The Washington times., 1912-01-14
NEW YORK STOCK MARKET is NARROW
WITH ROOM TRADERS ONLY OPERATORS
Combine Limit
Thoroughly Seousy
lions Unatainabe as Ye-Finances Money, Gossip.
' Pubiica ations.

corporations and Involving millions OF
loss. the catastrophe was an exceptional
hardship to the Stock Exchange in con-
curities locked up in the Mercantile
Safe Deposit vaults in the bas, ment of
the building. 1t was impossible to de-
liver such stock, and the exchange was
forced to suspend deliveries. At one
time II was feared that the securities
would be destroyed and thereby em-
barrass bankers and brokers, and the
market declined, but these fears were
speedily set at rest, and recoveries en-
sued.
Aside from the depressing incident or
the Equitable Life fire. the political
news and washington DEVELOPMENTS
were not wholly reassuring. Rumors
of an impending investigation OF the So
while nothing Of a conservative ~ or re.
assuring character emanated from the
political gathering to celebrate Jack
sons Day at Washington. In addition,
the Stanley Committee resumed its in
Corporation with Mr.. Carnegie for the
star Witness and II cannot be said that
the innocent prettle OF the 'ironmaster'
was gratifying to thoughtful men
charged with. important interests. The
Commissions plan for banking and cur
rency reform along the lines of the
Aldfich bill was about the only en-
couraeing Washington development of
the week. but. of course, this was with
out market influence.
Industry and Money.
without question the most favorable
developments of the week we're the
highly encouraging tonnage report Of
the United States Steel Corporation,
which showed untitled orders on hand
on December b OF 5.os4. .76l tons. an in
crease for the month OF December Of
942,s06 tons. This showing. Of course.
gave ample confirmation of the encour-
aging advices pertaining to the iron and
steel Industry which have been current
in the financial district for some timc
past. In line with this was a report of
the Copper Producers Association show
the surplus supply of the red metal for
she month. Despite these sigis of In
dustrial revival, trade authorities still
dwell upon extreme conservatism in
the merchant and manufacturer w;fs
accurately summarized by Mr.. John
Clofiin when, In presenting his SEMI
annual report to his shareholders. he
said: General conditions are gradu-
ally improving. and the outlook would
he coed IL politics and tariff uncer-
tainties were eliminated"
AS for the money market II developed
no feature OF interest aste from the
seif-apparent accumulation of funds at
this center and continued easy ten
dency for time and call money and for
commercial paper. As for today's bank
statement II was one of mighty
changes. The report OF actual condi-
tions gave the cash incre ase as $22. $780,
600. Loans expanded $3S, ,126 900 and de-
post liabilities increased $60,3l4,O0O. 1t
seems apparent from this that out Of
town banks are reversing their opera
tons of December. That is, they are
canceiing their New York loans and
depositing their money in local banks
for the interest they receive. The local
banks, In turn. are taking over the in
terror loans to Wall Street. The sur
plus reserve of clearing house banks
and trust companies increased $.711, 800
and now stands at $34. .s50. 800 above legal
requirements.