New-York tribune., 1912-04-17
BANK STOCKS ON sToct
FINANCIAL MARKET
Stocks Go to Lower Levels
Banks Continue to Lose Money
to the Sub Treasury.

Stock market prices showed reaCuon-
arv tendencies in the best part or me
FIVE hours of trading, last quotations
nresen+ing net losses in the large num-
her of active issues. The international
Mercantile Marine securities natnraiy
we're weak features. but the loss or 'ne
Titanic and many unfortunate passeh-
eers was not factor in the general de-
c1ina which was based almost entirely
upon technical market conditions ana
the unWillingness Of the average com
mission house trader TO make furlner
commitments for long account at the
prevailing relatively high figures United
states Steel was particularly heavy: also
Reading. American Can, Amalgamate
Copper. New York Central and Union
Pacific. American Beet Sugar enjoyed
substantial Improvement in the forenoon
and held its advance fairly well in the
afternoon weakness. In view or the
strength and activity on the Stock Ex-
change IN recent weeks the development
of bearish operations at this period Is
NOT at all surprising. There has been a
heavy distribution Of stocks, the snort
interest has increased and the larger
operators apparently are willing to LEI
prices move to lower levels In ORDER TO
accumulate new lines at more attractive
ouotations. The entire list sold on
sharply in the late afternoon under ham
mering by the bears and dlstributive
sales. Weakness in United States steel
was based in large part on the uncer-
tainty over the showing the corporation
will make In it's quarterly report. which
will be issued at the close OF the month,
reports of deficit after dividends com
ing at time when the technical posi-
ton OF the stock attracted professional
pressure against it. 1t should be borne
in mind that the iron and steel trade is
now in a far stronger condition than re-
ported in the first three months OF the
year.
The local banks continue to lose on
their operations with the Sub-Treasury,
while transfers of currency for their ac-
count are being made to San Francisco
and New Orleans. Furthermore, they
are losing cash as a consequence OF a re-
sumption of gold exports to South Amer.
lea. On the other hand, direct transac-
tions with the interior. based on the pre-
vailing rates of domestic exchange, are
in favor of this centre. Out-of-town in
stitutions have placed a considerable
amount of money in this market in the
last week owing to the higher money
rates prevailing, while large total OF
commercial loans have been shifted 10
the interior, reflection of both move
ments being found in the reduction In
the loans of the New York Clearing
House members in the last two weeks OF
upward of $52,O00,000. The general
monetary situation is sound, and heavy
speculative operations are being con-
Quoted without the accompaniment OF
disturbance in the market. The gov
ernment's report of the exports OF do
mestic products in March shows a big
gain in the value Of total shipments In
that time, as compared with the sans
period year ago, owing to the heavy
outward movement OF cotton. In the
last month 571,272,651 pounds of the
staple were shipped, at a valuation of
sec. .577, ,631, against 210,271, ,1S5 pounds
at valuation of S29.673,373, in March
1911, while the total value Of all exports
not including manufactured articles. was
$93, ,S3s,512. gain of S29, 9,SO6.497. 1t is
quite probable that the full statement
of foreign commerce for March will pre-
sent a substantial excess Of general mer-
chandise eYnnrts over irnpnrts.