New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-04-09
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Activity in Stocks and Higher
Rates for Money.


volume throughout the day. total sales
amounting to more than $4,000 shares.
Although heavy realizing of profits
caused great irregularity In price move
nents and at times decided reactlonary
tendencies, final quotations showed more
net gains than losses among the active
issues. An interesting feature Of the
trading was the activity In the so-called
specialties. most Of which were strong
on larger total Of dealings than re-
ported at any time in many months. such
stocks as American Can, American Ice
and Colorado Fuel and Iron attracting
particular attention. When speculation
runs into the specialties in bull markets
II is customary TO believe that the big
interests are unloading other stocks
under cover Of an advance in usually
inactive Issues. Heavy selling was noted
in Canadian Pacific, st. Paul, Erie. Mis-
souri, Pacific. Northern Pacific, Union
Pacific, United States Steel and the cop
per shares, all of which ended the day
at net declines, and while this selling
was under way minor stocks were being
advanced, although at the same time
few prominent securities exhibited pro-
nounced strength, particularly Reading,
Lehigh Valley. the railway equipment
issues and Rock Island common and pre-
fcrred. Strength in l'ehigh Valley and
Reading apparently was based on the
expectation Of speedy settlement OF
the differences between the anthracite
coal operators and miners. United States
Steel common was under professional
pressure. and shrewd observers Of mar
ket movements were inclined to believe
that the larger part Of the short interest
in the stock was covered last week, while
they thought the same thing had taken
place in other parts Of the active list.
The stock market has had big advance
In recent weeks, large amount Of stock
bought at lower prices has been dis
tributed and the technical position OF
speculation has been materially weak
ened. These factors should be borne In
mind by people who have a laundering
TO buy at prevailing quotations on Dor
rowed funds, especially as money rates
are moving TO higher levels.
In view of current low bank reserves,
the steady loss by the local Clearing
House institutions 10 the Sub-Treasury,
the increased demand for accommoda-
ton from mercantile sources and the
activity i'm the stock market. the adj
vancing tendency in money rates should
cause no surprise. The inquiry for time
funds is much more active than recently
reported. while quotations are appreci-
ably higher. Call loans likewise have
advanced, and a wider ana stronger
market for commercial paper is looked
for. Changes in Saturdays bank state
ment show that there has been a large
calling of loans and shifting of loans
10 trust companies and banks not mem
bers of the Clearing House Association,
but no uneasness Is felt In banking cir
cles because of the necessity that has
arisen of strengthening reserves at the
expense OF the loan account. Money
moves to the centre where 1t can be
most proftably employed. IL rates for
funds here go to a higher level there
will be heavy shipments OF currency To
New York from the interior, and. fur
theremore, higher quotations will bring
TO this country money represented in
loans for our account in foreign cities.
1t IS estimated that within the next sixty
days upward Of S50.000,000 in American
loang 10 Berlin will mature. and it Is
understood that these loans will not be
renewed unless there should be marked
change In international monetary con-
ditions. our exports OF merchandise con-
tinue TO exceed imports, and we have
a credit balance abroad that can be
called upon To bring us gold IL the re-
quirements OF this market should de-
mand imports of the metal.