New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-04-26
FINANCIAL MARKET
New High Records for the Year
Made by Many Stocks
Money Rates Unchanged.

Stocks were strong and active through
out the five hours Of business. the
heaviest gains, as a rule, being reported
among the specialties. as, for instance
limited States Rubber, Peoples Cas-
American Can and American Beet sugar
OF the prominent issues, Reading mace
the hest showing. The advance IN
limited States Rubber apparently was
due entirely to pool operations, based on
the company's excellent earnings III
April and the expectation that the an
nual report which soon Will be 1ssued
will show satisfactory net returns. inc
Tinted States Rubber Company mas
urofted in its last fiscal year by the pay
ment Of 8 per cent dividend on the
common stock of the Rubber Goods
Manufacturing Company and by long
season Of snow and rain. Kansas ,lty
Southern was again an exception to the
upward tendency. the decline evidently
being due to the companys compare
lively poor earnings in February and
March, brought about by heavy rains
which practically inundated the whole
territory through which the company s
Southern division operates.
The general market was decidedly
strong In the early afternoon, and at the
close quotations showed only unim-
portant declines from the best prices OF
the day, stocks which had been con-
spicuous by their strength in the fore
noon maintaining the best part Of their
early advance. Traders thought the ad-
vance in Reading represented something
more than a settlement of the dlfter-
ences between the anthracite operators
and the miners. and the bulls on Read
ing stock announced that the dividend
on the issue would be increased TO ~
per cent a year. From what can be
learned from interests identihed with
the Reading property there Is no posi-
bility of an increase in the common
stock dividend in the immediate future.
Buying of Peoples Gas was i'll response
TO the decision in the company's favor
in it's appeal from the order restraining
it from charging more than 80 cents Tor
gas under a city ordinance. While the
company can now go back to the 80
cent rate, it still has to confront de-
cision of higher court.
Although the local banks continue to
lose on their operations with the Sub
Treasury, they are receiving ialr
amounts Of currency fran various in
terror points, and it is quite likely that
the heavy drain from government de-
mands will be offset in large measure in
to-morrow's Clearing House showing by
the inward movement of funds. The
banks, as a rule, are in strong posi-
nothing that suggests higher rates for
loans in the immediate future. The
Bank of England made no change in its
minimum rate of discount yesterday,
while it showed some improvement in
its percentage of reserve to liabilities. as
compared with this time year ago, the
proportion of 4S.42 per cent, however.
being under the ten-year average Tor
this week. Monetary conditions abroad
are better than they were earlier In the
season, but the situation does not war
rant the talk heard in some quarters
that the United States soon will draw on
foreign capitals for gold. While we
have a substantial credit balance abroad
ii is not probable that our bankers Will
attempt to bring gold from the other
side, except in the case of an emergency,
of which there is no indication. Our
foreign credits are being actively EN-
cured In the local market. Furthermore.
there is no reason at present why We
should seek TO increase bank reserves by
reducing our accounts i'm foreign mar
kets. Rates for call and time money
and commercial paper showed no APP
preciable change yesterday.