New-York tribune., 1912-01-11
FINANCIAL MARKET
Rise in Stocks, with Feeling More
CheerfuI-EaSe in Money.

Although the NOIOme OF tTdlSd'tOIIS
was slightly smaller than on Tuesday,
sentiment I'm the stock market was much
more cheerful yesterday, and this con-
fidence. which was largely due to the
practical certainty that the vast amounts
of securities buried in the ruins Of the
Equitable Building would in time be re-
covered intact, and which was also
helped by favorable reports concerning
the status of the steel industry, was re-
flected i'm a continuous improvement in
prices. the advance being most marked
in the last hour. The close showed gen
eral net gains. fractional in the main.
but running to IA points In United
States Steel. common and Reading, >
points in Union Pacific, which displayed
it's first real strength for many days
and 2L points in Lehgh Valley, The
tying up of securities in the fire ruins
and the maintenance of the police lines
i'm q wide area around the shell of the
Equitable Bnilding. which made difficult
the transaction of business by many
brokerage houses and banking inStitu-
tions. were again felt as handicap. but
i'm the unusual and hampering circum-
stances every reasonable allowance was
made. and the Stock Exchange govern
ing committee did it's part i'm further
suspending the rule requiring delivery
Of securities extending the privilege 10
all parties directly or indirectly" af-
fected by the fire and in placing in the
law committee authority to extend tho
period Of suspension i'm it's discretion.
1t had been estimated that the state
ment Of the United States Steel Corpora
ton would show an increase Of perhaps
half million tons IN untitled orders on
December 81, as compared with the fig
ures of November 50. and the announce
ment of an increase Of $4,000 tons.
which is understood TO be the largest in
crease ever booked i'm a single month.
had A stimulating effect upon the mar
kct in general which was heightened by
the report Of "The Iron Age" i'm its week
" review Of the field that a large vol
ume of new business was being booked
in some important lines. with heavy or
ders coming in for steel rails from the
railways its conclusion being that the
course Of the iron and steel market since
January had been more satisfactory
than might have been expected.
The extreme case in money was main
tained. the call rate touching only 2i2
per cent as the maximum and closing at
o while the rates for time accommoda-
ton for all maturities were unchanged
at low figures. with little demand. BOr-
rowers on call whose loan envelopes are
in the vaults in the Equitable Building
were in any case in no danger Of having
their loans called. as the supply of loan
able funs so greatly exceeds the de-
mand: but in their case, as we'll as In
that of borrowers Of time money whose
loans have matured since the fire, and
whose collateral is in the Equitable
vaults. automatic extension of the loans
is given by the circumstance that the
lending institutions cannot require the
liduidation OF the loans unless they are
at the same time prepared TO surrender
the collateral. There was some bidding
by London institutions yesterday for
loans at per cent, to carry until 1.-THE
last day of the month. the payday of
the settlement; and some of the local
banks placed large sums at the disposal
of the English borrowers at that figure.