New-York tribune., 1912-02-22
BANK STOCKS ON STOCK
FINANCIAL MARKET
Banks Continue to Lose Money
on Operations with the Sub
Treasury.

Speculation in stocks was confined IT
largo mart 10 a few issues, notably Union
Pacific United States Steel, the copper
shares and Reading, the last named at
tracing the chief attention from traders
who believe the market should move to
n lower level. As a rule prices through
ont the list of prominent issues were
lower at the close, declines, however
renresenting nothing beyond selling by
an uninportant professional element
Commission houses had few orders 10Y
rublic account. while the banking inter-
ests were not factors in the dealings
Bankers, are not bothering their heaoa
,bout the present course of the stock
market. but they stand ready to protect
nrices against any serious onslaught by
the hears, who are growing more cour-
ageous as a consequence OF the retusa'
Of the public TO buy securities az pre-
I vailing levels. The fact, however tha'
outsiders are not loading up with stocks
on borrowed money is a strong argument
against the idea that a bull stampede
can be brought about. In ADDITION 10
the fact that the public is not long OF
stocks on short margins, it should be
horne in mind that stocks are In the
hands of financial interests who for
months have shown no disposition 10
operate for lower prices as conse-
o,ence Of various business and political
uncertainties upon which some profes-
eiona1 speculators are gambling for
cheaper quotations. Reading lost "a
points, Union Pacific l point and United
states Steel 1 point, while elsewhere
in the so-called active list net changes
as a rule were confined to small frac-
tions as compared with the final hgureS
Of the preceding day. Readings decline
was based in large part on its recent
advance. Insiders made no attempt to
support Union Pacific and United States
Steel. Former President Roosevelt's
speech in Ohio was not factor affect
| ing the course of dealings.
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 tomorrow
statement Of the known movement ot
money in the week will show loss by
the New York banks on their transac.
tions with out-of-town Institutions Since
| last Friday the government has gained
more than S5,O00,000 on its financiq
dealings with the local banks, notwith.
standing the fact in the same time the
federal Treasury has shown deficit IL
| it's general income account. For the
fiscal year TO date the government re,
ports a deficit, including expenditures or
the Panama Canal, of more than $2O,'
100000, which compares with a deficit
for the corresponding period in the pre-.
ceding year of upward of S22OO0,O00
The government, however, is in a stronl
financial condition, it's working balance
in treasury offices amounting to more
than S56, 100000 to say nothing of $47,.
277, ,S75 on deposit with national banks
Time and call money rates showed nt
change yesterday. Domestic demand
was inactive, but London again Dor.
rowed in this market, paying as high a.
3A per cent for call accommodation, Z
rate representing a good profit for ou,
bankers, who are unable to place cal
funds here at more than 2h per cent
The insistent London inquiry for cal
money in this market, together with the
Berlin borrowing of one months funds
naturally is maintaining foreign e1.
change quotations on firm basis. es
pecially in respect TO cable remittances