New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-04-27
FINANCIAL MARKET
stocks Active and Higher. Led by
Readinu-Late Recession.

ps,,s uss the dominating innuence
To- vesterday's stock market Ns rapio
s-.rc. NJ more than q points nrs'
..,rou,ating the general list and tnen
causing apprehension. which was
eactea IN a reaction in the late tranlns'
80, =, the net changes being fractional
,,,ns The buying of Reading was &c
,ad bv reports Of an increase I'd
,bc dividend rate from 10 per oen''
although action upon the next quar'eii'
dividend will not be taken before july
"a ~, revival " the rumors that me
engagement Of the company are con-
formulating the separation of It's COIL
business. which would mean a melon
of generous size for the sharehoio0i''
.rha immediate explanation of the snarp
ri.s however. appeared TO be that II
ro,,rasonted a market operation simply.
arranged for by previous accumulation
of stock and aided by the heavy cover
ing If shorts by spectators VINO so"
the pr,cs being rapidly advanced ana
found the floating supply OF the stocA
d,sconcertingly scanty. The OUTSIDE
rub,,c we're in the market In large NUM-
hers and their participation IN the udu'
ing helped in the creation or oroao oe
wand for stocks. Many issues reacneo
,a1u high levels for the year, and Reao-
inc and Canadian Pacific estaohsheo
new high records. United states oleoi
and Union Pacific were active put oio
not rival Reading in leadership, aoVanc-
ing little more than a point each anu
c,os,nr with fractional gains. Ameri-
can Sugar Refining developed mucn
strength, being advanced nearly points
On largo buying; and several or the spe-
c,aJties made gains Of from l to points
~, small transactions. The market LOST
,ouch Of its activity in the afternoon
the earlier pace being maintained oy
Reading only; but total sales we're ABOUT
100000 shares. the largest OF the week
The news of the day was little, ana
such as developed did not affect the
market one way or the other. Union
Pacific reported for March decrease In
gross earnings of S353,475 and in net OF
S47e. 1856, and Southern Pacific reported
{. decrease of $3.50, $50 In gross and
S214.129 In net Quietness was reported
IN the markets for iron and steel and
conner. but United States Steel was
strong. and Amalgamated Copper gained
more than a point. There was rumor'
based upon the strength in NorfolK q
western and Panhandle, that the Penn
sylvania was planning consolidation OF
all Of its lines. following the New YORK
Central, but this story met with authori-
tative denial There were no fresh de-
velopments from the conferences now
going on with the object OF averting a
strike of locomotive engineers, but the
feeling continued TO be that the differ
ences would be adjusted to the satisfac-
ton of both parties. The weekly re-
views of the mercantile agencies re-
ported continuance of the Improvement
in general business and Of the feeling Of
confidence among business men through
out the country, on which the advance
in stock prices during the last few weeks
has been based. The money market re
manned easy. the call rate not going
above ga and time funds being avail
able in liberal quantities. The bank
statement to-day seems likely, from the
known movements of money. to show a
trifling loss in cash holdings. due to the
large remittances from this centre to
New Orleans and TO San Francisco, in
stead of the considerable gains of the
recent weeks; but the cash surplus of the
banks is now of substantial amount, and
there appears to be no immediate proba-
bility Of anything approaching strn-
Eency in money rates.