New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-01-19
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
StoCkSaDuII and Irregular-Ger-
man Loans.

Total transactions in stocks dwindled
to about 100000 shares yesterday ana
during the greater part Of the session the
market hardly moved Net price changes
were small, except In the case Of few
specialties. which on single transactions
made gains of from 3 to ~ points; and
I'm general the stocks In which there Is
commonly some degree Of activity were
dull and declining. while specialtios were
strong and fairly active Some new high
records we're made. among them In Cen
trail Railroad of New Jersey and National
Biscuit common and in the new Ameri-
can Tobacco stock. Union Pacific con-
tinued heavy, declining nearly point on
sales much smaller than usual; and Steel
common receded fraCtionally on restrict
cd dealings, its weakness rejecting the
less optimistic views of the immediate
outlook for the steel industry which have
| found expression within the last few
days. There was a slight upward move
ment in Missouri Pacific on reports that
the system had made arrangements by
which the Morgan house would become
its permanent bankers; but the gain was
lost and the stock fell into inactivity
when these reports were authoritatively
denied. one Of the causes assigned for
the haItiug attitude of the market was
the fact that the 81. Pauls executive
committee was TO meet before the close,
the expectation being that some an
Irounccment regarding the next dividend
might be made. although the only ques-
ton I'm the minds Of traders was as to the
amount Of the reduction. 1t being as
sumcd that the decline in the stock dur
ing the last few weeks pointed inevita
| bIv TO n lowered dividend rate. No news
came ont, the announcement Of the rate
being left for the next meeting Of the
full board, but the defcrring of informa-
ton on the point had no effect upon the
market. More probable causes for the
hesitation in the trading are the efforts
which are making to secure investigation
| by Congress into the so-called Money
Shipping and Harvester trusts, inquiries
which IL may naturally be supposed
would have a disturbing influence in the
financial district
! No change from the stagnation which
/ has so long existed in the money market
occurred yesterday, and with the banks
still steadily gaining cash from the in
terror the surplus Of loanable funds al
this centre may be expected to show fur
Their increase in this weeks bank state
ment. Call money ruled between "a
and 9 per cent, and the supply OF time
funds was still much In excess OF the
demand from borrowers, little business
being done and rates being unchanged
except for a lowering Of the asked figure
| for four months money Very large
German and Prussian government loans
were announced in which local lenders
! Of money are interested; for, although II
| is not probable that bankers and insti-
tutions here will be subscribers for the
new loans. they arc likely to have In
direct participation through extension OF
| the loans made by them TO German Dor
| rowors I'm December. Practically all Of
these loans mature before January 81
| but in view Of the bringing out Of the
government loans the German bankers
are expected TO ask for renewal OF their
obligations here at attractive rates oil
interest and these requests will readily
be granted, because Of the excessively
easy condition OF the local money market