New-York tribune., 1912-04-30
FINANCIAL MARKET
Reading Shares Sell at New High
Record Figures Money
Rates Unchanged.

While sharp advances were recorded 1T
few issues in yesterdays stock market
the general list moved in an irregular
manner throughout the five hours OF
trading. showing more net losses than
gains at the close. The fact that Read
ing again enjoyed something in the nat
IRE of a sensational rise was effective
in restraining bullsh operations In the
larger number of stocks, doubtless on the
theory that a corner was developing II
the anthracite security. Corners always
hurt the market, but there Is no gooo
reason to believe that the movement II
Reading indicates the stock Is controlled
I'm a way that will result In further ma
terial increase in its price, except IRON
favorable developments affecting thf
Reading property. It is possible Readlnl
stockholders will receive a bigger divi-
dend at no distant period. The advance
In Reading. which carried the price 10
new high record, was accompanied by
marked strength in Central Railroad o'
New Jersey, which also sold above rs
best preceding high figure at S95. Ma
tional Biscuit showed a maximum gam
of } points. and in speculative circles II
Was said that the movement in the issue
WAS sponsored by the same interests
who were active In Reading and Amerl'
can Can. Tennessee Copper was strong
on dividend possibilities, but elsewhere
among the metal issues heaviness was
reported. Amalgamated closing at loss
Of q. American Smelling at loss OF 4
and United States Steel unchanged. The
general market stood still in the after
noon. speculative interest being almost
entirely concentrated in Reading. Sen
timcnt among professional traders was
bearish at the close, but there were nc
indications Of heavy sales for short ac-
count. The best Informed interests in
the Street believe that on reactions
stocks should be bought.
Bank statement figures published Sat-
urday do not suggest higher rates for
money i'm the immediate future. And
there is nothing In conditions governing
the current money market that warrants
the idea that there will be any material
change in. loan quotations until the au-
tumn, as far as better price for accom-
mediation is concerned. The banks are
well supplied with funds. while mer-
chants, manufacturers and Wall Street
commission houses have all the money
thew need for current requirements
General business is expanding. and there
is plenty of money in the country to take
care of business growth without bring
ing on stiff rates in the loan market
especially as we have credits abroad
which can be drawn on II necessary. EX-
norts Of merchandise continue TO run
well in excess Of imports, and as con-
sequence our bankers are in position TO
import gold If the necessities or the sit
uation should make movement or the
sort desirable. Just now there is no
reason for a movement Of gold TO this
centre. Furthermore. there is no reason
for uneasiness over the fact that New
York may ship more gold TO South Amer
lea in the course Of the next few weeks.
Gold that goes from here TO South
America merely represents the payment
of European obligations in South Ameri-
can cites through the medium Of this
market. In the local foreign exchange
market business Is quiet at the moment.
with the tendency of quotations ap ar
entity in the direction of lower level It
is generally believed Europe Will be an
active bidder in this market for the
forthcoming issue OF new city bonds,
and in case a considerable amount of the
bonds are taken abroad sterling doubt
'ess will decline well under prevailing