New-York tribune., 1912-04-16
BANK STOCKS ON STOCK ExcHANG
FINANCIAL MARKET
Industrial Stocks Strong Feat
ures in Active Days Trading
-Sterlinu Rates Higher.

| Stocks sold off in the early trading, but
the character of the support was such as
to prevent anything in the nature of real
weakness. In the subsequent forenoon
operations irregularity was the chief
| feature. price changes as rule being
confined to fractions, with final hgures
at net gains in the larger number OF
issues. International Mercantile Marine
preferred opened down 4 points on the
uncertainty regarding the Titanic's con-
dition, but closed we'll above its lowest
on buying that appeared to come from
good sources. The floating supply Of the
company's stocks is small. American
Can issues again sold at new high record
| levels, without the accompaniment OF
any definite news regarding possible de-
velopments affecting the property, but
the buying was impressive enough 10
convince the we'll informed observer OF
market movements that both the COM
mon and preferred shares eventually
would go TO a higher range. especially
the preferred. The wheat market was
strong, the advance, however. having
no particular influence on stocks. This
is the period of the year when bulls IN
the wheat market sit up all night con-
cocting dismal forecasts Of the harvests,
and the public therefore need not be-
come excited if calamity reports from
now on are regularly received from chi
cago. Strength developed in most parts
of the list in the afternoon, and marked
Improvement was shown by Amalga-
mated Copper, American Can, American
Beet Sugar, Canadian Pacific, Pitts
burgh Coal. Union Pacific, New YORK
Central and United States Steel. Ameri-
can Can sold more than 8 points above
ifs closing Saturday on pool manipula-
lation. 1t was thought that the stock
practically was cornered, and as con-
sequence traders were not disposed 10
sell 1t short. Speculative interest as a
rule was more concentrated on the in
dustrial issues than on tie railroad
shares.
Bank statement figures published on
Saturday show material improvement in
the money market situation at this CEN
tre and it is quite probable that the
gain in reserves will be reflected in an
easier tendency in loan quotations IN
the current week A return to the low
quotations recently prevailing, however,
appears out of the question, as the
spring demands from the interior VIII
soon increase, while there is no lndlca-
ton that the banks will not continue TO
lose cash on their operations with the
Sub-Treasury. Furthermore. the forelgn
exchange market still encourages ship
ments of gold from New York TO South
America. Fortunately, our credits abroad
are heavy, and in the coming months
our bankers. instead Of drawing bills
against Europe, will draw on their bal
ances abroad II the requirements or the
local money market become urgent. IN
the current week Europe will reduce its
debts here by the paying OF Slo,ooo.OoO
Prussian treasury notes, while maturing
time loans abroad, representing advances
made by American bankers last ran.
should in the course Of the next few
weeks strengthen our monetary situa-
tion. 1t is estimated by conservative
bankers that the total outstanding in
debtedness of Europe TO New York
bankers is In the neighborhood Of $50
600 600, as compared with Sloo,OoO,OoO
O faw months ago