New-York tribune., 1911-12-23
FINANCIAL MARKET
Banks Gain Upward of S8,0OO,'
600 on Weeks Currency
Movement.

Transactions in Yesterdays stock mar
fet were light in volume. while price
changes as a rule were unimportant, Le-
high Valley and the Great Northern
certificates being exceptions. Lehigh
Valley made new high record selling
st q maximum advance of 3 points, while
Great Northern ore certificates gained
inward of . points. the strength and ac-
tivitv in the latter being based 10 a
large extent upon the statistics pub
Nshed by THE Wall Street Journal.
showing. among other things, that divi-
dends paid in recent years by the COM
many represent receipts from leases
other than those 10 the Great Western
Mining Company, the subsidiary or the
United states Steel Corporation The
money received from the United States
steel Corporation evidently Is held by
Tho ore trustees IN the form of invest
ments i'm bonds and other securities
The Great Northern's lease Of its ore
lands TO the United States Steel Cor
poration will be terminated by mutual
agreement at the close Of 1914, ana al
that time the trustees of the Great
Northern ore Company Will have re-
ceived from the Steel Corporation more
than $27,OOO,OO0 The general market
was lifeless and uninteresting through
out the day, most stocks moving In
listless manner and showing small frac-
1ional losses at tho close. Union Pacific
and United States Steel ended unchanged
from the preceding day, while Reading
presented an insignificant gain. Denver
& Rio Grande preferred. which lost 25
points I'm Thursdays market. closed at a
loss Of IS. There appears TO be no good
reason for the talk Of receivership pro-
ceedings against the Denver & Rio
Grande. but the company's securities
doubtless will go TO lower level as a
consequence Of the practical bankruptcy
OF the Wabash system and the general
unpopularity Of the so-called Gould
issues. Among the speclalties American
Cotton oil was a strong feature. The
Rock Island stocks were we'll bought on
the decline, and heavy operations were
reported I'm the Wabash Tefunding As,
which moved TO a higher range.
According to the known movement Of
money in the current week. the local
banks have gained upward Of SS,OOOOOO
in their cash holdings, due to large re-
ceipts Of currency from the interior and
30 receipts of new gold. The loss on OPP
erations with the Sub-Troasury was ST.,
514000, while the gain on the inward
movement Of money, including new gold,
was $9,149OOO Money market rates and
tho estimated increase in the cash re-
sources of the Clearing House institu-
tions foroshadow a substantial eXpan-
sion I'm the reserve above legal require
ments in to,day's exhibit of the associ-
ated banks. while they do not suggest
etringency in the loan market in the last
week Of the year as a consequence Of the
financing Of the heavy January interest
and dividend disbursements. The none
tary situation is sound. Reports of the
try under the recent call Of the Con-
troller Of the Currency Indicate general
improvement as compared with the pre-
ccdng call and with that made at this
time a year ago, while adyices received
since the call of the Controller reflect a
growing disposition on the part Of the
mercantile community TO come into the
market Cor funds. 1t is generally be-
lieved that in the new year there will
be an active demand for accommodation
I'm all lines of trade