New-York tribune., 1912-01-23
FINANCIAL MARKET
Money Easy and Foreign tx
chance Rates at Higher Level.

Trading in STOCKS was Hlou0'"''''
tive in the five hours Of business OF
movement of prices that showed great
;r-oeu1aritv. with net gains and losses
about evenly divided among the leaoi"s
ao+,ya shares. While there was notable
degree of strength in certain parts oi
the list, the upward movement 1aileu ~
attract an outside demand, the absence
of public buying naturally encouraging
cnorations bv professional traders Tor
| lower quotations. these operations, now
ever, failing to induce liquidation or 10
create pessmism among SPECTATORS VINO
| believe that i'm spite of efforts OF the
hears tn bring about lower levels the
general tendency OF prices must be IN
the direction of higher range just as
long as there is plethora OF money III
tho hanks and as long as the business
community presents signs of expansion
in the countrys industries. The fact
that United States Steel was hammered
nv ordinary traders suggested 10 some
minds in unimportant commission house
circles that the time was ripe for getting
o,,t of long contracts in all parts Of the
market. Interests with millions behind
them were not sellers Of Steel. II they
had been the stock would have closed at
big net loss.
Board room operators are better talk-
ers than thinkers. and their ideas on the
future Of the United States Steel Cor
poration are based entirely upon their
current commitments in the market.
The United States Steel Corporation VIII
survive speculative attacks, trade
attacks, Stanley committee investiga-
tions and the government suit to hnd
out whether or not the great industrial
concern which employs more than 100
600 men is an organization in restraint
of trade. Furthermore, the steel business
in this country will not go to pieces
from the possible enactment OF tarln
reducing import duties on iron and steel.
In the active list net losses as a rule
were confined to fractions. while net
gains likewise were within narrow
figures. except in a few issues, notably
the Hill shares. The InterborOugh- Met
ropolitan stocks were in good demand.
but closed under the best prices on real
izing sales.
Money market rates were unchanged
Yesterday from the quotations reported
last week, and general conditions gov
crning the monetary situation did not
suggest the development Of higher levels
in the immediate future, although in
some quarters OF the Street 1t was
thought that the accumulation Of funds
here soon would result in shipments OF
gold in volume large enough to bring
about a higher range for loan accommo-
dation. Sterling exchange was strong.
! the upward movement being based on
! the difference between money rates here
and abroad, on the European borrowing
/ in this market and general operations in
exchange influenced by the heavy gain
| in the cash holdings OF the local banks
as disclosed in last Saturdays Clearing
House statement. Demand sterling ad-
I.Vanced to 4.S7h, the highest point re-
ported since the early part of June, 1910.
| Bankers believe that further exports OF
gold will be made to South America for
European account and that direct ship
ments to London soon will be announced
unless there should be a radical change
In international money market cond-
tions. Although the Bank of England
is in a strong position, it is conceivable
4
advantage will be taken of the local
situation to add to the gold holdings
of the British institution. At the moment
exchange is under the point at which
gold exports to London would be profit
able, but the course of sterling yester-
day suggests that the market is steadily
moving to the point at which the yellow
metal can be attracted to the English
capital from New, York.