New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-04-13
FINANCIAL MARKET
Realizing and Bear Pressure
Weaken StockS-Banks Gain
in Cash Holdings.

,onsoctions in stocks were heavy In
volume throughout the DAY on d iuoNe
want OF prices that showed great lrregu-
,sr,tv. with net losses predominauns at
a.. close. After an exhibition or
.traneth In the initial dealings weakness
d.ve,oned. and in the absence OF agrees
.,va eupport the professional element
was successful in bringing about ma
terial declines In many Of the actlVe
issues. the losses, however, being recoN-
cred In large part in the thrd hour oh
h,s,nass. In the early afternoon the
r,orket simply backed and filed In an
ajmIess manner. There is no good rea-
son why prices for stocks SHOULD inoNe
70 higher levels at the present tnle' as
quotations in most instances ruby rep
resent the actual worth of the securities
ranresented: but, on the other hand, there
a.. rotbino I'm the situation or the out
look that warrants the idea that a sue
oessful bear campaign can be brought
about at this time. The favorable feat
ures in the situation have been dlS-
eounted to a large extent by the forward
movement on the Stock Exchange, and
as there has been a heavy distribution OF
stock It is not unlikely that irregular
tendencies and possibly lower figures
soon will develop. An important de-
cline is not looked for. There is no rea-
son for a downward movement, beyond
day-to-day losses, incident to technical
market conditions. In the last hour OF
business selling pressure was heavy In
ali the leading issues, and prices sold at
the lowest level of the day, the CHER
declines among the prominent stocks
being reported in United States Steel
common, Union Pacific, Reading, Anal
gamated Copper and Missouri Pacific
While bear traders attributed the de-
cline to the heavy vote Of the railway
locomotive engineers in favor Of a strike
and the strength in the wheat market,
the selling was based largely on tech
nical market conditions. American Can
was one Of the few strong features.
According to the known movement Of
money in the week, the local banks have
gained upward Of $4,J00,000 in cash re-
sources, the loss on operations with the
sub-Treasury having been more than
offset by excess receipts from the in
terror. The gain from Out-of-town
points amounted TO more than $780,
900. Tho inflow of currency was due to
the higher rates for money at this CEN
ire and participation in the stock mar
Eat nv VVastarp oDera tors who have been
exceedingly active in the bull specula-
ton Of recent weeks Money quotations
showed no particular change yesterday.
In the time department borrowers ex-
hibited a greater disposition to accept
the offered rates. and as a consequence
there was more activity in the market.
The local banks, as a rule. are doing
little in commercial paper. Owing TO the
large increase in cash holdings from in
terror receipts and the shifting of loans
from Clearing House institutions to
trust companies and banks not men,
bers of the Clearing House Association
1t is not improbable that to-day's state
ment Of the associated members will
show a fair expansion in reserve above
legal requirements. which last week
amounted to about 100000. General
conditions governing the money market
do not suggest easier rates for accom-
mediation in the near future, while the
chances favor the maintenance OF fairly
stiff quotations for weeks to come. Cen
eral mercantile operations are increas-
ing. corporations are more inclined to
come into the market for funds, and at
the moment there is no indication Of
cessation Of activity in stock specula-
ton. These three factors involve the
use OF large amount Of money.