New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-01-25
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Liqht Demand for Money from
Mercantile and Speculative
Sources.

! That there is large amount ~ cap
| ital available for investment III sono
| securities and that our leading IMAM
/ ciers arc not a. all apprehenslYe over
/ the future course o. money and business
! in this country ind rejection In the DDS
! for the now -, per cent local municipal
/ bonds bv tho banking community ano
hy individuals. The total subscriptions
for the SGO.0oO,O0o issue were many
times In excess Of that amount ~ prices
running from slightly above par 20 more
than 1O1ts. quotations that are taVorabie
10 the city and which insure FAR pron'
10 tho bankers who buy the bonds for rN-
sale 10 investors. Prominent banking
houses that bid for the issues repre-
sorted both foreign and local financial
interests Stock market trading was
Iicht in volume throughout the day on
. movement Of prices that generallN
tended in the direction Of higher quota
lions. Speculation was restricted by IN
certainty over the probable reception OF
the CITY bond offering, and as the an
nouncement If the bids came late N inc
ds,. the stock market failed Ia reflect TO
any extent the favorable impression ere
oted nv the success Of tho municipal
financing.
United states Steel common was inc
strongest feature Of tho general market
IFS strength being helped by the placing
of Z. heavy order for rails by the Now
York Central and Icy the cheerfulr's; IN
iron and steel trade centres over me
prospects foY increased orders from me
transportation companies. The out
look for ,he steel industry is brighter
| .ban reported at the close Of the last
wear. New business is slowly developing
and. whilc the first quarter Of l9l u VIII
not show heavy earnings. there is every
reason 10 believe that progressive I'M
rrovcment will be shown In the succeed
/ ing months Of the year. The directors OF
/ the United States Steel Corporation VIII
meet next Tue sday to declare the regular
quarterly dividend upon the common and
preferred stocks and 10 receive tn" re-
| port for the last quarter Of 1910. which.
| with the preceding reports Of the last
! twelve months, should show more than
/ 10 per cent earned upon the common
I stock despite the falling off in business
: i'm the last six months Sales of bonds
/ Yesterday amounted Ia par Yalue 10 more
/ than 1000 600 but Of this total the new
/ New York City 44s supplied more than
/ SlOUO.O 900 These issues were dealt in
when issued" as high AS 1913. against
, 1907 on the first day Of trading IN the
, certificates. II il understood that a big
} short interest exists in these securities.
Time money is i'm good supply. and the
market is what Wall Street calls SOFT
/ The demand is inactive for short matur-
| tiles. with better inquiry Tor longer
periods. although the volume Of business
/ for six and twelve months dates cannot
/ he called heavy. Commercial paper
offerings are light i'm spite Of more at
/ tractivc rates and from current indica
lions there will he no widespread Dor
/ rowing in this department OF the money
market in the immediate future. Nhlle
/ based on the character OF the dealings
1 on the Stock Exchange in recent DAYS
/ the demand for accommodation against
eneculatiyo commitments will not i'm
1 pose anything i'm the nature OF burden
. ;lpon the banks in the course OF the next
/ few weeks Leading bankers are not in
/ favor Of an aggressive active bull specu-
/ latiou at this particular time, owing tc
! the monetary requirements of corpora
! tions. but they evidently have decided n
/ maintain stable conditions in the market
I 4 bear campaign would seriously inter
/ fore with the plans of underwriting
/ SvndiCates. Firm money rates IN Lon
/ don. easy quotations for funds here anc
a good demand for remittance are re-
suon sible for an advancing tendency n
sterling exchange Sight sterling ad'
! yauced 10 points YESTERDAY.