New-York tribune., 1912-01-04
FINANCIAL MARKET
Early Advance, Then Irregular
DeCIine-MOney Easy.

movement set on the first business day
~ tha new wear was too rapid to be
-, ,sintained for long. and the slackening
occurred before Yesterdays session had
proceeded far The opening was strong
and active. and the list continued 70 au-
vance for few minutes, the lead being
taken bv Lehigh Valley, which rose more
than & points on buying, accompanied oy
revived reports Of melon cut'ihs oS
the directors at their coming meetihs'
Profit taking on a heavy scale oesah
soon after the opening, however, ana
reu lines Of shorts were put out the
calling from these sources operating 70
check the advance and TO initiate
downward movement, which contlnueu
d,r;ne the rest Of the session, the low
As+ prices of the day being made In the
,es+ hour and most Of the prominent
Issues closing at small net decilnes'
while some Of the specialties sunereo
1osses running from ] 10 nearly points
The panhandle stocks were consplcu-
oue,v strong. as on the preceding day.
and there were rurnors Of an Increased
sividend on the common. Lehigh val
lev in which the trading was larger
than in Reading or Union PacInc' anu
sooon6 only TO United States Steel com
n,on lost most Of its gain before the
close it's net advance being just under l
no,nt Union Pacific and Reading closed
lower than on Tuesday, after having
shown pretty constant heaviness, and
Steal common, which has risen TO new
high record for the period beginning
with its touching 80, few weeks ago.
receded nearly 2 points, closing at the
lowest. net loss Of about / point Inc
conner stocks were all active, making
early advances, but closing fractionally
down, in spite Of the encouraging out
look in the copper industry. There was
some commission house and reinvest-
ment buying in the early morning but
during most Of the day the transactions
in the market were almost entirely pro-
fessional
Large issues Of bonds by railway and
other corporations are looked for in the
near future, one Of the first being the
S35 900, 900 New York Central debent-
ures recently authorized by the Public
Service Commission. For the present
the money market continues In a state
Of extreme ease. The rate for call loans
Yesterday did not rise above 35 per
cent, and touched 2A; and the time
with
unchanged and with borrowers disposed
to expect lower rates, and therefore de-
ferring the making of engagements at
the current level. Foreign exchange
rates were fractionally higher. under the
influence Of the easy money conditions.
A shipment of S250,000 gold will be
made to the Argentine by to-morrow's
steamer, and arrangements may be
made for sending consignments Of the
metal to Costa Rica also. Both opera
tions are for account Of Paris bankers,
who figure that in view Of the prevail
ing money market and foreign exchange
conditions here, in contrast with the
hardening tone Of money in Paris, 1t will
be more pTOHIdplo iol Sheih " hidho Nho
Withdrawals from this centre than from
their own city.
The weekly reviews Of the iron and
steel industry report a continuance of
the cheerful sentiment among the manu-
facturers, although expressing rather
qualified optimism as to the volume Of
orders to be looked for within the next
few months, and noting that the heavy
business booked toward the end of De-
cember apparently reflected to some ex-
tent the desire Of consumers to get their
orders in before the going into effect OF
the higher prices for steel products. An
indication Of the Improvement in the
general business situation was afforded
yesterday by the summary of CONNER
cial failures in 1911, total liabilities
being S10,500,000 smaller than in the
preceding year, although the number OF
individual failures showed an increase.
The report Of the Controller of the Cur
rency. summarizing the returns made by
the national banks in obedience to his
condition call Of December 8, showed o.
loan reduction Of $4,301, 900 from Sep
tember and loss Of S32, 1876. 600 in
cash holdings. Since the call Of No
vember 10, 1910, loans have increased
by S20S,464,OO0 and cash holdings by
SAT, 100000.
SUNDAYS NEW YORK TRIBUNE