New-York tribune., 1911-03-15
FINANCIAL MARKET
Foreign Trade Figures Strength
en- This Country'S Position in
international Money
Situation.

The volume Of business in yesterday
stock market showed marked expansion
as Compared with the total operations
in recent days on q movement Of prices
that tended in the direction Of higher
levels throughout tho five hours Of trad
ing. Evidence was presented OF An IN
crease in public activity in the dealings
while there were unmistaka BILE signs o'
buyinc orders from important banking
interests. the latter transactions being
responsible for heavy covering Of shorts
IN all parts Of tho list. especially IN the
metal issues. the Hill shares. Reading
and Union Pacific. the last named clos
ing at a net gain of more than two
points Among the prominent stocks
final prices presented gains of from ] to
more than - points, Great Northern and
Northern Pacific being conspicuous
features Of strength in the afternoon
operations. While there were no news
developments varranting any change III
sentiment on the part Of the bear
element. there was enough in the
technical position of the market and
the known attitude of the substan-
tisl banking interests to encourag &c
an inward movement. Furthermore
guarded advices from banking sources
regarding the market. i'll response to IN
uliries by persons representing large
amount Of capital. we're too bullish not
to he acted upon by spectators who mad
ready money and good credit. Money Is
so easy and dividends are so generous
that stocks carried on borrowed FUNDS
at prevailing levels impose no bufdei
on the buyer. II should not be as
sur,cd. however. that the advance yes
terday represents the beginning OF an
active upward movement. The marker
in recent davs has been in a sold out
condition. and in view of the large shor'
interest outstanding it is not difficult 10
understand why few we'll directcd
onerations on the long side Of specula-
tion bring about substantial improve
ment. While banking interests are buy
ers from time to time II may bc stated
on authority that they arc dong noun
ing to encourage an aggressive dull
campaien. They would not however
object to a creeping bull market There
is nothing in the present situation ana
the outlook that warrants lower prices.
The decision Of the Supreme Court up
holding the constitutionality OF the cor
noration tax law doubtless will he an
,nonortant factor in determining the
amount of Panama bonds that soon VIII
he issued and it is quite probable that
in view of the fact that the corporation
taxes collected last year VIII not have 70
be refunded. while income from TINS
source will increase with the industrial
growth of the country. the forthcoming
Offering of government bonds VIII ne
much smaller than recently expected, un-
less the Secretary Of the Treasury should
docidc 10 take advantage of current
money market conditions to redeem the
SG4 100000 IS of the loan of lSaS now
outstanding. and in other ways reduce
the public debt Money rates continue
easy and conditions governing foreign
eX. hang, are developing more In favor
of the local sterling market The COM
plete statement of the country's foreign
trade in the last month shows that ex-
ports of merchandise IN that time were
larger than in any corresponding period
il. the history of the United States, and
that imports though heavier than In any
preceding February with the exception
Of that month IN 1907 and 1910. were in
value SJi go. s:5 less than exports. max
ing an excess of exports over imports
since July 10 the amount OF SIlS, llJ.-
100. compared with $lS1 .933,2JO in the
same time in the year before. AT this
time last year the trade balance was
tending against this country. ana the
excess Of exports Of Sls1 ,933,2JO then re-
rorted was entirely wiped out before
the end Of the summer Of 1910. The
movement in our favor began in Sep
tember. and from current indications II
will continue 10 run in its present direc-