New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-20
FINANCIAL RECORD
HERE And ABROAD
Market Dull - Stocks a
Bit Firmer-Demand
Sterling Drops.

Overnight consideration Of the de-
cision in the advanced rate case failed
TO arouse the securities market Bust
ness was unusually dull, the total OF
shares changing hands (under 5O,OOO)
approaching record low levels of last
June. Prices were little changed, with
more active issues showing a slight
irregular movement Bonds, too, we're
sbnormallv quiet The Interstate Com
merce Commission has granted rehei
that. when the railroads closed their
argument in Washington, seemed out
Of the question, but investment orders
were surprisingly light and profess
sional activity continued restricted.
For one thing, IL Is known that run
away bull market, which the nrst two
DAYS Of open trading suggested, Is
frowned upon in influential quarters,
While a sudden turn in the fortunes OF
war in Europe is able 20 upset the
foundation on which reconstruction OF
our international relations is based, II
is felt that some caution is still neces-
Ssry.
Yesterdays market was cautious 10
the extreme. Opening dull, there FOL
lowed the same uncertain movement oy
which Fridays trading closed. a Slght
fractional advance was not wholly
maintained. and prices turned reac--
tionary az tho close. Erie, common ana
first preferred, in proportion TO the size
of the market, showed considerable &C
tivity. but ended the day unchanged
New Haven made a good Improvement
Steel was up a small fraction, as was
New York Central. Just at the close
there was some buying OF Southern
Pacific. In general prices closed
trife better than on the saturday De-
fore.
Clearing House institutions reported
surplus increased SS,000,000, TO Sl25,-
10000. Loans were a trifle lower, but
deposit liabilities were slightly en-
larged. Reserve in vaults and IN the
Federal Reserve Bank combined showed
a gain of more than S6.5O0,OOO IN spite
of freer security trading. The local
regional bank reported that member
institutions had reduced their re-dlS-
counts from over 100000 to less than
Sl,0O0,00O.
In the foreign exchange market de-
mand sterling closed decidedly weak at
4.S6H, below the par of exchange. Inc
question as to how London would pre-
vent our taking her gold was subject OF
some discussion. Il Is possible that IN
placc Of realizing on our securities,
which would probably have to be done
at prices unfavorable TO the sellers
some such banking credit may be estab-
lshed here for Great Britain as was
arranged for France.
In London yesterday discount rates
were steady, though loans were a llttle
more in demand in preparation Tor
payment tomorrow Of another install
mont on the war loan. The condition
Of the Bank of France on December 10,
as announced by the Minister of FL
nance. showed gold holdings practically
unchanged since the end OF July, but
silver was nearly 30O,000,000 francs
lower. Circulation had been expanded
only about so per cent since the open
ing of the war. where the Bank OF
England had made an increase OF
around 70 per cent and the Bank OF
Germany reported its notes outstanding
more than double.
The Southern Railway made known
the sale of around $50OO,OOO IN per
cent bonds for refunding the maturing
issue Of q subsidiary. Such financing
will. IL is hoped, now be more common,
as one favorable result Of the freight
rate increase should be to make 1t pos
sible for the carriers 70 borrow without
resorting so generally TO short term
notes.
New York doomed larger as On inter-
national money lending centre yester-
dav. with negotiations reported for a
S15.OOOOOO Argentina loan and bids
asked on a Montreal issue of little
undcr 81 600 600.