New-York tribune., 1912-03-13
FINANCIAL MARKET
Stocks Dull and Firm-BankS
Continue to Lose Money to
the Sub-TreaSury.

While there is no abnormal rush Of
spectators and investors to buy stocks
and bonds at current quotations, IT is
worth noting that a few people are
quite willing to take securities at offered
prices The stock market IS extremely
dull. vet high class securities are being
absorbed by interests who are not
worrying regarding the present and who
apparently are quite confident that the
future will bring forth good results.
Substantial Wall Street men are not
bothering much with the stock market
operations of the professional bear els-
ment. but it may be well TO remark that
the bears are having a mighty hard
time, and that in spite Of the various un-
certainties in the situation Stock EX-
change prices show most obstinate re-
fusal to move to lower levels. In yester-
days trading there was nothing spec
acular or especially interesting, the chief
feature Of the operations being the sup
port rendered whenever active selling de-
veloped. Transactions were light in vol
ume in the larger number OF issues, the
copper stocks, Reading, Union Pacific
and United States Steel supplying a big
proportion of the total transactions. The
Erie shares were strong, although trad
ing in the issues was not heavy.
Erie stocks are not wanted at fancy
figures, but in the last year there has
been a quiet buying movement in the
company's securities for the account Of
capitalists who recognize the strategic
importance of the Erie road and the
marked Improvement that has taken
place in recent years in its earning
power. While the trading in the gen
eral market in the late afternoon was
light prices were firm, and sentiment in
commission house circles was cheerful.
People who wanted to sell found ready
market There were however, few SELL
ers, and even q well directed attack
upon st. Paul was not effective in bring
ing out stock. American Tobacco was
strong; International Harvester adj
vanced in the face of reports that the
company would go into voluntary dis
solution, and American, Sugar Refining
moved up on similar rumors affecting
the big sugar concern. The Standard Oil
and American Tobacco companies have
done so well since the Supreme Court
decided they were combinations in re-
straint of trade that every one In Wall
Street is bullish on the stocks of other
wi ha r.a-
ful attention of the Department Of JUS
tice. Net gains were reported through
out the active list
The local banks are losing heavily on
their operations with the Sub-Treasury,
Notwithstanding the fact that govern
ment receipts on all accounts are only
slightly in excess of disbursements.
Since Friday night the banks at this CEN
tre have paid TO the Sub-Treasury up
ward of $5,000,0O0 more than they have
received from the federal Institution,
while the latest report of general re-
ceipts apd expenditures by the govern
ment shows an excess of all receipts over
disbursements Of less than 100000. COM
pared with a deficit of about S3,O0O000
at this time a year ago-that Is, from
March l. Ordinary government receipts
are running well ahead of those reported
in March, 1911, and current indications
suggest that the fiscal year will end with
good sized surplus. Large payments
at this point to the Sub-Treasury re-
feet heavy customs income and the set
tlement by interior banks Of obligations
due the government by drafts to the AS
sistant Treasurer in New York upon
their local correspondents While time
money rates are frmer, the demand for
accommodation is not active, and no
real Improvement in the market can be
expected until a decided increase i'm the
inquiry for funds develops. Germany is
again In this market for loans, but our
bankers do not show disposition at the
moment to make further extension Of
credits abroad, owing TO their idea that
a better demand soon will arise here and
that extreme caution should be exer-
cised at this time. owing to the coal