New-York tribune., 1912-01-09
FINANCIAL MARKET
Declining Tendency in Stocks
Continued Ease in Money.

Opening steady yesterday, the stock
market within a few minutes began 10
develop weakness, under the lead OF
Union Pacific which was under the same
sort of selling pressure as during the last
week and which declined more than
point. A partial recovery occurred atter
the first hour on covering or shorS
when il was observed that the profes-
sjonaI selling had attracted little tol-
loving from outside; but In the after
noon the market became decidedly dull
with a dropping tendency, and the close
was heavy, with net losses. most OF them
small for the majority Of the Issues
The fractions were taken actively IN
hand. but failed to maintain their early
gains. except I'm the case OF Brooklyn
Rapid Transit, which closed with a net
gain of IL points: while in the BOND
department. where the transactions were
unusually large, the securities OF the
local traction companies furnished about
one-half of the total business, although
AT declining quotations. The copper
stocks were also actively traded 'n'
rising on the further advance in the
urice of the metal and on the common
expectation of an excellent showing 10
be made in to-day's monthly statement
of the Copper Producers Association;
but such gains as were shown at the
close were only small fractions. In the
last hour lively buying Of General Elec-
tric and Westinghouse arose, under
which both stocks advanced rapidly
Steel common failed TO move above its
final level Of Saturday, and closed with
a loss Of about a point on selling based
in part upon the uneasy feeling caused
bv the announcement that Andrew Car
regie would tomorrow appear before
the Stanley committee 10 answer such
questions as might be put him.
The unsatisfactory movement Of the
market was thought in good quarters TO
lie due largely TO the threatened -iuvesti-
cation of the alleged money trust, an
inquiry which its chief proposer now
desires to have cover d period a ten
Years or so and TO include an examina-
ton into many important financial
transactions long since carried through
Another cause of uneasiness and OF dis
inclination to make large commitments
I'm stocks was the new feature Of the
Aldrich monetary reform bill seeking
TO limit the control of one bank by the
interests dominating another institution,
the feeling being that in the considera-
tion Of that provision of the bill. even
though an investigation Of the money
trust" should not be authorized by the
House. the subject Of the extent Of con-
troll Of banking institutions by powerful
groups would he exhaustively debated in
Congress.
Money market rates showed no inn
provement yesterday, for either call or
time accommodation. and their nominal
figures. with the outlook not favoring
the probability Of any considerable
hardening in the near future. explained
tho rather extensive buying Of high
grade bonds by institutions anxious TO
employ their loanable funds at a profit
little more satisfactory than could be
obtained by placing the moneys with
borrowers whose requirements are far
exceeded by the supplies offering. The
foreign exchange market was again
strong, and demand sterling advanced %
points.