New-York tribune., 1912-02-08
FINANCIAL MARKET
Stocks Inactive and Irregular
Money and Exchange.

The stock market movement was un-
certain yesterday, with many recessions
and reactions, and the close was irregu-
lar. with few of the net price changes
larger than fractions. The trading was
on a much smaller scale than that OF
Tuesday, and was almost entirely pro-
fessional. and the chief gains were made
by certain specialties which ordinarily
are inactive. the leader being the Texas
Company. which rose points. Ameri-
can Tobacco common sold down points,
on the failure of the directors TO take
action on the dividend. but recovered
most of its loss by the close. The an
thracite stocks, which had made good
advances on the preceding day, closed
almost unchanged, except Central Of
New Jersey. which on trihing transac-
tions advanced points TO another new
high mark, and there was little interest
taken in the standard stocks generally.
Steel common was under pressure. the
new legal move made against the Steel
Corporation affording the argument
for bear raid, but il rallied partly be
fore the end Of tho day. Southern Rail-
way preferred advanced more than a
point on the persistent reports that the
dividend rate was about 10 be increased.
the predictions varying, however, as TO
| the extent of the increase. The company
| has of late been making an excellent
! showing in earnings. and there is reason
TO believe that the directors will at this
! time order A larger return on the pre-
| ferred stock than the present per cent
yearly, although the enthusiasts who
| look for restoration of the rate to the
full ) per cent will probably be disap-
| pointed.
The professed disposition among trad
ers was TO restrict operations in view of
the Democratic House caucus to be held
| in the evening on the money trust" in
vestigation, although the prevailing
! opinion continued TO be that the decision
would he TO place the inquiry In the
] hands Of the Committee on Banking and
| Currency, and not TO turn it over to d
special committee. which would follow
| al Ihc biiiu II ais NillNH might Dt Ilul-
Gated by Bryan's imagination. The
weekly reviews Of the leading organs of
the iron and steel industry reported an
encouragingly largo increase In pig iron
production and forecasted an increase In
the Steel Corporations untitled orders in
Saturdays statement, but they were not
| especially optimistic in referring to the
| outlook for the maintenance of prices for
either iron or finished steel
| Nominal rates continued in the call
money market. and a slightly easier tone
| developed in the quotations for time
funds for nearby maturities although
there was little business done at the
| concessions. The banks were again ex-
| tensive buyers Of bonds and short term
notes, as means of profitable employ
ment of funds which could not be placed
in loans, and there were heavy purchases
of bonds by the large life insurance com
panies. Another S2,GOO,OOO in gold was
withdrawn for shipment 10 Paris. and
further exports may be arranged. not
withstanding the weakness In foreign OK
change. which yesterday declined an
! other 10 points, TO level about a cent
under that at which profit would be
represented by the shipment of gold 70
Europe without the allowance of interest
in transit by the purchaser.