New-York tribune., 1912-04-05
FINANCIAL MARKET
Stocks Strong and Active, with
General Net Gains.

In contrast TO its usual course on the
Yesterday was active and strong
throughout the day, and its broadening
tendency was indicated by the fact Of
transactions in 40 issues. There were
many overnight advances, and practi-
Cally no check occurred in the upward
movement, although some Of the lead
ing stocks receded slightly in the last
few minutes. The close was strong, with
general net gains, many Of them sub
stantial in size and representing new
high records for this year, the net de-
clines recorded being few in number and
small in amount The leader at all
times was United States Steel common,
which rose nearly points on transac-
! tions constituting almost a third of the
! days total business. The buying Of
Steel. which was based upon the i'm
proving condition Of the iron and steel
| industry and upon the success Of the
offering of bonds Of the Steel Corpora
! tions subsidiaries was 50 aggressive as
TO induce extensive covering Of shorts,
which aided the advance; but a large
part of the trading in the issue was ap-
parenty manipulativc. Dealings in
Amalgamated Copper were about one
fifth as large as those in Steel COM
mon and about equal IN volume TO those
in Union Pacific and Reading, the old
time market running mates Of Steel
Amalgamated rose a point, and was the
only one Of II le copper stocks 10 show
much strength the hating tendency Of
the group rejecting the position Of the
copper metal market, which after a
rapid advance has reached a point Of
temporary price stability, in the juds-
ment of copper men. The tobacco stocks
made important gains and many OF the
! specialtes were taken in hand by their
friends and guided to higher levels.
The call money rate rose in the late
afternoon to = per cent. the highest
figure since early in December; but this
indication Of lessening supply of funds
for use in operations for the rise was
apparently not interpreted by the stock
market as a warning. The hardening Of
the call rate was due to the further
heavy calling Of loans by banks, in the
effort to improve the poor showing made
by them in last weeks statement, and
time rates for all maturitics were quota
bly, higher, although little business was
done in this department. The banks
have 80 far this week lost 81. 130. .OJO
cash, mainly on Sub Treasury opera
tons and the OutloOl; is for another con-
sdera blc decrease in the reserve in to-
morrOw's statement. In the current
week the banks have lost SGOO,UO0 TO
the interior, the first loss in that direc-
tion this year. The turning Of the money
tide at this time may be regarded ds
an evidence of the improvement in gen
eral business, which will call for more
and more funds as business continues 10
expand. and therefore is an argument
for bullishness. But the greater the
drain Of money for business use the
smaller will be the supply for specu-
lation. The banks are calling in to some
extent their loans abroad, in order to
fortify their Ostion. and the volume Of
these foreign credits is so great that real
money stringency at this centre is not
feared.
The Bank Of England's weekly exhibit
was poor, with a decrease in reserve Of
more than Sl6.OvO,OOO, explainable part
ly by the demands for funds for living
expenses L.cause Of the general cessa
tion Of industry in Great Britain, AMI
its proportion of reserve to liabilities Is
now much lower than usual 1T this time
"f The year. Tho return Of the Bank