New-York tribune., 1912-02-26
FINANCIAL MARKET
No Real Activity Last Week
Business Poorly Distributed.


Republic Iron and Steel common ana
preferred. Union Pacific and United
States Steel. Amalgamated Copper
Union Pacific and United States Steel
ended at net gains as compared with
the closing Of the preceding week, while
Reading and the Republic Iron and Steel
stocks showed substantial losses, Read
ing being pressed for sale by the bear
element on the possibility of an anthra-
cite coal strike and a Supreme Court de-
cision against the so-called hard coal
trust" The Republic Iron and Steel is
sues were affected by reports that the
dividend lon the preferred would either
be passed or reduced at the next ,divi-
dend period. In the general list prices
showed irregular and unimportant
changes. Traders were unwilling, as a
rule, to operate for more than quick
turns, the larger financial interests ex-
hibited no disposition to make new CON-
mitments, and the public was not at all
concerned in the course Of speculation,
although 1t showed a little interest In
investment transactions. The market as
q whole was in a state OF suspended AMI
nation. Most of the buying that devel-
oped- In the week represented covering OF
short contracts.
Uncertainty over the character of
forthcoming Supreme Court decisions
and activity on the part Of politicians at
the national capital in their efforts TO
bring about Investigations OF money ana
business affairs, to say nothing OF the
beginning Of great Presidential cam
paign, naturally tend to restrict trading
in the stock market to small daily totals
of operations. From current indications
there will be no widespread interest In
speculation in the immediate future,
| notwithstanding the fact that underly-
| ing conditions are sound and stocks In
the larger number of instances are not
dear. based on dividend return and
money market rates. The total trans
actions last week in stocks Of less than
a million shares compares with l,3S6,OOO
I'm the preceding week. 2,11S,9OO IN the
same week in 1911, 2,139, 400 in 1910 and
4, 763. 800 in 1909. while from January ]
the total Of 1865, $50 compares with
| Is, ,96S. 719 in the corresponding period in
| 1911 and 34,475,707 in 1910. In the
bond department on the Stock Exchange
similar falling off IN the volume Of
business is reported. Bankers are
financing new bond issues, but they are
experiencing considerable difficulty in
| finding a market for them with the pub
| lie.
The banks continue TO lose money on
their operations with the Sub-Treasury,
while receipts of currency from the in
terror are much lighter than recently
reported. Domestic exchange rates are
now running against this centre. and II
is not improbable that In the course Of
tone will develop in the local money
market, although bankers do not look
for high quotations in the spring. In
the last week the banks showed a loss
on their operations with the govern
ment of upward Of $e,000,0 900, despite the
Treasury showed deficit in its general
income account. For the fiscal year 20
date the government reports deficit,
including expenditures on Panama Canal
construction account, of more than S20,-
100000, against a deficit in the corre-
spending period last year Of about $685.
100000. The government, however, is
in a strong financial position, its work.
ing balance in Treasury Offices amount
ing to more than S5S,0O0,00O. while it
has in national banks more than S46,-
100000 on deposit Time and call
money rates showed no change last
week Domestic demand was inactive
but both London and Berlin again bor-
rowed in this market, British bankers
paying as high as 3A per cent for call
accommodation, a rate representing a
substantial profit for local bankers. who
are unable to secure more than 21a per
cent for their funds here. The insistent
London inquiry for call money in this
market, together with the Berlin bor-
rowing of one months funds, is main
tanning foreign exchange quotations on
firm basis, especially in respect to cable
remittances.
The so-called money trust" is not
worrying over the proposed Congress
sional investigation of its affairs. It's
chief worry is finding an active market
for it's surplus holdings. People affil-
ated with the money trust" may as well
cheer up, however, as there are brighter
times ahead. for the good reason that
the country's industries are not going
to pieces. The time will come when
there will be an extensive demand for
money for the further development of
that the nation now has plenty of avail
able cash in its pocket ought to encour-
age a feeling Of optimism In financial
and business circles and discourage the
silly talk Of disturbance in our indus
tries as consequence of the activities
of our investigating politicians who
want to know why is a trust. Holders
of the shares Of the big we'll managed
corporations need feel no apprehension
over the ultimate effect of politics upon
business. The big corporations are not
going into bankruptcy. The CONNER
cial agencies which gather reports from
all parts Of the country are conserva-
lively bullish, agreeing In describing
conditions as good as could be expected
in Presidential year, with the outlook
favoring steadiness in trade rather than
any great immediate expansion. Actual
day-to-day business is heavy, but there