New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-02-09
FINANCIAL MARKET
Stocks Irregular, but Firm at
CICSe-Copper Report.

during the greater part VI Eo"''iN"| O.
session the stock market was dull and
inclined to weakness, total transactions
beirg little over 100000 shares. but in
the last hour some strength was shown
and the market closed firm, with IT.
regular net changes. few Of which ran
to more than fractions. The news that
the money trust" investigation had been
intrusted by the House majority 10 r"gu-
lar committees and not - q special COM
mjttee as had been insisted upon by MI
BRYAN and his followers, tended To set at
rest some uneasiness, although It had
been generally looked for and its mar
ket effect had apparently been discount
ed Leading financiers declare that they
are not averse 10 a comprehensive III
ycstigation Of the alleged concentrated
control, which Inquiry, indeed, after all
the agitation Of the subject during the
last few months, is regarded by them as
Necessary and salutary for disproying
various iuf1ammatory charges, while At
the same time it will bring into the clear
light the interrcations Of tho High
Finance. but their chief objection has
all along been 10 the placing Of this
highly important investigation i'm the
hands Of q Bryan-led body, who would
approach their task with their conclu-
sions already firmly settled.
..f 40 ,g.V
Producers Association was much more
favorable than had been expected, and
before the close found response in rise
OF nearly 8 points in Amalgamatcd Cop
per. the other copper issues also ad-
Vancing. although less sharply. \ de-
crease in stocks had been forecast,
but nothing approaching the 23l74,052
pounds reported. which brought the
surplus stocks down to the lowest fig
ures since the monthly statements were
first issued, nearly four years ago. Pro-
ductiOn in January was about 100000
pounds under that in December while
exceeding the figures Of January, 1911,
by about the same amount Domestic
due in part TO the severe weather Of the
month, but exports were the largest FOR
any month since the end of 1910, the
! foreign demand being largely response
bic for the excellent showing Of the jan
uary report. The lowering Of the Bank
Of England's discount rate from to 81
! per cont had been commonly looked Tor
! and made i favorable impression both
! abroad and here. as 4 recognition Of the
| improvement in money conditions. Tho
| weekly statement showed further in
crease in tho gold reserve, which is now
larger than for tho corresponding week
I'm many years and the proportion of
reserve TO liabilities is only slightly loss
than at this time last year, when the
discount rate was per cent.
steel common was pressed for sale
yesterday. declining more than point
the selling being based upon the reported
difficulty of maintaining prices for
finished products rather than upon the
fresh move made against officials Of the
Steel Corporation by the governments
legal representatives, but in the late
rally II recovered much of its loss. The
Tobacco stocks moved in an erratiC way,
which had no explanation except the
..l,-rs that Mr.. Duke was no longer To be
factor in the industry in this country.
American Tobacco common fell 10 points
rallied nearly as much, declined again,
and closed with a net loss Of only |
point, and the Light & Myers and
Lorillard common shares 1uctuated sim
ilarly, although not 50 violently.
Once more the foreign exchange mar
ket declined, closing points down and
once more an engagement Of $2,OOOUD
gold bars was arranged for shipment TO
Paris making the total forwarded by IA
single banking house within a week S.
100000. consignment Of %25O,OOO gold
was engaged for export TO the Argentine,
and the Sub-Treasury transferred an
other $1000.O00 cash to San Francisco,
where special need for funds exists for
bond redemption. The local money
market was as stagnant as usual, with
practically no change In rates for either
call or time money, and il was announced
that some trust companies. unable to
place their funds with borrowers, and
thus make a profit had determined 10
lower their rate of interest on daily bal