New-York tribune., 1912-03-22
BANK STOCKS ON STOCK E
FINANCIAL MARKET
Reactionary Tendency in Many
Stocks - Bankers Receive
Favorable Trade AdViCeS.

Transactions in stocks were heavy in
volume in the first two hours Of business,
but in the rest Of the day trading was
inactive and represented little beyond
the operations of an unimportant pro-
fessional element. While realizing sales
were conducted on a large scale in the
morning, prices showed decided firmness'
and although bear pressure subsequently
developed, final quotations in the larger
number Of issues presented as many net
gains as losses. Efforts were made 10
bring about sharp reaction IN United
States Steel common, but the stock
closed only fractionAlly under its final
figure Of the preceding day, offerings
being we'll absorbed and new buying de-
velopins on the decline. The United
States steel securities are being taken by
strong interests. and it is worth noting
that the employees Of the concern think
so well Of the steel business that under
the profit sharing plan Of 1911 subscrip-
tions from employees for upward OF 81
900 shares Of the preferred and O,t3J
shares of the common have been re-
ceived. In the last -four years employees
have subscribed for the corporations :
stock to the par value Of SlroJo,DUo
Lcbieh Valley was q strong feature in
the afternoon, its advance, however, fail
ing to stimulate strength in other parts
of the market the general list showing
declining tendency in the last hour OF
trading, Amalgamated Copper, Reading
and Union Pacific exhibiting especial
weakness. There appeared to be no sell
ing by the large interests The reaction
caused no surprise, as the market. owing
10 the advance of recent days, was fun
Of weak accounts and its technical posi-
ton was weak American Sugar Rein
inc was well bought and ended at a net
gain Of , points.
Local bankers are receiving favorable
reports from their correspondents in
various parts of the country regarding
the course of money and business.
Bankers in the West and South are opti-
InlSIlt over lllt III DlOSp''~S9 iDi NANlo ~ ''S
current year, while they state that the
general industrial outlook is improving,
despite the uncertainties incident 10 a
Presidential campaign. This column OF
The Tribune frequently in recent months
has called attention to the soundness Of
fundamental conditions in the country,
including the nations strength in the in
ternational trade and money market, and
il is worth noting that the views cX-
pressed from time to time are now re-
fected in actual improvement in all lines
Of business. The Wall Street Journal"
which has made a thorough investigation
of the general situation. bears out The
Tribune's theory that the country is on
the threshold of year OF progress ana
great expansion, saying yesterday: The
banking situation is more satisfactory
than il has been for many years past,
and altogether 1t cannot but be appreci-
ated that fundamentally conditions are
sound. When 1t is considered also that
an enormous credit balance has been
built up for the country. growing out Of
our lOTClSh COiiliIiSi 70 VI '4'N '"'' o. - O.
months, and the large balances that have
resulted are on deposit in Europe, only
waiting TO be called in by our bankers
when the money market is ready, there
can be little doubt that a substantial
groundwork has been laid COR a period of
commercial activity and expansion"
Call money rates showed no change
yesterday. but in the time department of
the market n firmer tendency without an
actual advance was reported. The banks
continue to lose on their operations with
the Sub-Treasury. while the demand for
funds on this centre from interior points
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