New-York tribune., 1912-04-19
FINANCIAL MARKET
Active Stocks Generally Lower
Money Rates Unchanged.

Stock market prices moved IN an
irregular manner throughout the day on
a relatively light volume OF business
trading. as rule. representing little be-
yond the operations of an unimportant
professional element. Some of the spe-
cialtles showed decided strength and bull
manipulation was reported in various
parts Of the list, but there was no dis
position noted on the part of the larger
interests to work for higher quotations,
while most of the board room traders
concentrated their attention on the bear
side of speculation. support was rem
dered when needed. The selling press
ure. however was not heavy enough TO
call for important supporting orders
Bethlehem Steel issues were strong feat
ures, and New York Central sold at a
new high record for the year at 10, the
strength in the latter stock being at
tributed to buying based on realization
that the company's big expenditures on
it's terminal facilities in this city mean
bigger earnings, and that the cOnsolida-
ton of the principal Vanderbilt lines will
add materially TO the roads income ac-
count and credit. Commission house in
terest in the general market was at a
low ebb. IT was conceded that prices
had reached level that did not warrant
commitments for bull account, owing to
the overbought condition Of the market,
and that only further reactions would
induce a resumption of active buying,
except in some of the low grade special
ties, which respond easily to manipula-
ton. At the moment the standard
shares are being left to themselves The
Amalgamated Copper Company in
creased it's dividend from a per cent
to 4 per cent annual basis yesterday.
but the action of the directors was with
out effect on speculation. With the ap-
proach of the Carpathia with the sur
vivors of the Titanic sentiment in COM
mission house circles became more de-
pressed, and there were few people in the
financial community who had the heart
to do much in the way of business out
side of attending to routine and pressing
requirements.
The efforts Of the local banks to re-
habilitate their cash reserves is reflected
in an easier tendency in the money mar
ket. More currency is coming to this
centre than recently reported, operations
between the banks and the Sub-Treasury
no longer show the heavy losses suffered
in recent weeks, and the burden of
carrying enormous loans has been trans
ferred in part to out-of- town institutions
which have been attracted to this market
by the higher quotations now prevailing
for accommodation. AS stated above,
the loan market here shows an easier
tendency, but at the same time the price
Of money is we'll in advance of that re-
ported earlier in the season. And IL is
not likely that the market will return to
a condition Of absolute ease for months
TO come unless there should be a marked
falling off in the volume of mercantile
and Stock Exchange transactions. San
Francisco is drawing on this centre for
funds; also New Orleans, but at other
prominent cities domestic exchange rates
indicate a movement Of money to New
York in excess of shipments from this
point The statement Of the Bank Of
England, published yesterday, exhibits a
return only moderately good for this
period Of the year, the proportion Of re-
serve TO liabilities OF 45.39 per cent COM
pairing with ten-year average Of 40 per
cent, although showing a gain over a
week ago, which encourages the idea
that later on in the season the institu-
tons minimum rate OF discount will be
reduced from the present 81 per cent
basis.