New-York tribune., 1912-03-09
FINANCIAL MARKET
SIiqht Stock Reaction Follows
Early Acknowledgment Report.

Continuing it's advance of Thursday
the stock market in the early tradlhs
Yesterday was strong and active. severai
issues rising to new high Levels 1or 'he
wear. The market became more qulet
in the afternoon, and toward the ciose
a partial reaction occurred. on pToHt
taking and a moderate amount Oh Tres"
short selling, which brought final prices
IN figures In some cases well under the
hest Of the day. although there were
small net gains in most of the issues'
With the sackening of the up"dFo
movement. however. no real selllls
pressure developed. and the tone
throughout the session was firm Win
the market steady at the close. In Lon
don the feeling of cheerfulness perslsteo
the market there continuing 10 renect
the general impression that the coal
strike would soon be adjusted. and
prices held steady, with advances In
some departments. The course Of prlces
at this centre gave further support to
the position of those who are inclined
TO believe that the stock market has at
last begun TO discount the Improvement
In general business and industrial con-
ditions to which various authorities IN
various parts Of the country have re-
Gently been bearing witness, the posi-
bility of runaway market" however.
being conceded by no one. in view of the
uncertainties of the political outlook in
this Presidential year and the still pres
ent danger Of a great strike in the an
thracite coal regions. The current re-
views of the business position published
yesterday by the mercantile agencies
are in line with the opinions Of manN
business men in noting a healthy but
conservative expansion in business. de-
spite the several handicaps
The receivership of the Kansas City.
Mexico G. Orient road caused no ripple
of excitement in the local stock market
for 1t had long been the common i'm
preston that the appointment of receiv-
ers for the property must come in time.
It's most serious consequence is likely TO
be the creation of suspicion Of American
railway issues generally in the minds of
investors in Europe. where the securi-
ties of the Orient road are heavily held
The monthly report of the Copper Pro-
ducers' Association, while much less IA
vorable than that of February, was re-
garded i'm the trade as fairly good. as
the comparatively small reduction OF
S,340, Go pounds has brought the surplus
stocks down TO the lowest point recorded
in several years, while the demand is
still strong and the price firm at the
highest figure quoted since the revival
in the industry began. Amalgamatec
Copper, which was one of the strongest
stocks on the list during the day, lost
part of it's early improvement when the
Producers statement appeared but re-
tained the greater part of its gain at the
close. The government report of grain
reserves in farmers hands on March l
showed the smallest percentages of
wheat and corn at the date in severa
years, and was about in line with ex-
pectations.
The preliminary estimates based upon
the known movements of money during
the week were for a decrease of about
S12JO,OO0 in the cash holdings of the
banks the loss of S4.OOO.OO0 in gold sent
to Paris and the loss on Sub-Treasury
operations offsetting by this compare
lively small amount the gain from the
interior. and a fairly favorable bank
statement is looked for to-day. There
was no change in quoted rates in the
money market. but a hardening tendency
was reported in time money especially
for nearby maturities. and with the
quickening of business and the prospec-
tive additional demands from foreign
borrowers for accommodation In this
market general rise in rates for money
is not unlikely before long.