New-York tribune., 1912-02-21
FINANCIAL MARKET
Speculation in Stocks at Low
Ebb--Money Rates Still Easy.

Trading in stocks was light in volume
/ throughout the five hours of business on
a movement of prices that showed I'M
| important changes as compared with tine
closing Of the preceding day. Fractional
advances were reported in the large
number Of issues as a result Of covering
operations Commission houses were
without orders for public account. for
eign interests did nothing in the market
and substantial Wall Street concerns
were not factors in the dealings. ON
small transactions some of the so-Called
specialties moved TO higher levels,
notably Panhandle" CPittsburg. Cincin-
natl, Chicago e ST. Louis). Westinghouse
Electric and Wheeling & Lake Erie pre-
| ferred, but the strength in these stocks
was not impressive, and failed TO at
tract an outside demand for them.
Traders are unwilling TO make extended
commitments on either side of the mar
ket. owing TO the various uncertainties
in the general situation, and from cur
rent indications there Will be no wide
spread interest in speculation in the i'm
mediate future although underlying con
ditions are sound and the majority of
stocks are not dear with money ruling
at present figures. Commission houses
are not paying expenses, and the ~
brokers on the Stock Exchange are not
making their salt Yet the world con
tinues TO roll on. The market closed III
active. bonds making a better exhibit
than stocks.
So far in the current week the local
banks have lost more than $3,000,O00 on
their operations with the Sub-Treasury,
while in the same time they have been
shipping money to the interior, as re-
fected in the course of exchange at out
of-town points on New York. There is a
better demand for money in the Middle
West than in the East, and II is not un-
likely the spring demand for accommo-
dation at Chicago, st. Louis and other
cities situated a thousand miles or more
from Wall Street will help the New York
banks TO ask higher rate for loans.
The New York banks and the banks
throughout the country are strong in
cash and reserve resources, but in the
present money market they arc not max
ing big profits, and the same thing may
with the banks, make up the so-called
money trust" This money trust in
a way is hard up. Its condition is some
thing like that Of the man who is land
poor-the man who has large amount
Of valuable real estate but cannot sell IT.
unable 10 place its idle cash at profitable
figures People affiliated with the
money trust" should cheer up. as there
are brighter times ahead. for the good
reason that this country's industries are
not going to pieces.
The time will come when there will he
an extensive demand for money for the
further development of our present idle
resources, and the fact that the nation
now has plenty Of available cash i'm It's
pocket ought to encourage a feeling Gf
optimism in financial and business cir
cles and discourage the silly talk of dis
turbance in our industries as a conse-
quence of the activities of our investi-
gatlng politicians who want to know
why is trust The big corporations are
not going out OF business, and holders Of
the securities Of these concerns will lose
no money by maintaining a firm grip on
their certificates