New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-04-11
FINANCIAL. MARKET
Realizing and Bear Pressure
Weaken StoCks-Money Rates
Somewhat Firmer.

Stock market prices moved toward
lower levels in the best part Of the day.
The decline was based primarily on
technical conditions, but traders as
serted that the chief reason for realiz-
ing and selling short was the Roosevelt
victory in Illinois and the government S
report on winter wheat. showing per-
centage Of 500. as compared with $3.50
in December, 1911. and 1913 in April a
year ago. 1t is too early in the season
10 formulate satisfactory ideas regard
ing the ultimate winter wheat harvest,
and figures presented at this time should
not be taken as a trustworthy indica-
ton Of the final yield. The chances are
the falling off i'm the percentage condi-
ton will DO Offset by increased acreage.
Prices for stocks have been moving
ahead at such a rapid pace in recent
weeks that intelligent market observers
are not at all surprised over the de-
velopment Of a declining tendency, and
further losses will cause no astonlsh-
ment in Wall Street circles. 1t is quite
Improvement before the year closes, but
at the moment II looks as II prices have
discounted the favorable features in the
situation. and are ready 10 respond TO
a greater extent to the various uncer-
tainties that now confront the nation,
as. for instance. the mixed political out
look. unrest in labor circles and the
unknown outcome of the years crops
Important declines are not expected,
but a further substantial rise In quota
tions just now does not appear prob
able. according to views expressed yes
terday by some of the best Informed
bankers in the Street. Investment de-
mand continues fairly active for new
issues. and as the big financial interests
are financing the needs Of corporations
they naturally will use their enormous
influence TO prevent anything in the
nature of disturbance in the stock mar
ket. They want a stable market rather
than a big boom on the long side OF
speculation. The selling movement was
moderately active in the afternoon, but
as a rule stocks were well taken, and
as a consequence Of covering of shorts
a material rally was reported in the last
few minutes of trading. The heaviest
dealings were in American Can, Ameri-
can Car and Foundry, American Smelt-
ing. Amalgamated, Erie, Lehigh Valley,
Reading, Union Pacific and United
States Steel common. The announce
ment near the close of business that the
strike commission of 1902 would be
called upon to bring about settlement
Of the differences between the anthra-
cite coal operators and miners had a
favorable effect upon sentiment.
The local banks continue TO lose cash
on their operations with the Sub-Treas-
ury, while the movement Of domestic
exchange does not suggest that further
gains OF currency from the interior can
be looked for unless money rates go to
higher levels Although the interior Is
not drawing heavily on this centre for
funds, the chances are the demand for
accommodation at out-of-town points
soon will increase. owing to the expand
ing tendencies in the country's industrial
activities Since last Friday the New
York banks have lost more than $1,000
600 to the government. Money rates
showed no material change yesterday
from the higher levels recently estab-
lished but q somewhat firmer tone was
reported in the London market. The
contango on American stocks In the
fortnightly settlement on the British
exchange was Az per cent, as compared
with 4 per cent two weeks ago, an
advance not at all unexpected, in view
of the better price for Stock Exchange
loans in the New York market.