New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-01
BANK STOCKS ON STOCK EXCHANGE.
FINANCIAL MARKET
Prominent Interests Supporting
Stocks -- Sterling Ex-
change Lower.

Stock market trading was moderately
active throughout the five hours Of bust
ness on movement Of prices that tend
ed in the direction Of higher levels until
the late afternoon. Various individual.
issues enjoyed marked Improvement.
particularly Baltimore & Ohio. interna-
tional Harvester Lehigh Valley. Consoll-
dated Gas aid Neveda Consolidated, the
last named evidently being bought by
substantial interests on the theory that
with the advance i'll the price OF copper
the stock should sell At d materially
higher figure. On a lucent copper mar
ket Nevada Consolidated is earning ap-
proximately S2,45O0OO a year, which Is
equivalent to 81 so share more than
when copper was selling on basis OF
12Ib cents pound. The general course
Of prices in the day suggested active
support by prominent speculative inter
ests and a disposition on the part OF
bankers to strengthen the bull side IN
order to attract & public following and
to induce buying Of new securities that
recently have come upon the market
In to-day's market the movement or
values may be Influenced TO q consider
able degree by the result OF the Massa-
chusetts primaries. by the outcome Of
the conference of the railroad managers
and the federal mediators in the matter
of the locomotive engineers demands
and by the report Of the United states
Steel Corporation for the first quarter Of
the year. The Steel Corporations re-
suits for that period, which were pub
lished after the close Of business, were
disappointing. but il shouli be borne In
mind that the earnings covered time
when the iron and steel industry was In
q condition OF semi-depression which no
longer exists. Net earnings totalled
S17,S26,247, and after dividends there
was q deficit Of $6,292, 1874, which was
provided for, however. by that amount
taken from undivided surplus. In the
present quarter earnings VIII be far
better. as prices of finished steel prod
ucts are higher, while new orders for
steel materials are rapidly increasing.
The entire market sold off in the late
afternoon on realizing sales and bear
pressure and most Of the early gains
were lost, Reading, for instance, closing
at a net decline Of two points.
The local banks continue to lose money
on their operations with the Sub-Treas-
ury. but they are gaining on transactions
with interior cities, except New Orleans
and San Francisco So far in the cur
rent week the New York banks have lost
upward Of 100000 TO the government.
despite the fact that in the same time
the federal Treasury reports expendi-
lures In excess of receipts. The govern
ment receives an enormous income at
this centre, while its disbursements are
widely distributed throughout the coun-
try, and furthermore the government
draws a large amount Of money from
the New York banks on ut-of-town
drafts, payable to the Assistant Treas
urer Of the United States in this city.
Interior banks have large balances here
and they have the habit of settling obi
cations TO the federal Treasury by draw
Ing OH their accounts In the local banks
General money market conditions do not
suggest material change In rates for
loans in the immediate future. Time
funds are more or less easy because
there is only nominal demand for &C
commodation in this department OF the
market. but call money holds relatively
firm at from 2s4 to 8 per cent, while
foreign exchange exhibits declining
tendency as consequence of lower dis
counts in Europe and the forthcoming
sale OF New York City bonds for which
large foreign subscriptions are expected
Il is worth noting that discounts both
IN London and Berlin are moving tow
ard lower level for the first time IN
IL