New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-03-30
FINANCIAL MARKET
Stocks Advance in Late Trading
Call Money Touches
3 Per Cent.

Trading in stocks was moderately &C
tive. but the volume of business was
well under recent heavy daily totals
amounting to 627.995 shares. compared
with S12954 in the preceding day ana
Mondays record Of 1.l4I52G Price
movements showed great irreguar'tH
with final figures at net gains IN the
larger number Of issues Stocks were
well supplied on all strong spots, 1t ap-
reared easier 70 buy than 10 sell and
,pc borrowing demand In the so-calied
loan crowd was light. all of which en-
,our3ged the belief that q big proper
non Of the short interest had been etlrni-
rzted Bull tips on Reading. based on
,Nc report that the difference between
tho anthracite operators and the miners
vould 10 settled by an increase IN
usees and an advance in the price a
coal. helued the stock 70 n higher level
It's price in the early afternoon showing
IN advance of more than one point from
the low Of the morning. In the matter
ut advance Canadian Pacific was the
star performer, moving 4 points above
It's close in Thursdays market on buying
for Canadian, London and New York &C
count.
PeopIe identified with the Canadian
Pacific road believe that eventually Its
stock Will sell AS high as that now pre-
vailing for the Delaware, Lackawannd
4, Western, which is 54o12 bid and $40
asked, owing to the remarkable progress
IT.. Il t-fa IN hn %
ton Of the country through which the
coupany's lines run and 10 tho steady
gain in earnings. which since last July
has amounted to more than S12OooW'
gross. 1t is seldom a week goes by that
the Canadian Pacific does not show an
Increase in its income from operations.
Traders assert that a large amount Of
United States steel common has been
bought in the last few days, and they
believe that In view # the visible i'm
rrovement in the iron and steel indus
try there soon will be another substan-
tial advance in the price Of the issue.
Prominent houses have taken the stock
on reactions in recent days. 1t is I'M
derstoOd that the bankers who bought
the $50, 100000 United States Steel > per
cent bonds have been overwhelmed with
applications for participation in the is
sue. The general market closed strong,
last prices being at or near the best.
According to the known movement Of
money in the current week. the local
banks have lost more than 100000 in
cash holdings, owing To heavy payments
70 the Treasury. Receipts from the
interior were heavier than shipments,
nut they were not large enough TO offset
the operations with the government.
The gain from the interior was the
smallest for any week in the month and
represented chiefly movement from
nearby places. The West and South are
beginning to draw on this centre for
funds, and ii is expected that shipments
from here will increase to material
extent i'm the course Of the next few
weeks owing TO the better demand for
mercantile accommodation and demands
incident L. spring farming Money
rates Yesterday reflected no strain on
The market as a consequence Of prepa-
ratiOus for the April interest and div
ocnd disbursements. and they did not
suggest heavy loss in reserves in to-
days Clearing House statement, al
though call loans touched per cent.
The foreign exchange market is heavy.
Demand for remittance is light. while
the supply Of bills offering is moderate
~ heavy.