New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-03-27
FINANCIAL MARKET
Stocks Show Underlying Strength
Better Demand for Money.

The stock market showed irregularity
in price movements, and at times re-
dictionary tendencies, owing TO the heavy
fessional traders to bring about ma
terially lower quotations. In view Of
the extent of the selling much encOur-
agement was felt by the bulls at the
close when final figures, as a rule, pre-
scented only unimportant net changes. al
though in some issues, notably special
ties. net gains were reported. The Inter
borough metropolitan shares, Bethlehem
Steel Pittsburgh Coal and United States
Rubber were strong features. When
ever advances took place stocks we're
well supplied. but offerings were easily
a absorbed, and in spite of the pressure on
the rallies the general list seemed TO
possess underlying strength. Just be
fore the close the whole market became
strong and active, United States Steel
common showing greater strength than
at any other time in the day, owing
chiefly to covering Of shorts. Total deal
ings exceeded $4,000 shares, with the
heaviest transactions in the metal issues,
American Beet Sugar. American Can,
Reading. United States Rubber, the local
traction securities. Corn Products, Mis-
souri, Pacific and AtChison, the last
named being helped by the COmpany's
excellent showing Of earnings for the
month Of February, gross increasing
49, & t,I
is i'm a strong financial and physical
condition, and its position IS likely to
improve to material degree i'm the
course of the next twelve months, while
the same thing may be said Of all the
railroads in the country. The acquittal
of the Chicago beef packers in the gov
eminent suit against them under the
Sherman law appeared to encourage
Wall Street sentiment, while the unset
tied situation in various labor circles
was without effect on market operations.
Stock prices have enjoyed marked APP
probation since the low points Of Feb
ruary, and while the market appears to
be in a bun swing, il is only natural TO
cations of which were presented in the
course of trading Yesterday. The av-
erage for the leading railroad and in
dustrlal issues is now higher than at any
time in many months, the average for
the railroads of 1850 comparing with
high in 1911, on July -, Of 1888, and
that for the industrials of SS.I5 with
SG.4j. the record for the last year.
Small operators who seldom buy stocks
when prices are cheap appear 10 be taxi
ing securities on margin at prevailing
quotations, and their demands, of course,
are being filled by interests who bought
at much cheaper figures and who expect
to get their stock back at a level under
that now current. 1t has always been this
way in Wall Street and il always will be.
stocks and the relatively low bank re-
serves shown in last Saturdays Clearing
House statement the financing Of the
April interest and dividend disburse-
ments may be accompanied by a ma
terial hardening in the money market,
but no important advance is looked for
by bankers. Time funds are distinctly
firmer than recently reported, but call
loans continue to rule under > per cent,
although a few loans have been made at
that Ggur In the London fortnightly
settlement yesterday the contango on
American stocks was 4 per cent, with
Stock Exchange loans lending at the
same figure. 1t is estimated that our
bankers have loans TO foreign interests
Of upward Of S10O,000,O00.