New-York tribune., 1912-02-07

FINANCIAL MARKET
Money Easy and Sterling Ex-
Chanue Moves to Lower Range.

The stock market was quiet and nrm
at the opening, but prices showed great
jrresuIarity in many issues In the larger
part Of the five hours of business with
net gains predominating at the close
Professional traders, although bearish'
were unwilling to make extended com
noitments on the short side OF specula-
t,or nor were they disposed TO admit
that IN spite Of their pessimism they
would be able TO bring about material
decline In the near future notWlthstand-
ing the various uncertainties In the gen
eral situation. The professional element
NAV be bearish, but It has warm re-
spect for the banking interests who are
the chief holders Of stocks and VINO
ev1nce no disposition TO part with their
securities or to encourage the develop
ment Of an active campaign for lower
nr1ces. Bankers believe politics will re-
tard business for a time, but they do
not entertain the idea that underlying
conditions will be upset by political ac-
tivities against our corporations or by
the course of the coming Presidential
contest And they are not worrying over
the proposed investigation of the So
called Money Trust The poor old
Money Trust" is hardly making its salt
in these days of congestion in the money
market and easy rates for loans and 1t
almost would be willing to make loan
on a yellow dog as security in order
L. ~ fOyi itc C1ITnluC funds
The anthracite coal stocks were strong
features throughout the day, the advance
in Jersey Central TO a new high record
price being accompanied by a report that
the company soon would cut melon"
Delaware & Hudson advanced more
than points, Reading points and Le-
high Valley 2la points Good buying was
reported in Union Pacific and United
States Steel, while in most parts of the
market there was an excellent charac-
ter OF trading. with no indication of
stocks pressing on the market on the
reaction that took place In the afternoon.
So far in the current week the local
banks have lost upward Of S2,OOOOU
on their operations with the sub Treas
ury, while in the same time their re-
ceipts Of currency from the interior have
shown a falling off as compared with
the corresponding period in recent weeks.
The two movements in connection with
Withdrawals Of gold for shipment to
Europe and increased loan operations
incident TO the extension Of American
tfa q hiYcr ,,F1 1,tf
buying by local and out-of-town bank
ing institutions of short term notes and
bonds, doubtless will be reflected in
further contraction in the unwieldy sur
plus reserves Of the New York banks in
Saturdays Clearing House statement.
The outward movement Of gold and the
loss by the banks to the federal Treas
ury have not as yet had any effect upon
the money market. Loan quotations are
on the same easy level that has pre-
vailed for so many months. Gold IS
now being exported on a basis slightly
under the normal shipping point, and the
question naturally arises as TO the
amount Of shipments If demand sterling
moves to a higher level Europe an
pears TO be in no urgent need Of gold
imports, but, of course, foreign bankers
Will not let the opportunity Of securing
the metal in this market slip by just
as long as the disparity between local
and European money rates continues TO
be the controlling influence in the mar
ket. Our bankers are well satisfied with
the situation as far as the foreign end
Is concerned, but they are not optimistic
over the outlook for a big home demand
for funds in the immediate future. Bank
resources are large and our foreign cred
its are heavy, factors making for in
dustrial expansion later in the year.
Sterling rates were lower yesterday, the
downward movement being based in
large part on the expectation OF an early
reduction in the discount rates of the
Bank Of England and the Bank Of
Frame