New-York tribune., 1912-03-12
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Late Recession in Stocks Follows
Early Strength.

Displaying in its steadiness at the
opening Yesterday the same disregard
Of unfayorable factors which marked its
course last week, the stock market con-
tinued it's upward movement until the
last hour, when a general reaction oc-
Cured severe enough to bring prices at
the close to levels representing in most
instances net losses, which, however.
were under a point in all Of the active
issues except Union Pacific. Substantial
gains were recorded for some of the spe-
cialties, particularly stocks OF the COM
panies formed out of the old American
Tobacco Company. Lehigh Valley, on
heavy dealings, rose more than points.
retaining more than half of its adVan-
tage at the close; while Reading, which
had advanced TO its high figure or the
day. when il became apparent that no
decision would he handed down this
week by the Supreme Court OF the
United States in the anthracite trust
case, closed "a down. The recent con-
tinuous advance has greatly reduced
the outstanding short interest and COM
mensurately weakened the technical po-
sition of the market, so that the late
recession, which may easily run further,
did not come as surprise In the SELL
ing account was taken Of the possibility
Of a strike, which might involve the sus-
pension of production of both anthracite
and bitumnous COAL with a resulting
check to activity in the entire industrial
field. and the fact was not overlooked
as a bear argument that the conferences
between railway managers and locomo-
tive engineers employed on the Eastern
roads would begin on Thursday and
might have their outcome widespread
tie-up of transportation.
The labor trouble possibilities. though.
are still far from being certainties, and
is not believed that these would be Of
long duration. The British coal miners
strike covers practically the whole coal
territory in England and Wales, and its
effects are daily becoming more acutey
felt, in the throwing out of employment
OF great numbers Of men in other indus
tries, in the canceling of steamship satl-
ings and the annulling of railway trains
and in the advance i'm prices of commodi-
ties generally. Yet the London stock
market continues TO exhibit cheerful
ness and prices continue TO rule steady
TO higher, in the conviction Of operators
and investors that the very magnitude
Of the labor contest and of the distress
flowing from II insures a speedy settle
ment of the trouble In Germany about
one-half of the miners in the West
phalian district have gone on strike, but
the Berlin securities market yesterday
was firm and partly higher; and the
twenty-four hour strike planned by the
French coal miners, having its motive
in a political rather than an industrial
grievance, had no depressing effect on
the market in Paris.
There was no change in call loan rates
yesterday, but hardening in the rates
for time accommodation for the several
maturities up to six months occurred
bid and asked figures being quoted one
quarter per cent higher, being now at
their highest level in months, and mer-
camille discount rates also were raised
The advance is based upon the lessenins
OF the banks reserves, the higher dis
count rates abroad and the expectation
of further gold exports to which is adj
ed the increasing demand for money
from mercantile borrowers, indicative of
the real progress which is making tow
ard Improvement in business conditions.