New-York tribune., 1912-01-17
FINANCIAL MARKET
Money Rates Easy, with Light
Demand for Accommodation.

Transactions in yesterdays stock mar
ket were light in volume on move
ment Of prices that showed irregularity
in the best part OF the five hours OF
trading. In the late dealings strength
was reported in most parts OF the active
list, buying apparently coming from
interests and from operators
who had sold short earlier In the session.
Reading, Union Pacific, United States
Steel, Baltimore & Ohio. st. Paul and
Consolidated Gas were strong features,
the last named being bought on a fuller
appreciation Of the great value Of the
company's assets, and TO some extent
upon the well founded idea that as a
fuel company the Consolidated Gas
Company would benefit by conditions
favoring improvement in the earnings
Of the anthracite coal companies. United
States Steel common rallied easily. In
iron and steel trade centres there is no
lack Of optimism over the future Of the
Industry, while in we'll Informed Wall
Str ,et circles both the common and pre-
ferred stocks Of the United States Steel
Corporation are being accumulated in
the expectation that much higher quota
the current year.
1t is generally believed that the earn
ings of the big steel concern for the last
quarter Of 1911. which will be published
will 10 70
favorable showing than looked for at
the close Of the preceding three months.
Prices for finished steel materials did
not enjoy material improvement in the
final quarter of last year. but there was
a tremendous increase in new orders
OF the total business in yesterdays
stock market the larger part was sup
piled by Reading, Union Pacific and
United States Steel. On realizing sales
Lehigh Valley closed at a net loss, but
elsewhere in the hard coal group ad-
vances were recorded, Central Railroad
of New Jersey, for instance, on small
dealings, ending 1875 points up, its high
price for the day being the best ever
reported in the history of the company.
Buying of st. Paul was considered good.
There was enough good buying in the
general list to discourage the idea Of eX-
tended operations for bear account in
the immediate future. While prices Of
stocks as a rule are not at the bargain
level, there is nothing in the technical
position of the market or in outside con-
ditions that warrants optimism on the
part Of the bears
The general money market was mac
tive, with no change in rates, business
in the time department being confined in
large part to one-year loans, which
were quoted at 4d4h per cent. Loans
to run for many months are being made
on a basis that does not represent much
profit to the lending institutions, but
the big financial concerns are finding
an outlet for their surplus funds in the
bond market, where there are many op-
portunities for profitable investment
operations The best class Of bonds are
not dear, from a conservative point Of
view, dl prev dlIlllb NuOldAiOiio. nv ~
terest return on high grade mortgage
issues, as a rule, is above the present
price of money, while the same thing
may be said of standard stocks, which
many spectators are buying on the
theory that money will be easy for
months to come. and that the low cost
of carrying stocks eventually will induce
active buying by commission houses for
public account. Sterling exchange move
mcnts suggest that Europe will draw gold
from this country, either on direct ship
ments or by exports Of the metal from
New York to South American countries,
to settle European obligations through
the medium of this market. The fact that
this country has large credits abroad
and is In a position to finance the debit
balances Of London, Paris, Berlin and
other foreign capitals in South America
is something OF bull argument on the
United States. Wall Street may have its
bears, but the country at large is well
supplied with bulls. Business conditions