New-York tribune., 1912-03-05
FINANCIAL MARKET
Stock Prices Higher. Money
Rates Unchanged and Ster-
lima Quotations Up.

Although the general volume of busi-
ness In yesterdays stock market was not
heavy, q fair degree of activity was re-
ported in the leading issues. especially
| in Amalgamated Copper, American Beet
Sugar, Reading, Union Pacific and United
States Steel common. AS a rule, prices
moved in the direction of higher levels
notwithstanding the fact that traders
were not In sympathy with bull opera
tions. Traders, however. covered their
short contracts, for the good reason that
substantial interests were in the market
and dealing on the long side of specula-
ton. particularly in United States Steel
which showed a maximum gain OF more
than point and a net gain or point OF
total transactions Of 137.500 shares. The
"big" men identified with the United
States Steel Corporation are not worry
ing over the governments suit TO test
the legality OF the concern under the
sherman antitrust law, as they feel
that. I'm view of the outcome OF the htl~
cation in the case Of the American To-
bacco Company and the Standard OIL
COMPANY. a decision against the corpora
ton by the Supreme Court would mere
w mean reorganization and not disinte-
grafton. The United States Steel Cor
poration has its hat in the ring. Al
though the St Paul company showed
moor earnings for January. its stock was
we'll taken, the movement suggesting ac-
emulation by people who know the
property and who are not conducting
their operations on the basis or current
returns. St. Paul is considered q good
long time proposition. American Beel
Sugar was a strong feature; also Gen
| eral Electric. The report that the di-
rectors of the General Electric Company
will increase the dividend in the near
future is not credited in well informed
ouarters. Strength in American Beet
Sugar reflected a well defined idea in the
Street that the Democratic programme
10 place sugar on the free list could not
he carried out. In all parts Of the active
list prices were strong in the last hour
of business. There is more depression
In hear circles i'm Wall Street than in the
business community.
! The decline in bank reserves at TINS
| centre. as shown by Saturdays Clearing
House statement was not rejected Ut
higher rates for money yesterday, botn
call and time quotations showing no
change from the average figures of last
week. Foreign exchange was strong, de-
mand sterling and reichsmarks ad-
vanciny as a consequence Of the labor
disturbance in England and the possi-
huitv of it's extension to Germany whlo
further bids by Berlin in this market Tor
money also were factor in the upward
movement Money continues 10 move "a
| New York from the interior In lalr VOL
urne. and II is quite probable that IN tne
event of additional gold exports from
| this point and further heavy losses by
| the New York banks to the government
the inward flow of currency will increase
unless the demand for accommodation In
| the West should show a substantial eX-
mansion. Despite the fact that the local.
hanks have been losing on their opera
! tions with the Sub-Treasury for many
weeks the federal Treasury shows a
deficit on all accounts, the exhibit OF the
| last eight months indicating that ordi-
nary expenditures are running at the
rate of $50, 100000 year in excess OF
receipts. AS compared with February,
| 1910, receipts in the last month declined
about S3.000.000 while expenditures In
! oraooad S1 00O 600