New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-04-12
FINANCIAL MARKET
Canadian Pacific Shares Sell al
New High Level-Money
Rates Unchanged.

The stock market was strong ana ac-
tive in the forenoon dealings, reaction
arv in the early afternoon and weak IN
the late operations. a number OF issues
made new high record prices for the
wear. and in the case Of Canadian "a
c,fc the best quotation in the history OIL
tho COMPANY was reported at gam OF
more than points from the CLOSING OF
the preceding day. The strength IN uns
stock found some response in Erie ana
the rumor again was revived that me
Morgan property would pass to the con-
troll Of Canadian Pacific interests. &C
cording TO reports that will not down.
both the Canadian Pacific and the cana
dian Northern are after the Erie, and II
&c worth noting in respect 10 the Cana
dian Northern that the company mas
made certain traffic arrangements with
the Northern Pacific which may fore
shadow q bigger development in connec-
ton with the company's apparent de-
sire "a get foothold in the United
States. The Canadian Pacific, or,
rather interests identified with the prop
erty. have been steady buyers Of the
Erie shares in the last year, but control
Of the road still rests at No. p Wall
Street.
New York Central shares sold az a
better level than so far recorded in the
current year, the advance being accom-
panied by assertions in speculative quar-
ters that the directors would restore the
dividend TO a per cent basis at the
next dividend period. Although the
Vanderbilt property is making excellent
returns. both in gross and net earnings,
conservative bankers do not believe
there will be an increase in the dividend
IN the immediate future, or until the
company is relieved Of its extraordinary
expenditures incident TO the terminal
work in this city and big improvements
and betteyments alcng its lines. The
general list sold off sharply in the late
afternoon on realizing sales ana bear
pressure, the latter being based on re-
ports from Pennsylvania that the state
in to-morrow's primaries would go
strongly for Colonel Roosevelt. Owing
to technical market conditions bull SEN
tin1ent is not quite rs robust as II was a
few weeks ago. and as consequence
the Roosevelt spectre is being used by
oldtims bears to bring about lower
prices. Closing prices were above the
lowest. and net declines and advances
were about evenly divided in the active
list.
Notwithstanding the low position Of
bank reserves at this centre and the
constant drain upon cash resources to
meet payments due the government.
money rates are relatively easy, al
though much firmer than recently re-
ported. The fact that the bull specula-
ton in the stock market has not been
effective in carrying call loans TO a
much higher level indicates that COM
mission houses are we'll supplied with
time funds and are in a good condition
TO take care Of the requirements of their
customers, who evidently believe there
viii be no end to the advancing ten
dency OF Stock Exchange quotations
The settlement Of the British coal strike
and the return Of April dividend dis
bursements to the market are reflected
in substantial Improvement in the Bank
Of England's proportion Of reserve TO
liabilities, but the reserve Of the big
English bank is still low for this period
Of the year, standing at 1886 per cent,
compared with ten-year average of
4Il2 per cent, which, of course, does not
suggest reduction in the minimum
rate Of discount in the immediate future.