New-York tribune., 1910-02-16
FINANCIAL MARKET
MOST STOCKS LOUER.
Call Money at ; Per Cent, Se7th
No Pressure of Offerings.

S+oc1, market prices opened weak, but
subseouentIv rallied under the leadership
oT Reading. Union Pacific and Unlteh
States Steel. in which the pest sort u
hJying was reported The selling IN the
first few minutes Of trading represented
professional efforts to depress quotations.
and realizing by operators VINO thoushI
II wise to convert paper prontS INTO
cash, but sales made in the early deal
ings could have been negotiated at much
pe++er +ieIJres before the close Of the
first hour though in the afternoon trans
actions the best part of the improve
rnent was lost on renewed pressure
from the bears Substantial interests
ar,na-enrlv are not endeavoring to bring
about an active bull movement at pres
ent. but they evidently are unwilling 10
hermit extensive operations for the de-
cline Stocks are in strong hands. and
while certain amount Of liquidation
from this source may be expected on
all advances there is no reason to sup
nose that sales for this account VIII
he heavy until the market again moves
to a level at which the public will be
glad to relieve the big men of their
holdings. Investment buying on MOD
crate scale continues, including pur-
chases for foreign account.
The general market was heavy and
dull in the best part Of the afternoon
with no special feature and no lndica-
ton of genuine liquidation in spite Of the
decline in prices. Commission houses
had few speculative orders for public
account, and. as a rule, the larger con-
Germs were bearish over the imnedl-
ate future Of the market on the theory
that the recovery from the recent 10"
aoints had attracted no demand for Sc
cIIrities, except for investment account
and had not changed the sentiment OF
hear leaders who asserted week ago
that quotations must go lower oe1ofe
sustained Improvement could be cA-
f,ected Ia the last half hour prices
showed a firmer tone on covering by
the shorts but there was no Increase
in the volume of business, leading stocks
like United States Steel and Reading
remaining unchanged for many minutes
at a time. Reading, however, on the
Cay's movement showed decided
strength and sold within seven points
Of its highest record. American To-
bacco preferred and the per cent bonds
also were strong features, likewise
American Car and Foundry preferred
Final prices showed more net losses
than gains among the active issues.
Banks are well supplied with money,
but they are not pressing funds upon
the market Call rates may be con-
sidered relatively high, in view of the
large reserves and the Inactive demand
FOR accommodation from stock market
interests, while the same thing may be
said OF time quotations, which reflect
z disposition on the part OF lenders 10
maintain a steady level at from 3l2 TO
AZ per cent for naturities running from
sixty days to six months and longer
Bankers believe that the inquiry for
money will increase in the course Of
the next few months, alld they are nam
ing current rates accordingly. Money
here is much cheaper than reported IN
The London market. and the difference
~ rates mas been an important factor
IN the movement of sterling exchange
quotations, nhicn are now at the lowest
level recorded in months, though the
market yesterday was higher than il Was
Monday, due 10 ! demand for remittance
IN connection with payments due on New
York City narrants in LondJn early Ia
March