New-York tribune., 1912-01-31
FINANCIAL MARKET
Money Rates Easy and Sterling
Exchange Conditions Sug-
uest Gold Exports.

while the stock market opened nrm
o,a eererallv higher than at the close
~ the nreceding day. TRANSACTIONS i'P
resented little beyond covering oPei
tions the only important ouyihe u'i's
.,,or+ed in Reading, New York Cenrh
u A,nericen Sugar Refining. the last
I'D ,ssue presenting unusual life and
selling at the best price recornen 'o' !"
s,rcA February. 1911. The America"
sugar Refining Company is ABLY anu
honestly handled by It's present ma
.o,,o,,t It's earnings are large ana '7
.tool, &c beine bought by substantial IN
terests. Philadelphia houses were n,
tive buvers Of Reading. New ho'N
central was well taken. but both TINS
iss,,s and Reading sold off with the gen
oro, lie, in the early afternoon, follow
,,, tho publication Of the December
earnings Of the Union and Southerh
cidc companies. which showed suos'Sh-
tiaI losses I'm gross and heavy declines IN
not returns. as compared with the same
nariod IN 1910. The larger part OF the
afternoon selling was for professional
account. the movement falling TO bring
ont inportant offerings or TO encourage
the theory that the bear element would
be able TO conduct for any length q
tinoa q successful campaign for lower
quotations.
United States Steel common was sup
norted around 63. but its price refused
TO rally with any VigOr doubtless OWING
IN the intense bearishness on the part uf
traders who are hammering the stock on
the basis Of the corporations position ih
relation to politics and to the relatively
small profits obtained on sales Of finished
steel products at current selling figures.
The quarterly report of the United
States Steel Corporation, covering the
last three months Of 1911, shows net
earnings Of 500, 100, 115, against S20.-
500, ,725 in the preceding quarter and
500. .99O.97S in the corresponding period
in 1910, with a surplus after dividends
Of SS9. .63S. making the total surplus for
the year 81, ,735, ,S24, compared with up
ward Of 81 100000 in the year before
In the late trading, buying by tie
shorts brought about better prices in
most parts Of the list, last quotations, as
rule exhibiting net advances. Ma.
tional Biscuit stock sold at 1J0 a new
high record.
Transactions in foreign exchange were
light in volume and rates were un-
changed from the closing figures IN
Mondays market, but the congestion of
funds at this centre suggested to bank
ers the probability Of a gradual upward
movement. eliminating in shipments 2f
gold to Europe. Buying for American
account Of the German state loans has
not been heavy. At the moment the
| larger part of our operations in the for
eign money markets is represented by
short term loans, including renewals,
which are being made for three months
on an interest basis much more favor
able than can be secured here on the
same sort of accommodation. The local
demand is inactive, and many instltu-
tions refuse TO make time loans at pre-
vailing rates, which run from 2h per
cent for sixty days to 3A@3h per cent
for six months and 3%Q4 per cent Cor
| over the year while the best grade of
commercial paper is quoted at 31a93M
| per cent. There is no large amount of
paper in the market, and current ind~
cations do not suggest material in.
crease in the supply in the immediate
future, owing to the fact that require
ments Of merchants are light, as a con-
sequence of the handto-mouth business
policy prevailing in all parts of the
country. Doubtless a marked revival
in trade will develop later on in the
year, when current growing bank re-
sources, including American credits
abroad, will come in handy. The coun-
trys export trade continues to expand,
shipments Of merchandise from the oort
Of New York, for instance, showing a
total value for the week ended yesterday
of $19,91O, 761, compared with Sl5,202,
S31 in the same time last year and S14.-
S17929 I'm the like period In 1910.
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