New-York tribune., 1912-02-27
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
Unimportant Changes in Stocks
Banks Lose Money on Opera
tionS with Sub Treasury.

| On a light volume of trading STOCK
market prices moved in the direction
Of lower levels In the best part f the
day, declines, however. being confined
| to fractions in the larger number Of Is
sues. Commission houses were not fac
| tors IN the dealings, as far as buying
for public account was concerned. but
they reported a fair amount Of scat
tered selling for outsiders, who appar-
a market that for weeks has persisted
in moving within a limit bounded by
eighths and quarters. More than one
half Of the total business was supplied
by Amalgamated Copper. Reading,
Union Pacific, United States Steel COM
mon and Republic Iron and Steel pre-
ferred, and in these stocks, with the
exception Of the last named, final quo
tations exhibited only unimportant
losses. Republic Iron and Steel pre-
ferred was pressed for sale on the ex-
pectation of the passing of the dividend,
which was confirmed by the action of
the directors after the close of business.
The directors announce that the pres
ent and prospective earnings are not
large enough to warrant the payment
Of the usual dividend and that in their
judgment, under existing conditions Of
general business, tariff uncertainties
and political agitation, the interests of
the stockholders will be protected by
ha nv q
cash resources. The Republic Iron and
Steel Company, ii may be recalled, prac-
tically started the open market for iron
and steel in respect to prices In 1911.
The selling Of the company's stocks had
no especial effect upon United States
Steel common, while an afternoon break
in the Central Leather issues failed to
create any excitement in the general
market. There was an absolute absence
of activity at the close.
Money rates showed no change yes
terday from the figures noted at the
close Of last week, and while the banks
reported a further loss on their opera
tions with the Sub-Treasury and a fair
demand from the interior for currency
at this centre there was no indication
in the movement Of funds of higher
rates for accommodation in the imme-
diate future. There is A plethora Of
money in New York. The local banks
are not making large loans TO Stock
Exchange houses and they are doing
little business with the mercantile com
munity. Stock Exchange houses do not
need money. owing to the absence of a
public interest in speculation, and mer-
camille concerns are not active borrow
ers for the good reason that their re-
quirements are small owing TO the fact
that general business is now being con-
Quoted on a hand-to-mouth basis. The
banks are conserving their resources,
but they incidentally are finding an out
let for some of their funds abroad.
Money rates in London and Berlin are
higher than they are here. and bankers
in the cities named are quite willing to
make loans in New York on an interest
basis above that quoted for domestic ac-
commodation. The inquiry for money
in this country doubtless will expand at
no remote period, despite the idea held
in some quarters that the investigation
Of the money trust" will tend to re-
strict mercantile and speculative opera
tions. II conducted on sound lines the
investigation of the money trust" will
help the general financial situation.
There are evils in our present financial
system, and If Congress Investigators
can root them out by remedial legisla-
ton so much the better for the coun-
try's industries. There is, as a matter
Of fact no such thing as a money
trust" in this country, but there is big
money power that for years has been
the most important factor in the de-
Yelopment of the nations resources.