New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-12-15
FINANCIAL MARKET
interior Exchange Rates Indicate
Heavy Shipments Of Money
TO New York.

notwithstanding nedNS ieelh"i4S '0
and active pressure by the bear element
stock market prices showed a fair de-
gree of strength In the Ave hours OF
business. net gains predominating at the
close Trading was active throughout
the dav. total operations amounting TO
$50. 627 shares, Of which the larger part
was supplied by United States Steel COM
mon Amalgamated Copper, American
Smelling, Lehigh Valley. Reading Utah
Copper and Union Pacific, the last
named being among the few issues that
closed under Wednesdays nnal QUOTA
lions. AT its best price-17o12-Union
Pacific as heavily sold by the profess
sional element, the movement resulting
in a decline to 1888. with only quar-
ter point improvement in the last nan
hours dealings. United States steel COM
mon furnished more than $4,000 shares
of the total business. and notWlthstaho-
ing efforts of the bears to carry the price
of the stock TO lower level its last hg-
ure showed a gain of II, as conpdreu
with the closing of the preceding day
In the last few days both sentiment ana
actual business in the iron and steel
trade have shown remarkable improve
ment. and enthusiastic Wall Street buils
are predicting absurd prices Tor the
shares of the United States Steel Cor
noration. United States Steel common
and preferred doubtless eventually VIII
sell well above prevailing quotations. out
there is no good reason for the eXpecta-
tion that an uninterrupted advance is
ahout 10 develop. Steel preferred IS
sound industrial investment proposition.
Steel common is a speculative Invest
mept. Strength in Reading and Lehigh
Valley shares was helped by the ad-
vance i'm Jersey Central, which closed 10
POINTS UP. and by reports that both the
Reading and the Lehigh Valley COM
NAMES were about to make extra dis
bursements to their stockholders. 1t Is
said that the Reading and the Lehigh
Valley intend to make big Christmas
presents, but in view of the possibility
| of q disagreement between the hard coal
producers and the miners at the expira-
| ton OF their agreement. on April l, 1t
hardly seems likely the companies will
do anything more than pay their regular
dividends in the mean time.
| On their operations with the Sub
Treasury since last Friday the local
| 4Ion
1 but in the same time they have gained
a considerable amount Of currency from
! the interior. Domestic exchange is run
ming In favor Of this centre, and IT is
quite likely that the weeks movement
Of money viii show an increase in the
cash holdings of the New York banks,
Notwithstanding the loss on transactions
with tn government. the latter being
due to heavy payments at this centre for
/ the account OF interior institutions which
/ have been settling obligations due tho
government by drafts on their balances
with local banks. So far in the current
month the federal Treasury shows an
! excess OF payments over receipts of more
! than Sl,200,OO0 on ordinary account,
while on all accounts the deficit to date
| from December l aggregates $2,J00,O00,
compared with a surplus in the same
| time last year Of more than Sl0OO,OO.
| For the fiscal year TO December l., how
ever, the excess o all disbursements
over receipts amounts 10 only S10,399,-
| 1873 against $1,000, 474 in the CORE
/ spending period ii year ago. The gov
eminent has big working balance in the
Treasury vaults, and, including its funds
/ in national bank repositories and in the
| hands Of federal disbursing officers, less
I current liabilities, it has a total avail
able balance for current needs OF more
than Sl29, 100000. The government IS In
"a strong financial position. Further
more the country at large is strong In
cash assets. The Bank Of England made
no change in its minimum rate Of dis
count yesterday, and showed in its
weekly return a proportion Of reserve TO
liabilities Of 1910 per cent, which COM
pares with an average for this week in
the last eight years Of 1851 per cent
The reserve declined from the figures re-
ported a week ago, the downward move
ment being in line with conditions Incl
dent 10 this period Of the year. re-
duction IN the Bank Of Englands dis
count rate is looked Tor in January.