New-York tribune., 1912-01-05
FINANCIAL MARKET
Stocks Irregular and Trading
ProfessionaI-Money Rates
Auain Down.

Trading in the stock market yesterda!
WAS on A slightly larger scale than on
Wednesday, with the price movement
irregular throughout. The standard
railway shares were neglected, and the
,,oet consp;cuous issues We're Lehigh
Valley. in which as on the preceding day
.ho e.Ios were exceeded by only those Of
steel common and American Can pre-
ferred. both stocks being bid UP oy inc
CANA eroup Of operators and both ad-
vancing sharply. although Can preferred
lost a full point of its gain before the
close. A number Of the specialtles also
were strong, as were the copper STOCKS
which closed with small fractional net
gains. Steel common rose about
! uoint. and then declined as much, clos
ing unchanged from Wednesday; its
nrice fluctuations following the general
course Of the market and being little in
fuenced 1y the announcement from
Washington that the Ways and Means
subcommittee had decided to report a
hill reducing steel and iron duties by 30
TO 81 per cent. a development which mas
been looked for. Union Pacific was
again heavy. but on no definitely un-
favorable news. and the large short m
tcrest i'm it was materially increased.
There was next TO no COmmiSSlGn-house
business. the days operations being dis
tinctively professional and representing
6 r
ties and individuals. More attention
was paid to the threatened Money
Trust" investigation. the possibilities
arising from which. If it shall be ordered
bv the House, are beginning to excite
uneasiness in the Street. feeling which
was t. some extent a factor in yestcr-
DAYS uncertain price movement. \
large business was done in the bond de
partment. at advancing prices. the lead
ers being the Metropolitan rs, when
issued." and the Wabash refunding As.
Further ease developed in the money
market. the maximum call rate declining
for the third day in succession 10 3 per
cent and some late loans being made a.
2lo while the supply Of time funds was
Increased and slightly lower rates We're
quoted for all periods up TO six months.
The banks have gained 50 far this week
On their operations with the b-Trcas-
urv S4.27J.0OO, and the inflow from the
interior is so constant and in such vol
ume as TO make probable continuance
of the easy position Of the money mar
ket for some time, although large
financing operations are looked for
within n relatively short time. Demand
sterling was strong. rising 10 points on
the day. mainly on buying by instltu-
tons which were arranging 10 use their
surplus funds i'm the NOR" profitable
,noney markets II European centres.
Additional engagements Of gold for
shipment to-day e. BueuOs Ayres were
announced. making a total Of SIoO,Wn
for account of bankers In Paris. whcr"
the money conditions arc such as 80
make II desira bic for obligations Of that
centre 10 South American countries -
be met from the gold reserves Of New
York and London. and the cables re
ported shipment Yesterday Of Sl,OD
UOO gold % South America 10y the Bank
o. England, which was understood 10 be
ON Paris account more cheerful feel
ing is reported from Paris now that the
end Of -the-year settlement has been
safely effected. but money is far from
easy there, ana the weekly statement Of
the Bank Of France, with its decrease OF
81 600 900 in gold and silver holdings
and its expansion Of more than $1,000
900 in loans, is not reassuring.