New-York tribune., 1912-03-01
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Bear Traders Fail to Attract
Active Selling of Stocks
Time Money Firmer.

transactions in Yesterdays stock mar
ket were made up in large part of the
operations OF an unimportant profess
sional element. In the early dealings
prices moved in the direction OF lower
levels. while in the afternoon most Of
the losses were recovered. in a large
part, as a consequence Of covering py
the shorts. Union Pacific, Reading
Amalgamated Copper and United states
Steel leading ia the upward movement
Final quotations showed, as a rule, frac-
tional changes from Wednesday. Efforts
were made to bring about general de-
cline on the British coal labor difficulties
and the idea that the strike OF the Eng
lish miners would be duplicated by the
same sort of trouble here at the explra-
ton on April I of the agreement be-
tween the anthracite N ers and opera
tors. but little selling developed. The
market continues TO show marked re-
sistance to unfavorable news. This is
not at all surprising, in view OF the fact
stocks are in the hands of people who
have large bank accounts and who are
quite confident that the various uncer-
tainties in the present situation will not
develop conditions affecting adversely
the intrinsic worth Of American invest
ment securities.
Ever since the beginning of the pres
ent year professional traders have
worked overtime in attempts to induce
liquidation. There has been no i'm
portant liquidation in the last two
months, and in spite OF bear pressure the
average price for the leading railway
and industrial issues is less than l point
under the average reported on the first
business day Of 1919. Pressure against
United States Steel was not accompanied
by important results at any time in the
day, while the selling of the Hartman
shares on the basis Of the falling off in
the net earnings of the Union Pacific and
the Southern Pacific in the month Of
January failed to attract public interest.
II is understood that the United States
Steel Corporation has taken stronger
that the Independent steel making con-
Germs are adopting the same policy, but
the trade does not look for pronounced
advance in quotations on finished steel
materials in the immediate future. The
United States Steel Corporation interests
are quite we'll pleased with the report
made by the Stanley committees expert
accountant, as It shows that the water in
the stock when the concern was organ
lied has been converted into what may
be called profitable producing land.
Although the local money market is
dull a firmer tendency is reported in
rates for time loans. owing TO the heavy
loss by the banks to the Sub Treasury,
gold exports to South America and the
movement Of domestic exchange against
this centre. Commercial paper also
shows a tendency to advance. Higher
rates for money naturally will be wei
coined by the banking community, but
at the moment it cannot be said that the
outlook favors material advance in the
quotations for loan accommodation.
Money was IN strong demand IN London
yesterday, call rates being quoted as
high as per cent, against a high of 2E
per cent in New York, and an unusually
large business was done at the Bank of
England in general loans and discounts
The bank made an unfavOrable weekly
return. showing a proportion of reserve
To liability Of 1897 per cent, against
1889 week ago, 5073 in this week last
year and ten-year average of 4S.7S
per cent. In view of the decline in the
British institutions resources IL is not
unlikely that London Will continue to
make loans in our market. Germany is
still borrowing money in New York.
while local bankers are shipping gold 10
South America for the account Of Eu-
rope.