New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-29
FINANCIAL RECORD
HERE And ABROAD
Further Recovery, with
Close Firm Demand
Sterling Under 4.85.

The week on the securities m3rkt
began with further recovery Of one or
two points in the more active stocks
in the early trading. This display OF
strength must be ascribed TO short
covering rather than 20 any impo-tan.
accumulation Of investment ORDER
over Sunday or TO influence Of outside
developments. Still, the improvement
was neld. In the middle Of the day
business vas dull and prices reacted
a little, but toward the close this loss
was recovered and further gains re-
corded. Final figures were at or near
the best Of the day. The days turn
over was about on the scale Of last
week, with no sign of selling pressure
from abroad. Bonds were firm and
moderately active.
steel, which on Saturday had been
steady a. As. its minimum, advanced
over a point. as those who had gone
short realized there was no Intention
Of allowing trading at lower hgures
and covered as best they could. Read
ing, Lehigh Valley, Union and Southern
Pacific. Copper. Atchison. st. Paul and
Northern Pacific all showed notable
strength. New York Central and New
Haven also improved. Chesapeake &
Ohio and Missouri, Kansas q Texas
were reactiOnary. Southern Paclhc
convertible 5s were fairly active and
closed higher. Canadian Pacific I'M
proved on what appeared to be foreign
buying.
Railroad earnings for November
made public during the day told much
the same story as those that had
gone before. Southern Railway, Oma-
hs & Northwestern reported rather
extensive losses in gross and net. Chi
cago Great Western turned a small
decline in gross into a net Gain.
Atchison again reported good tec)v-
cry from last years poor earnings.
These statistics were practically with
out influence on the course of trad
ing, Atkinson making the greater part
Of it's gain before its earnings we're
announced
Sterling exchange was decidedly
weak. Checks for Saturdays steamer
sold 4 of a cent in the pound below
the previous low record for the wear,
set last week al 4.S5. Accumulation
of bills against January settlements
and disbursements has found few pur-
chasers. Sterling cables, too, were
lower. Exchange on Paris and Ham
burg ana Berlin declined. The foreign
exchange market presents absolutely
no sign of any important demand Tor
remittance M payment of securities
sold here for foreign account.
The trend Of money rates was down
ward. Call loans renewed at pa per
cent. where 3 had previously been the
lowest since war began. Though lend
ing institutions endeayored TO MAIN
tain the rate of per cent on time &C
commodation. borrowers held off FOR
concessions. bidding 3i5 per cen: on
the longer dates. Mercantile paper
was i'm good demand. but the market
was auiet. as offerings were light.
Philadelphia lowered discount rates
al the Regional Bank TO New York
levels Of 4ig per cent for thirty days
and . for longer maturties. Ricn-
mond and Atlanta put into effect
similar reduction allowed by the Re-
serve Board last week. Discount rates
I'm London were easier, and stocks were
duh. with some buying of investment
issues In Paris cash trading on the
Bourse continued quiet.