley directors hope to make the prop
ertv a second Lackawanna. The stock
If the latter company is held by the
same sort of people who are now buying
Lehigh Valley.
Wabash stocks made new low records.
lint strength was reported in the com
panv's bonds Denver and Rio Grande
| issues naturally sold off. in sympathy
with the decline I'm the Wabash shares,
while the entire Gould group reflected
for time the receivcrship proceedings
against the Wabash company. The so
called Gould railroads. with the eNcep-
ton of the St Louis Southwestern arc
returning nothing 10 their stockholders
but the fact that new interests are on
tcring the board Of directors Of tho va
rious companies and the fact that the
roads run through live sections Of tho
country encourage the belief that
eventually tho properties will become
having propositions. Reorganization IN
wolves tho raising Of funds. and the
present stockholders Of the Wabash
Doubtless viii he compelled to foot the
| bills incident 10 the rehabilitation Of the
companv. At the moment there appears
| 10 be no reason why the bondholdcrs
should worry. Selling Of Union Pacific
| stock i'm recent days has not been due
I 10 the expectation Of bad news affecting
the Union Pacific Railroad. but to the
Idispcsitlon of interests who bought the
stock In the lower sixties to unload their
| holdings At handsome profits. Banking
| interests identified with the property are
not selling the stock. The prominent
wall street bankers believe much higher
prices will be recorded for all stocks in
the new year.
The market was weak in the last hour,
| United States steel supplying one of the
executions TO the downward tendency, its
closing prices showing an advance of IL
points AS compared with the opening.
Both the United States Steel Corpora
ton and the Independent companies have
a large amount Of new orders on their
books. bat the campaign for new bust
ness IS aggressive, and IT doubtless viii
be some time before prices for finished
steel products will move 10 materially
higher level Notwithstanding realizing
sales and bear pressure in the final trad
ing. the larger number of active shares
closed ut small net gains, the chief i'm
provcmcnt being reported by United
states steel. Erie. international Har-
vester. Louisville & Nashville and
Missouri Pacific, the last named issue
recovering it's early loss on a good class
Of buying. There was no important
change I'm money market conditions at
this centre in the course Of the day.
Berlin again was reported as an active
borrower in this market. The German
money market WAS strong, with some
indications Of stringency.