New-York tribune., 1912-03-15
FINANCIAL MARKET
Industrial and Railroad Shares
Move to- High Levels
Money Easy.

Stock market prices went to higher
levels yesterday. the movement showing
especial strength in the last hour Of
| business, when maximum gains Of more
than one point were shown in most parts
of the active list. Room traders were
active buyers 20 cover short contracts
commission house operators were more
active and substantial financial interests
appeared to be working on the bull side
again were strong features. especially
, the metal shares, which were helped by
visible signs Of expansion in the trade.
Prices for iron and finished steel prod
ucts were firmer, and better demand
developed for copper. The strength in
United States Steel, based on the i'm
| provement in the steel situation, was an
! important factor in encoura ging transac-
tions for higher quotations in all parts
OF the list, while the character Of the
| buying in such stocks as Reading, Erie,
Union Pacific and Northern Pacific also
| helped to drive the shorts to cover. The
general movement OF prices in recent
weeks bears out the theory, often set
forth in this column, that the larger in
! terests have been buying rather than
| selling. Conservative banking houses re-
port an increase in investment purchases
and to some extent good buying for cash
| by people who believe that many stocks
at prevailing figures are worth accumu-
| lating TO hold for higher prices, notably
! in the case of industrial issues Of merit.
Amalgamated Copper showed Il net gain
of ~; American Smelling, IA; Ana
conda, rs; National Biscuit, rs; Pull
man, 21s; international Harvester pre-
ferred, IA; United States Steel, IA, and
| General Electric, rs. The last named
stock was unusually active, and in con-
nection with it's advance it was reported
that large stock dividend would be dis
tributed in the course of the next few
months. Heavy dealings in Erie issues
naturally suggest that either new inter
! ests are endeavoring to secure control Of
the Erie property or that the present
controlling interests are strengthening
their hold on the road.
Notwithstanding the fact that the local
| banks have lost more than SS,JOO,O00 on
their operations with the Sub-Treasury
! I'm the current week, money rates are
easy and show no disposition to advance.
Nevertheless the chances are that in the
course of the next few weeks higher loan
quotations will be reported at this CEN
! ire, as the banks are extending their
funds abroad and are financing the
obligations of interior debtors to the fed
eral government. The big loss by the
New York banks TO the Sub-Treasury in
| the last few days is due almost entirely
| TO the payment OF drafts for out-of-town
account in settlement of amounts due
the government at Western and South
ern cities Interior institutions have
large balances on deposit with their New
York correspondents, and they ere TAX
! ing advantage Of these balances to liqui-
date the debts of their customers to the
national Treasury. Monetary conditions
in London are far from favorable, a re-
| Election Of which is found In the weekly
return Of the Bank Of England, and un-
less the big British financial institution
is able TO increase its proportion of re-
serve to liabilities from home resources
in the near future gold may be sent from
here to strengthen the banks holdings
The weekly return Of the Bank of Eng
land published yesterday shows pro-
portion of reserve to liabilities that COM
pares unfavorably with the exhibits for
this period in the last twelve years and
indicates the dislocation In business re-
sulting from the coal strike. Englands
current labor trouble is hurting finance
and industry in that country, but 1t is