New-York tribune., 1912-04-20
FINANCIAL MARKET
Public Interest in Stock Specula-
ton Waning-Banks Gain
in Cash Resources.

Transactions in stocks were light IN
volume on a movement Of prices that
showed irregular changes, with net losses
predominating among the prominent
issues. There was little disposition In
commission houses TO make commit
ments on either side Of the account, the
larger part Of the business representing
the dealings of the board room element
and few outsiders. who bought various
stocks on the theory that the recent re-
action soon would be followed by a sub
stantial advance While the Bethlehem
Steel shares were strong features, the
general market failed 10 respond to the
announcement Of an advance In steel
prices; nor was there any response to the
increase in the dividend on Amalga-
mated Copper, the days favorable news
being offset by the differences between
the railroad managers and the locomo-
tive engineers, by adverse reports from
the winter wheat belt and the depres-
sion in financial circles over the Titanic
disaster Wall Streets sorrow was re-
IeCteQ IN lu6 ldBS lleb "oNSN oS hoSaA
mast from every building in the financial
community. The advance in bethlehem
Steel issues was not accompanied by de-
~elopments affecting the company. the
heavy rise IN the preferred taking place
in the face Of statement by the head
Of the concern that there was no i'm
mediate prospect of a resumption Of
dividends on the issue. Western Union
also was a strong feature, buying ap-
parently being based on the report that
the company had made a lease with the
Marconi people by which the Western
Union would come into absolute control
of the wireless business. Although there
was a squirt Of bullish activity in the
late afternoon, few net gains were re-
corded among the leading shares, i'm
provement, as a rule, being confined to
the specialties Bethlehem Steel pre-
ferred closed at net gain Of more than
s points. Central Leather found a good
following; likewise American Telephone
and Telegraph.
According to the known movement OF
banks have gained more than $4,000, 600
net In their cash resources, owing TO re-
ceipts from the interior heavily in ex-
cess Of shipments. 1t is quite probable
that to-day's statement Of the Clearing
House members will show a substantial
increase In the reserve above legal re-
Quirements as a consequence Of an ex-
pansion in cash and the falling off In the
demand for Stock Exchange loans, an
indication of which is found in the easier
tendency in money market rates. There
was practically no business in time
money yesterday and few operations of
importance in the time department.
The banks are strengthening their posi-
tlon, but unless there should be an un-
expected slump in the country's indus
trial activities a return TO the easy rates
for loans recently prevailing are hardly
probable, while ii also is improba BILE
that quotations will move materially
above the current range until the late
summer and autumn demands incident
10 the financing Of the crops develop.
Interior banks are well supplied with
funds. and they not only are taking care
of increasing home mercantile require
ments, but are lending money in this
market.