New-York tribune., 1911-12-12
FINANCIAL MARKET
Industrial and Money Factors
Encourage Optimism in
Wall Street.


throughout the day. final quotations
showing substantial net gains in most
of the prominent issues and generally
higher level for the entire list. Wh>le
there was no especial activity on the
part Of commission houses for so-called
public account, professional traders
were inclined to cover short contracts
and 70 make modest commitments on
the long side Of speculation, on the basis
Of various favorable developments at
fecting money and business. The Had
ley commission report, which was sub
rnitted to Congress by President Taft,
was we'll received in financial circles
and was an influence in creating bull
sentiment, while the refusal Of the Su-
preme Court to grant the petition OF the
Leaf Tobacco Association for review
of the reorganization plan OF the Amer
lean Tobacco Company approved by the
United States Circuit Court for this dis
trict, distinct signs of improvement in
the copper industry, indications Of in
creasing orders in the iron and steel
trade. a government cotton crop report
estimating arvest for the current
wear of upward Of 100000 bales and
reports TO THE Wall Street Journal
from representative bankers and bust
ness men in various parts Of the coun-
| try disagreeing with the alarmist views
EXPRESSED last week by the president N
the National City Bank of this city
| ,f t;t,,,c en-
| that has long been lacking. The larger
number of bankers and business men il
the country apparently believe Mr.. Van
derlip is wrong in his ideas regardin:
the present commercial status and tina
he exaggerates the seriousness Of wha
he calls the economic tangle. The meta
shares were strong features. Amalga
mated Copper and United States Stee
showing marked improvement, while IL
the railroad list the hard coal stock
and Union Pacific enjoyed noteworth.
gains, the last named showing a maxi
mum advance of more than points
Traders were favorably inclined towart
American Car and Foundry. Strengtl
I'm lUlIcO states oAtTl Bl'ipi ANNb "
course. made the movement in the com
ln,on all the more convincing. The mar
lket closed fairly active and strong.
Higher rates for money are beginning
Ito attract out-of-tOwn funds to this cen
tire. a reflection Of which is found in tn
difference between the improvement
shown in the actual condition OF th
banks at the end of the last week an
that In the statement of averages, tn
reserve above legal requirements of H.
Clearing House institutions as of Fri
day night presenting gain Of Sl0,3S7,
$50 "a S11 ,696 80. which compares wit
an average reserve of S4,513,OjO, tn
latter comparing with S4O06,550 in tn
week before. The local banks have re
duced their loans TO a tremendous eX
tent in the last two weeks, and thi
operation. with better rates for loan a.
commodation, which are bringing in
terror money 70 New York. relieves In
situation Of the possibility of disturb
ance in the money market Further
more. the banks could strengthen thei
position by importing gold from EuroT
if local demands should become urgen
1t is quite probable that last week on
banks avaied themselves Of the oppor
tunity of drawing in their maturn
loans abroad, as there was considers
lblc amount Of selling of eXchang
against balances in Europe. New Yor
viii be called upon in the rest Of Ill
month 70 finance the large amount ,
exchange incident to the usual end {
the year remittances by foreign Dor
citizens here 10 the "old country and t
January interest payments Tor the -
count Of European holders Of America
securities but as we have heavy credit
in foreign capitals. as a consequence G
our favorable trade balance the opera
ton should not be much of factor i
the foreign exchange market beyon
bringing about "A somewhat firmer lev,
Of quotations