New-York tribune., 1912-03-16
FINANCIAL MARKET
Erie Shares Features in Active
Stock DeaIings-MOney
Rates Easy.

Trading in stocks was active through
out the day, and prices. as a rule tended
in the direction Of higher levels. Erie
and Amalgamated Copper showing espe-
cial strength. the advance in Amalga-
mated being based upon tho progress
sive Improvement in the copper metal
market. while the buying in Erie was
credited to the idea that control OF the
nronerty was about to change hands Or
elise that the present chief interests In
the company were buying the stock III
order 20 prevent other interests IRON
securing possession of the road. IL IS
said that the Canadian Pacihc. the
Grand Trunk and the Great Northern
1youId like to take over the Erie. but II
does not appear reasonable TO suppose
that the present owners have any inten-
ton of disposing Of their holdings al
present prices or even at higher prices
The Erie Railroad has moved FORWARD
with rapid strides in the last few years
and II is quite possible that buying or
its securities is based upon their growing
intrinsic value rather than upon move
ment TO acquire control of the property
which has a we'll developed line from
Jersey City TO Chicago. In the last hour
realizing sales and bear pressure carried
ouotations in the general list under the
hest Of the day, but final figures in the
larger number of issues showed net
gains. For the moment, at least wan
Street is not worrying over the un-
certainties in the general situation anu
q &c taking a most hopeful view of the
future AS far as business is concerned,
there is no reason for uneasiness. In
dustrial conditions are sound and the
country is we'll supplied with money
According to the known movement OF
currency in the week. the local bahhs
have lost upward of $3,0O0,0OO. the gain
from the interior having been more than
offset hv payments to hhe Sub-Treasury
and gold exports
Foreign interests continue to oorro"
money in the New York market ana
local bankers are renewing a large num-
her of maturing loans for Berhh aC-
count. In view of the fact that our
money market offers unusually cheap
rates for accommodation at time When
1,uronean monetary conditions are far
from satisfactory, it is not at all sur
nrising that our bankers are placing
their funds abroad. 1t is not HkeN'
however. that the current ease III 'ne
New York money market will run on lor
any length of time. Indeed, II Is quite
nrohable that higher rates Will develop
before the close Of the present month";
owing TO the heavy loss by the Da1lhS u
the Sub-Treasury and the expansion III
stock market speculation. our pahks
ere in a strong position and our creil'
balance in Europe is large, but general
movements in the financial markets suS-
COST q better price for call loans, time
money and commercial paper. The gov
ernment's report Of domestic exports III
the last month. received yesterday
makes a most encouraging exhibit, snow
ing a large gain as compared win inc
same time year ago and an enormous
increase over February, 1910, the total
amounting to SOC, S57, ,1S2, against $751;
o59 161 in 1911 and S49,543,o3O in the
wear before. Cotton exports in FEBRUARY
amounted in value to So, ,563,2l9. against
SIS. .O57. .323 in the same month last year
and S24. $50 176 in February, 1910. IL IS
quite likely that the detailed statement
of all exports and imports. which VIII De
issued by the government in the course
of the next few days. will show large
excess of shipments of merchandise over
imports. For the twelve months ended
January 81 the excess of exports over
imports amounted in value to Sool 'S6o'-
$50