New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-01-04
REVIEW OF THE
WEEK in FINANCE
Quiet Days in Security
DealingS-PriCes Are
Well Maintained.
TO MEET
TREND OF MARKET
Abnormal Monetary Ease at End
of Year-Bank Surplus Lower
Foreign Loans.

Foreign Loans.
Trading in stocks on the Exchange
last week decreased in volume 10 al
most record dulness. This was not the
quiet feared in some quarters that
would ensue when minimums were
reached in active stocks, as IN most
cases prices were little higher than
on the Saturday before. Speculative
impulse was lacking, and outside buy
ing of investors continued light Money
for security loans WAS remarkably
easy for the end of the year, but tins
was still not sufficient incentive 10
trading. News that ordinarily would
be of market moment had no effect
on tho course of trad and beyond
the fact that stocks held hrm there
was little significance In price changes
IN such market.
Stock Exchange authorities made no
reduction in minimums fixed on more
active issues. considering that since
low levels had been established and
maintained after fear of a sudden on
rush OF European selling had proved
unfounded 10 was senscless TO lower
them at the first sign Of pressure. As
result. repurchases by those who had
sold short in expectation that trading
would be allowed IN active shares be-
low present mlnimums, caused some
advances early in the week. That
Stock Exchange authorities do not IN
tend 10 preserve minimum prices when
they are absolutely out of accord with
the trend Of supply and demand was
made plain by official announcement
during the week At Saturdays close
part Of the early improvement had
been maintained Fridays holiday
naturally intensified the stagnation o.
the market. a few Instances OF special
weakness developed where difficulties
of corporate finance seemed 70 be com
ing 90 q lead.
Good Demand for Bonds Expected.
Business In bonds on the exchange
and over the counter continued IN fair
Iv good amount Investment demand
here is much larger than in stocks and
is expected TO increase. as reserves re-
leased by the new banking act have
swellcd the surplus of idle funds re-
sultiug from smaller requirements OF
business. The present disturbance is
emphasizing the Importance Of safety,
and buying is largely being centred ln
bonds and short term notes OF the
highest class. Some investment houses
expect q good demand and fairly firm
prices for such issues until the end
Of the war.
The Presidents protest 90 Great
Britain over unnecessary interruption
70 American commerce in the enforce
ment Of contraband regulations was
viewed with calmness in the financial
district. Warning nations arc creating
new standards of international pohcy,
and neutral powers like ourselves,
actively concerned in trade with the
belliCercuts, must make plain from
time % time that regulations nut IN
force shall not improperly Jeopardi@e
our interests What war means has
been made so plain in the last he"
months that il is possible for ques-
tions affecting the interests and honor
Of the nation 20 be discussed with
other countries soberly and tolcrantly,
without arOusing any OF the 'Jingo
feeling that might crop out IN normal
times.
Railroad earnings in November,
made public during the week, contained
little that had not been anticipated
Trade depression for the month was
evident in lowered gross, but railroad
expenditures in many cases are now
being reduced to levels more in accord
with the lessened volume Of trafnc
For December such figures OF gross
earnings as have been presented moi
cate a little better movement OF goods
than for the month preceding. Rail
road shops are buster than Tor some
time. ~
Some orders and inquiries from the
carriers gave encouragement 70 the
steel trade. but il is yet too early TO
saw how much new business Will come
to the industry from orders by the
carriers. For December new bookings
we're considerably in excess OF the
low total that came TO steel mills the
month before. Prices on steel bars
structural shapes and plates we're al
vanced during the week, an important
step in the process OF trade recovery.
A slight increase In mill operation 10
expected this month and pig IRON pro
duction will probably be moderately
extended.
No Upturn in Money Rates.
Usual end-of-the-year requirements
were without influence on the money
market, 80 great is the excess OF IN
used funds. Time accommodation be-
fore the week had closed was offered
as low as 3A per cent. Call loans
early in the week renewed al PA per
cent and the renewal rate over the
week end was 9. Mercantile paper was
scarce and bought at lower rates
Other regional banks lowered reds
count rates.
The foreign exchange market was
abnormally quiet Demand sterling
sold at under 4.S5 and cables showed
little sign Of any important buying
for end Of the year settlements. Cor.
porations which had disbursements OF
dividends and interest TO make on the
other side in this month had obviously
c,n their purchases Of exchange
some time ago.
In Paris recovery from extreme
SHANGHAI disarrangement was indicated
IN the announcement Of number OF
the larger banks that they would no