New-York tribune., 1912-02-24
FINANCIAL MARKET
Stocks Active and Higher in Late
Iradinq--Copper Issues Lead.

r,,r,nr the greater part of yesterday
...s,or stocks were dull and saesihe'
ID. a feuv notable exceptions. but In u'e
lat hour there came rally III WIN"
the market became strong anu A0.i'o
and prices advanced sharply the oioso
showing net gains for most OF the iSou
rho total transactions were less IMAM
o5O 600 shares, and the business was III
rrost entirely professional, as for a loi'S
,,hus mast Heavy buying Of copper
metal at 14ib cents pound was Ie
ported. and the Improvement In the ue-
mand. at advancing prices. was reheo'e'
In gains in the copper STOCKS leu W
An,aIgamated Copper, which was strong
from the opening, and which on large
,,,,,,re made a net advance Of 29s points
closing at the best Of the day. Whue
American Smelling and Refining COM
mon. selling ex dividend, gained IA
Reading was under pressure, and was
the chief target OF bear attack Dut II
Welded only slightly, and in the late I'M
movement, in which covering of shorts
played a considerable part, II rose fnl
point above Wednesdays final price re-
tanning most of its gain at the close.
The wheeling and Lake Erie issues m"ne
gains exceeding a point each' ana ran
handle continued its advance, rising
more than a point and closing small
fraction under its best figure. United
States Steel common was fairly firm in
the early trading, and ended the session
at its high of the day, about a point
above Wednesday. Acute weakness. on
the other hand, developed in Republic
Iron and Steel, the preferred selling
down 4 points and closing 3 points under
the last preceding business days close,
and the common closing 1$ points down,
their declines being referred TO the COM
mon expectation that the directors VIII
pass the next dividend on the preferred
stock. An interesting occurrence, which
may have market bearing, was the
awarding by the Great Northern Rail-
way Company Of it's steel rail contracts
10 companies other than the United
States Steel Corporation, and the ex-
planation by one Of its representatives
that that action had been taken not in
2 spirit OF retaliation for the terminating
of the Great Northern Ore lease, but be-
cause the Great Northern was solicitous
to secure the best rails which could be
found.
The weekly reviews of the mercantile
agencies were conservatively optimistin,
agreeing I'm describing the condition Of
trade. taking the country through, as
being as good as could be looked for et
this season in a Presidential year"
with the outlook favoring steadinesS
rather than any great expansion in bust
ness. The preliminary estimates indi-
Gated loss of more than S7,0OO,000 in
the cash holdings Of the banks during
the week. due partly to the gold exports
and partly to the lessening inflow of
money from the interior, coupled with
an unusually large loss on Sub-Treas-
ury operations; and the prospect is for
bank statement to-day which shall
show considerable decrease in the sur
plus reserve. Another half million in gold
coin was engaged yesterday for ship
ment TO the Argentine. The money mar
ket showed no change IN rates, call
loans continuing TO rule at nominal
figure. and the demand for time accom-
mediation being light, although some Of
the banks obtained little profit in MAX
ing call loans to London borrowers at a
level well above that established here
and further employment for funds for
which there are no seekers was found by
various banks in this city and elsewhere
in the purchase Of short-term obIiga-
tons