New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-03-26
BANK STOCKS ON STOCK ExcHANc
FINANCIAL. MARKET
Securities in Active Demand
Banks Continue to Lose Cash
to the Sub-TreaSury.

Trading in stocks was active through
ont the day on a generally rising lever OF
nrices There were reactions in the alter
noon. but i'm the larger number OF ISSUES
not gains were reported. Total dealings
amounted TO 1.141,521 shares, with tho
heaviest oporations in the metal issues
Reading. Union Pacific, the American
can shares. Rock Island, Erie, missouri
Pacific and the Hill securities. The VOL
ume Of transactions at the opening was
tho heaviest seen Al any time in the cur
ront movement. and while large offer
ings were made on the advance the SELL
inc eyertcd little effect upon quotations.
,.hicb showed in the first hour gains OF
,aroo fractions in some issues to ad-
,-anceg Of more than / to . points IN
others. especial strength being shown ny
American Can common and preferred
American SHELTERS. Reading ana Ontea
STATES Steel The metal stocks were
bolned nv further encouraging reports
from trade centres, the strength IN ''e
conpcrs being backed by strength IN lhe
London and local markets for the prou-
,,,t American Smelling enjoyed max
i,,,,,n, Gain Of more than points, the
stock selling at the best price reported
since March. 1910, on a good class OF
b,Iying. based upon the better copper
trade situation and the increased earn
inCs of the company.
rho American Smelling and Refining
rompauy is i'm the hands Of practical
mon. who have made life study Of the
business in which they are interested
Rising quotations for American Can
,bares were accompanied by well defined
reports that later in the year the diNI-
dcud on the preferred would be advanced
from : TO per cent annually and that
the accrued dividends would he hqnl-
dated, The company is doing a large
business. but We do not see how 1t can
increase its dividend and pay off back
dividends without some new financing.
Reading was a notable feature but its
advance. as that in various other parts
of the list. invited heavy profit taking by
interests that thought the upward move
mcnt was being doomed too hard. The
late reactionary tendency brought out
support from substantial interests. New
erthclcss, experienced traders did not
appear to be especially impressed with
the theory that material further appre-
citation in prices would develop at the mo
ment. Investment buying Is fair in vol
ume lust now, and capital Is more in
cIined to move into good securities than
at any preceding period in many months.
There is a good inquiry for high grade
public utilities issues not dealt in on the
Stock Exchange
The banks continue to lose money on
their operations with the Sub-Treasury,
while the demand from the interior
shows some signs of Improvement re-
Election Of which Is found in the tendency
Of out-Of-tOwn institutions to pay obli-
cations due the government by drafts on
their New York correspondents. Bank
statement returns published on Saturday
suggest the probability Of higher rates
for funds in the near future, as the
actual reserve is now at the smallest
figure reported so far this year Fur
thcrmore. the growing activity in the
stock market and tho gradual expansion
IN our Industries must soon become some
thing Of a factor i'm bringing about bet
ter loan quotations. Fortunately, the
banking situation throughout tho Coun-
try is sound and healthy. while we have
large credits abroad. thanks TO our large
excess of exports of merchandise over
imports Although there was great ac-
tivity In stocks last week, the Clearing
House banks showed reduction i'm
loans. owing. doubtless. to the shifting Of
accounts to outside institutions which
are well supplied with cash resources.