New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-11
FINANCIAL RECORD
| HERE And ABROAD
Security Prices Firm-lssue
of Long Term Bonds to
Test Public Demand.

Security prices we're well maintained
yesterday. though the volume of busl-
ness in bonds fell off and dealings IN
stocks through the Clearing House
contracted in anticipation of the open
ing Of the floor for trading to-mor-
row. Money was trife tirmer IN
tone for the same reason, but call
loans again were made as low as 81
per cent and time accommodation was
offered at from 4 to 4A per cent.
Sterling exchange was a trihe frmer
on buying for to-morrow's mail steam
er, while marks were easier.
Bonds closed a trifie frmer, while
some of the issues that had been dealt
in below the general level Of the mar
ket improved. The list was not quite
90 broad as on Wednesday, but IN
cluded further addition Of dozen or
so obligations that appeared for the
first time since reopening. Stocks as
reported from the Clearing House were
generally unchanged. the closing list
showing an easier tendency than that
given out after ! o'clock.
The investment market for long
term securities is soon to be tested by
an issue of Chicago e. Northwestern
bonds, the proceeds Of which VIII be
used 10 retire an issue OF around
S13,000,000 Of 7 per cent sinking 1und
bonds that mature in February. Should
this borrowing meet the same success
that attended subscription recently tor
the Canadian Pacific equipment trusts
the way will be opened for further
corporate borrowing Of similar char
acter An important issue Of equip
rent trusts will shortly be put out
BIZ one of the large railroad systems.
The change in the investment market
has been recognized by the state
Banking Department, which VIII ailoW
savings banks to value their bona
holdings at the average between high
and low prices for July, with further
concessions in special instances. state
and inactive municipal bonds outside
the Citv of New York will be valued
on the June basis.
Outside news of market interest was
of varied character. Grave reports OF
the condition of the German Empe-
ror we're circulated, with all kinds oil
surmises as to the result upon pres
ent hostilities should his illness prove
fatal. In Washington the governors
OF the Federal Reserve banks were IN
session, considering, among other
topics. how to bring state institutions
into the system. Though free clear
ing of members checks offers some
inducements, it is understood that Tor
the present few of the local state
banks and trust companies are CON
sidering taking advantage OF the new
national banking act.
The governments estimate OF TINS
years cotton crop OF over Io,90O'OOO
bales. exclusive of linters, brings II
well above the previous record year OF
1911. The estimate of value, based
ON the average price of 6S cents on
tho mound on December /, IS more
than $3.50. 100000 below that of last
year. which indicates the magnitude OF
fine problem that is facing the South
Irnfilled orders of the Steel Corpora
.ion at the end Of November were the
smallest since 1911. The loss OF
around $4,000 tons in the month was
rather less than expected. as produc-
ton was on an unusually low scale'
New tonnage in December, however, is
said to have improved. he steer
CORPORATION, owning and having under
charter so good a supply OF vessels Is
able to take foreign business where
other concerns are hampered by hlgh
ocean freights. 3
The Bank of England, in spite OF
changes resulting from payment
toward the new government loan
strengthened its reserve to over 81 2
nor. cent from under 80 the week be-
fore. Gold was .trihe lower, as
81 ,O0O. 900 has been set aside for note
W Gemption. Loans to the money mar
ket were some s4,OOO,00O greater, but
deposit liabilities were reduced, as
outside banks drew out s47,000,OOO and
Government deposits made an increase
Of some s5,OOO,OOO less. Discount rates
in London were shade tirmer. In
- =. LII ,op+ec were steady.