New-York tribune., 1912-03-19
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Stocks Strong - Time Money
.Firmer and Sterling Ex-
change Higher.

Stock market prices were strong
throughout the day on an active volume
OF business, the upward movement being
based upon buying by the shorts, pur-
chases for the account of commission
house interests and apparent manipula-
ton by large spectators, who for weeks
have been working on the bull side Of
the account. While the prominent
issues. such as Union Pacific, Reading,
United States Steel and Amalgamated
Copper, were as usual leading features,
there was a decided increase In the buy
ing of the so-called specialties, and in
Rock Island and Missouri Pacific, which
recently have not cut much of figure in
the daily operations. Rock Island issues
were helped by the Improvement that
is reported in the company's earnings.
Missouri Pacific was bought by sub
stantial houses. and it was reported that
George Gould had sold his holdings in
the property. This is not at all likely.
Probably the chief factor in attracting
buying of Missouri Pacific and the
stocks of other Western roads was the
optimistic statement of the vice-presi-
dent Of the Union Pacific regarding
business conditions in the West. Mr..
Kruttschnitt says that trade conditions
in the West are better than they have
been at any time in months-"not
matter of prospect or outlook, but OF
actual fact" Illinois Central was among
the few weak features, but its net loss
was small in comparison to it's maximum
decline A rumor that the Illinois Cen
tral company would put out new issue
Of stock was officially denied, while the
theory that the passing factors affecting
adversely the earnings Of the property
would result in a reduction in the COM
pany's dividend was not seriously en-
tertained in well informed quarters.
Sentiment in Wall Street circles was
bullish regarding matters and things in
general. although a few weeks ago a
graveyard on a stormy night was a
cheerful place to roam around in COM
pared 10 the rooms Of commission houses
in the financial district.
Bank statement figures published Sat-
urday do not lessen confidence in the
idea held in many quarters that before
April / a frrner tendency will develop
IN the market for loans. Reserves no
longer show the accumulation of funds
at this centre that was reported earlier
in the year, and in view of the prepara-
tions that must be made for heavy April
interest and dividend disbursements,
gold shipments TO South America and
signs of expanding activity in the mer-
camille and speculative markets, 1t is
reasonable TO believe that the banks
soon will be able 10 secure better rates
for their funds. The statement Of the
condition of all national banks on Feb
ruary 20 discloses a rather large increase
in loans, as compared with the preced-
ing call on December D, 1911, and an
enormous gain over the figures of the
call of January in the preceding year.
On the other hand, however there has
been fair gain in cash in proportion
to the advance in the loan item. There
is at the present time no reason for any
apprehension over the course OF the
money market. but encouragement in
the fact that the outlook favors a bet
ter demand for accommodation from
mercantile and Wall Street houses. Our
credits abroad are heavy, and exports
Of merchandise from the United States
continue TO exceed imports. Early crop
conditions throuphout the country are
unusually promising for this period of
the year. Winter wheat is in good shape
and general soil conditions are excel
lent thanks to months Of the right sort
~ moisture