New-York tribune., 1912-01-03
BANK STOCKS ON STOCK ExcHANe
FINANCIAL MARKET
Stocks Active at Advancing
Prices-Ease in Money.

No more promising start OF new year
IN stocks could reasonably be desired
than was that made yesterday. From
opening to close the market was strohs'
with the sentiment cheerful and even
confident, and the advance in prices pro-
ceeded with little interruption. 1he pest
figures were registered in the last hour,
although late profit taking caused frac-
tional recessions from the high, such
substantial net gains being made as "a
points in Union Pacific, Ia in United
States Steel common, la In st PAU ana
Consolidated Gas, and 1ss in Canadian
Pacific, selling ex-rights, and in Read
ing A good many of the specialties en-
loved material advances, among theh
American Can preferred. Virginia Iron'
Coal and Coke. which gained o1s points,
and Interborough metropolitan pre-
ferred. in which there was heavy buying
based upon the improving prospect OF
the company securing share OF the new
subway routes and upon the assumption
Of operating control Of the reorganized
METROPOLITAN Street Railway system. In
the bond department the largest transac-
tions were in the new Metropolitan os.
"wban issued" which rose nearly l12
points. Transactions in stocks were
about a half million shares, tho sales OF
steel common, Union Pacific and Read
ing representing nearly one-half OF this
total while the trading In numerous
standard issues was comparatively
small in volume.
There appeared TO be fairly large
amount OF investment buying. represent
ing reinvestment OF January interest
and dividend payments. and the pur-
chasing demand from these sources is
expected to be manifested for some little
time TO come. The chief factor In the
markets strength yesterday, however,
was probably the buying by professional
operators and spectators, which found
it's basis and incentive In the improve
nent I'm general business conditions and
in great industries like Steel and Cop
per. but particularly in the pronounced
ease I'm the money market, unusual at
this date. The call money rate touched
4 per cent as its maximum, with 3% as
the ruling figure, and time money was
I'm little demand and lower I'm the bid
quotations for all periods from sixty
days to six months. The heavy net gain
In cash by the banks last week from the
interior and the present substantial pro-
portions Of the surplus reserve. at the
end OF the period OF preparation for
enormous disbursements OF interest and
dividends, explain the easy conditions in
the money market. Congress will soon
reconvene. and its promised activities,
particularly in the direction OF tariff re-
vision. may by and by cause unsettle-
ment ln the stock market. but little or
no thought was given yesterday to these
possibly unfavorable developments OF the
future or 10 the disturbing influence or
dinarily exerted by a Presidential cam
paign until the outcome becomes prac-
tically assured There was some discus
sion of the possibility OF strike of an
thracite miners three months hence. but
IL did not temper the optimistic senti-
msnt of the day. on the great European
exchanges the tone was as cheerful as
here. and i'm London, In Paris and In
Berlin stocks were steady TO strong