New-York tribune., 1912-02-15
FINANCIAL MARKET
indications That Money Rates
will Move to Higher Levels.

Trading in stocks was light in volume
throughout the five hours of business
Prices presented unimportant changes
as compared with the closing figures OF
the preceding day. small net losses being
shown in the larger number OF issues, III
which transactions, as rule repre-
sented little beyond the operations OF
the professional element y certain
amount of activity developed in the cop
per group, including American Smelling
and Refining; there was q fair demand
for Reading. Union Pacific and United
States Steel, and some interest was
shown i'm Republic Iron and Steel pre-
ferred. but in the general list dealings
were too small to warrant comment.
The market was wholly trading analr'
and from a speculative point of view
was played entirely for quick turns. In
vestment buying was light. both IN
stocks and bonds, but there were some
good purchases, nevertheless. for invest
ment of American Sugar Refining. Cana
dian Pacific, United States Steel pre-
ferred and the Steel sinking fund bonds.
Operations for actual investment ac-
count a not heavy at the moment
| There is little disposition on the part Of
the public to purchase high grade stocks
and bonds, but bankers believe that later
in the year the inquiry from invest
ment sources will be large enough TO alb
sorb a considerable amount of new secu-
rifles. The general market was lifeless
in the afternoon. Interborough-M Metro
politan issues supplying one of the few
exceptions on buying based upon the an
no1lncement that the directors Of the
IDterborough Rapid Transit Company
had formally ratified the terms of the
new subway proposition. Bullish ac-
tivity that developed i'm the late trading
was met by supply of stocks that
caused weak closing, Union Pacific
United States steel and Reading ending
more than point under their best prices
of the day, while the whole list reacted
easily under the influence Of short
selling.
! A slight improvement in the demand
for money is reported in banking circles
and according TO views expressed by
leading financial interests rates for loans
will move to higher level in the course
| of the next few months. At the mo
ment, however, the decline in interior
exchange on New York, the falling off II
domestic exports and the extension O
credit by this country TO Europe are
making no impression upon the money
market, so far as lending rates are con
cerned. Quotations for call and tim'
funds arc as low as they have been a
any time i'm recent weeks. The banks
nevertheless, are not disposed to press
their money upon the market, especially
on loans backed by commercial paper
which they evidently believe soon vii
command a better rate OF discount. In
the Middle West there are signs Of al
increased inquiry for accommodation
from mercantile quarters, and it is
worth noting that reports TO the loca
commercial agencies indicate that West
ern merchants and manufacturers arr
taking q more hopeful view of the future
ana are more lhCl4Hcu " AHdhe lOl wal
commitments. Merchants at this centre
appear to be well supplied with funds
while Wall Street commission house!
are practically out of the money mar
ket, owing 10 the absence of a public
interest in Stock Exchange speculation
There are at present only a few con
Germs in Wall Street that are making
money, and their profits are not heavy
The storekeeper at the crossroads in q
country district doubtless is faring bet
ter than the ordinary brokerage hous,
in the financial district. The public is
not buying stocks and bonds, but 1t is
compelled to buy meat and potatoes