New-York tribune., 1912-02-29
BANK STOCKS ON STOCK
FINANCIAL MARKET.
Stocks Up on Covering Opera
tions and New Buying
Money Unchanged.

Stock market Prices lllONtu ~
levels in the best part of the day on a
light volume of general business actiV-
ity being confined to few issues nota-
bly Reading Amalgamated copper
Union Pacific, Central Leather preferred
| and Interborough- Metropolitan preferred
the last named being bought on the an
nouncement Of the Interborough RAPID
Transits new offer to the city for sub
way development The plan appealed TO
Wall Street and apparently to the head
of the Public Service Commission. and
as a consequence traders bought the
"Inter- Net stocks. Reading was the
leader in the afternoon advance, the
movement being considered somewhat
significant following the first conference
between the representatives, Of the hard
coal roads and the miners. Notwi,h-
standing the remarks recently made by
the president Of the Delaware, Lacka-
wanna & Western in his annual report
to the stockholders Of the company that
the outlook favored II strike in the an
thracite coal region at the expiration Of
the agreement between the operators
and miners on April !, Wall Street now
believes a new agreement will be made
satisfactory to all interests concerned.
The copper stocks were strong, Amcri-
can Smelling was in fair demand, while
| United States Steel common, in spite of
further efforts 70 induce sales OF the is
sue, closed at a net gain Of more than
| one point. Central Leather preferred
was weak, quite naturally. owing to the
maintenance of the dividend in the face
/ Of an annual report showing a deficit
| after dividends in 1871 Of more than 50,
OoC, 600 On the other hand, Republic
Iron and Steel preferred, on which the
dividend was passed two days ago. was
bought at advancing prices. Sentiment
IN most circles Of the Street was bullish-
and was helped by the overruling Of the
Interstate Commerce Commission by the
Commerce Court, which annuled an or
der reducing rates on freight from New
| Orleans 10 a number of points in Ala
| bama.
| SO far in the current week. the local
[ banks nave lOSl lIlbIt tlidlll cufVN"f''v pli
their operations with the Sub-Treasury,
notwithstanding tho fact that In the
same time the government has paid out
more money than It has received, Fed
eral expenditures on all accounts are ex-
ceeding these reported year ago, but
the national Treasury, nevertheless, is
| in a strong position. its working capital
! in government vaults amounting To
more than $50, 100000. TO say nothing Of
SAC. 1855 29T in national banks. The large
represent heavy customs and internal
receipts and the liquidation of obliga-
tions due the government at interior
points by drafts 20 the Assistant Treas
urer Of the United States in New York
upon the local correspondents Of out-of-
town banks. Money rates here show no
change from the quotations Of recent
weeks, and conditions governing the
market do not suggest material stiffen-
| ing in the price for accommodation in the
near future, although firmer tendency
| is looked for in the spring, owing TO the
! expectation Of a more active demand for
funds in the South and West and the
belief that further shipments Of gold will
/ be mace TO South America. Gold coin
TO the amount of 100000 was taken
yesterday for export to the Argentine,
the operation representing the settlement
of Europea debts in that country
through the medium Of this market. Our
bankers are hoping for an active de-
mand abroad for American bonds. and
If the labor situation in England is sat
isfactorily cleared up London financial
interests doubtless will be attracted to
cur issues.