New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-27
STOCK MARKET REVIEW
Moderately Strong Market
Bound by Stiff Money Rates.

HeaCe neBOlldIlOHSJ dSSOioihS W
manipulated dispatches from abroad
were in a more favorable position
Yesterday than at most any recent
period. The hope which reports OF
Monday had given Of favorable ar
rangements by the Bulgarians and the
Turks was thrown into the general COL
lection of gloomy forebodings when
have marked the progress Of the affalrs
In war only So far as the New lorK
stock market was concerned, the SEN
sational newsmongers Of foreign CEN
tres had overplayed their hands ana
there was a disposition to ignore the
unsatisfactory cables reporting the
progress Of affairs. The London mar
ket offered little encouragement, but IL
WAS an Improvement over Mondays
close. as some stock had displayed ac-
tivity and good gains for the day.
Amalgamated Copper, Canadian "a
cifc. Norfolk & Western and Union Pa
cific were the strongest. Reading ana
Southern Pacific closed higher than on
Monday in the London market Inc
New York stock market had quiet
opening, but there was marked firm
ness in the standard issues, which, on
the whole, exhibited fractional gains
over Mondays closing prices. An EVIL
dence of the independence Of this mar
ket Of the London quotations was IN
United States Steel, which displayed a
gain on its opening price here, while the
London price reported was off from
Mondays closing quotation. Union Pa
cific, Reading and Lehigh Valley opened
strong, but Canadian Pacific, on an
initial transaction of one hundred
shares. showed a gain Of IL points. 1t
was evident in the early trading, how
ever, that the market would not be al
lowed to advance so rapidly, and at
certain advanced levels stocks were
supplied, which fact restricted the
range and volume Of trading. The
question Of money was a factor In the
trading and the calling OF loans kept
the market comparatively dull. Ne
yada Consolidated made some response
TO It's extra dividend declaration Of
Monday, and, in line with other cop
pers, preserved a firm tone. Business
did not include an array OF many
stocks. and movements we're entirely
professional, and as usual, there was
little II any public participation. Dur
ing the morning traders were interested
in a rumor that the Treasury Depart
ment had arranged to deposit S25,OOO,-
600 in the local banks, but as that in
formation could not be confirmed. 1t ex-
cited little speculative interest among
the market followers. Commission
houses were more inclined to the bull
than the bear side Of the market.
The fluctuations Of call money yester-
day were quite spectacular. Money
opened at 8 per cent and rose to II per
cent, and later, about 2:30 o'clock, went
as low as per cent. According to the
local bankers, the immediate cause Of
the fight of call money was heavy call
ing Of loans on Monday by two large
institutions, one bank and one a trust
company. In addition TO this there has
been a heavy calling Of loans by West
ern financial institutions and a with
drawal of funds by Canada, which coun-
try is also in the market as borrower.
II is not unnatural to expect a rear
rangement Of loans at this time, as at
any period now the Controller OF the
Currency may issue call for report
by the national banks, which will be the
last call Of the year. Since July loans
have been reduced, so that at the pres
ent time the lowest aggregate loan item
of the year is shown. The influence Of
call money was more important in
yesterdays market than the good news
Of the day shown by the announce
ment Of the engagement Of $4,000 ad-
ditional gold in London for this mar
ket and several good railroad reports
for october. The closing Of the, stock
market, while irregular, displayed many
gains for the day. but on the whole
prices we're firmer and the undertone Of
the market was better.