New-York tribune., 1912-04-07
sANk STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
New High Years Record for
Stocks-ActuaI Bank Re-
serves Improve.

New high records on the current mo 'e-
nent were made by Stock Exchange
prices yesterday. Trading was heavy IN
the fwo hours of business. and although
O slight reaction developed before the
close on realizing sales the general list
showed substantial net Improvement as
compared with Thursdays closing Inc
industrials and Canadian Pacific LEAD
tho advance. the Canadian issue selling
at the best figure ever recorded TOT H.
NTH O high of 24S and a closing of 24'4s'
. Gain of Ga United States Steel COM
mon was dealt in to the extent OF more
than los 600 shares, buying orders com
ing from about every commission house
{, the street for the account Of active
Wall street operators and for that OF the
so-cal,ed public, which has been more IN
evidence in the market in the last week
than at any preceding time in the pres
ont wear. Many traders who have been
rred,ctins all sorts Of adverse develop
ments in the steel industry and VINO nave
been persistent bears on Steel common
have suffered severe losses in recent
davs. and. as one observer said yester-
dav. somebody got an awful licking.
The iron and steel business is steadily
expanding in the matter or speclncatlohs'
actual orders and prices. Reports re-
ceived from the commercial agencies
show marked tendencies toward nm
movement in most lines, favorable soil
conditions for the crops and no uneasi-
ness in mercantile and financial circles
regarding the labor unrest in various
parts of the country. Furthermore, busl-
ness men exhibit none of the nervous
ness generally looked for in Presidential
campaigns. The market for copper is
resting at the highest prices known IN
several years, while the stocks OF the
copper producing companies are belng
well absorbed Amalgamated and Utah
having been Stock Exchange features In
recent WEEKS, Dldn SdIHihb P''
Yesterday. While the improvement in
stock market prices is based on substan-
tial conditions, quotations have now
reached level, or probably are not far
from II. where the larger interests may
work for a good sized reaction in order
to reaccumulate securities at cheaper
figures.
Clearing House bank changes in the
last week show in the statement, giving
actual conditions at the close of business
on Friday a gain in the reserve above
legal requirements in the face OF heavy
loss in cash, improvement in the reserve
being effected by drastic contraction OF
loans. The exhibit of averages does not
reflect the extent to which the calling of
loans proceeded in the latter part OF the
week. as the average reserve decreased
ST. 646,S0 to $685., 300, against an IN
crease in the actual Of 81 ,44S9OO TO ST.
9364 45O. Higher rates for money and
calling of loans by the Clearing House
institutions have brought into the mar
ket the bank and trust companies not
members, their combined loans having
expanded by more than $13,0O0.OOO. At
this period a year ago the average sur
plus was S26,47S,325. At that time. how
ever, there was no demand for Stock Ex-
change accommodation. general business
was exceedingly quiet and the local
banks were gaining currency on their
operations with the interior. Moreover
little new financing was then under way.