Omaha daily bee., 1921-01-05
Financial
CHE Nem 1ork @meS.
BY ALEXANDER DANA MOVES.
Chicago Tribune Omaha Bee Leased wire.

Chicago Tribune -Omaha Bee Leased wire.
New York, Jan. 4.--Today's mar.
ket witnessed no easing of in money
rates; even the J per cent rate for
call loans, which has been niain-
tanned uninterruptedly since the moni-
entary E per cent~-ratc OF De-
cember II, was quoted in all transac-
tons. In the time money market,
prevalent rates for loans on indus
trial security were, in fact, . trifle
firmer than the day before.
But in all branches OF that market
very small business was repre-
sented, and, since this condition is.
likely to continue in the existing
state of security markets and mer-
camille trade, it is not easy to see
how the IA and s per cent rate can
be maintained. The probability is
that banks are themselves more or
less perplexed as to\Ghat rate should
prevail when the question 10 not
primarily one Of supply and demand
but, in the commercial paper market
particularly, one Of relative safety
Of the investment. Nevertheless. it
idle bank money increases. the ten
dency must soon be distinctly down
ward for the market as a whole.
stocks Stronger. ..
Prices Of stocks on today'sN mafkct
moved more uncertainty than on MONDAY,
but the days more positive mqvemens wa was
evident for q week that. while there was
not In evidence any general and indiscrim,
mate rush Of money for retnvest men...
nevertheless few unmstakapis or"es ,c,,
buying was much more general TO-DAY 1nnH <,
before; n resulted In very conslde,raD.ls
number 6f advances. running from 70
cent day tho trend was upward IN tnt
usually the first 70 respond to January
luyaS ef to q n ,hs D0sss eosesn
loans, notably in United Kingdom bonds
OF the longer maturity. United States gov
ernment bonds advanced again. the days
gain in price ranging from y to J per
cent In the different Issues. some Of whicr
now stand . and 8 points above last weeks
lowest.
was again the industrial shares rhssa sus
the movement was not at all unnosm.
While q number Of the more specuiative
stocks Of that group advanced 70
points in the early hours, others were dis.
tinctiy weak and before the close nearly
ali Of them had lost good part OF their
Searly gains The railway shares pfe'ty
uniformly ended lower.
Summarizes Guiding Factor.
X 10 probable enough that the sum-
maries Of November net earnings, fol-
lcwins those for October and September,
have had d deterrent Influence. We have
still to sec how far the railway rev
erues OF December and ensuing months
will be relieved from that lart OF IN
heavy operating charges which. in pre-
vious months, had been burdened 50 great
" by retroactive wages ana deferred, out
urgent maintenance outlay.
The Interstate Commerce commission,
itself, It will be remembered. said In Its
rate order Of last July that volume 81
traffic land therefore gross earniggsl Is
.pimpossible to forecast with any, de8feo
OF certainty" But 1t added that rates
must then necessarily be subject to sue
readjustments as the facts may y/warrant.
The facts may not turn out 10 be what
the autumn ret results might seem TO In
dlcate. II IL should be shown that the
present ratos were inadequate to. counter
balance last summers advance OF railway
wages, the duty Of the commission - Mt
any rate. perfectly. plain. Readjustment
upward would very probably be unpopu-
lar, but the commissions official definitiou
Of its own legal obligation has been that,
after determining property Valuation. IL
~ called upon to perform the adninis.
tretive task OF establishing rates that Will
Yield in the aggregate. as nearly as may
be" the per cent return prescribed oy
Law.