The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-03-03
FIRMNESS MARKS
PRICES Of STOCKS
Prevailing Tendency of Security
Values Still Is
Upward.
LARGER PROFlT-TAKING
Wall Street Pays Little Attcn-
ton to Proposed In
come Tax.
PROFlT-T G
rs,ocial to The Times Dispatch, ,

aSEgl amount Oh pEoHi laklnB tnat
generally takes place al the end OF the
week., especially after such strength
as has been displayed in the stock
market in the last two or three days.
prices OF stocks to-day held with FIRM
ness upon a volume OF trading some
what larger than that which hae late
~ been seen on q Saturday half-holi-
day The prevailing tendency Of values
was still upward. but there were no
distinct features in the dealings and
pretty nearly all stocks closed at quo
tations substantially unchanged from
those of Friday An accumulation OF
ST. Paul stock was, however, rather
obvious. Substantial advances wero
recorded By the various Erie issues,
and some attention WAS attracted by
an advance in American Beet Sugar In
the face Of what seemed TO be the
nnfavorable tariff news from Wash
tngton The proposition made by the
Democratic representatives In Wash
fngton to take of entirely the duty on
raw sugsr and to compensate the gov
nrnment for the LOSE OF revenue sus-
ta'ned thereby by what would BIO viz
tually an Income tax wes generally
considered under present circumstances
d
Tho weekly bank statement In both
It's average and actual forms indicated
that the banks had sustained q aome-
what larger loss In cash than appeared
likely from the forecgs. made on FRI
day.
After making all allowances for the
professional character OF tho stock
market, and the fact that public In
terest In tho market at least of
inum, II is yet apparent that last week
Witnessed Q distinct Improvement In
general financial sentiment The mar
ket had plainly reached a point where
something moro than ordinarily bad
news was required to deprsss 1t fur
ther.
There was no signal or important
development during the week. The
publication OF the report OF the statis-
tician In tho employ OF the Stanley in
vestigatng committee. and which was
entirely In the nature OF an attack
upon the United States Steel Corpo-
ration, was almost entirely unnoticed,
even by the newspapers because OF It's
obviously one-slded character. Money
conditions were without change. al
though gold exports to South Amer
lean countries continued, Nor is u
kely that dribblng metal shipments
OF this sort Will cease until rates for
the use OF money here rise to some
thing like the level obtaining In Eng
land and France
Wall street Gossip.
The London market did not hold up
aa we'll to-day as on Friday. Consols
were d!sconcertingly weak, and Il was
evident that London regarded the coal
strike more seriously than on other
days since the trouble became acute.
Yet London sold only small amount
of stock In this market. and the only
resistance apparently offered to tho
weeks upward movement came from
profit taking sales.
Up to the present. according 10 pri.
vate advicos from London, the Offer
Ing of Soo60,0uu Atchlson bonds there
has attracted little attention. All eyes
are centred on the labor situation. and
unti that Is cleared ii Is natural
enough 20 expect a slackncss I'm tho
demand for investment securities Tho
London price for the bonds has ranged
between par and 100 IL.
1t had been upprehcndcd that tho
recent moyemcnt IN Paris to make
even more strict the regulation con-
cerning the sale and listing of Amer.
lean securities In that country would
act as deterrent to French iuvcst-
ment In Americans. News from Paris
to-day was Of contrary import. a cable
announcing that the syndicate which
sold block of the stock Of the Phil
sdelphia company In that city had
been dissolved. This stock was tho
frst American stock listed on the
f'arquet OF the Paris Bourse. The stock
was introduced about d year ago ana
chs syndicate disposed OF 80 600 shares.
all of which have been converted into
French bearer certificates. The trans
action was profitable TO tho partIci-
pants in the syndicate and part!cf-
pants and investors are reported 10 he
entirely satisfied with tho security
The banks reported surplus re-
serve OF s22.slc,o00. u decrease OF more
than 100000. Most Of the banks
however, reported reserves little above
legal requirements The National CIV
Bank again reported unusually lar.:e
cash holdings, its ratio OF cash 10 de-
posts being S2.i per cent. lts cash
holdings amounted to S6a 600. abuu;
sl+.UO0.090 above legal reuuiyeinents.
The March circular Of the Fourth
National Bank Commented on tho
ittsourgh suit testing the poygcI:; OF
ihc Clearing House Association Of rhut
CITY In way that interested bankers.
gTea; deal or interest attucha
\ 70 tho outcome OF thu suit brou.rh,
VI Pittsburgh TO les. thu ngh, OF tht
fttsourgh Clearing House Association
60 enforce rules relative to the coI.
lection OF cheeks nGtef drafts, lius
OF exchange ANA other matters. rbi
suit Is based, among other things ur
the claim that the action OF the clear.
Ing house would lntcrcerl y,ifh ,,t