New-York tribune., 1912-03-14
BANK STOCKS ON STOCK Ex
FINANCIAL MARKET
Industrial Stocks in Demand
Money Easy and Foreign
EXCHANGE Lower.

The stock market showed only fair
degree Of activity throughout the five
hours Of business on a movement OF
prices that generally tended in the direc-
ton of higher levels. Many of the in
dustrial issues showed especial strength
particularly International Harvester and
American Sugar Refining, the latter ad-
voncing under the influence Of buying
based upon the strong showing made by
the company in its report for the last
calendar year. The company never en-
loved a better year, with a net income
from an sources Of $14,OS3,OJ4, COM
pared with 81, ,SO7 ,92J in 1910 and ST.
219719 in 1909. net earnings for I9ll
being equal to 24.3 per cent on the com
mon stock after allowing for the dlVl-
dends on the preferred, as against 81
per cent in the preceding year. undet
the present management, which Is iar
more progressive and more intelligent
than that under the HaVemeyer regime
the American Sugar Refining Company
is making new friends in the financial
community and strengthening the conh-
dence of present owners OF its securities
in the soundness Of their investment.
As the company is subject TO severe
comUetition and does not have monop-
DIV of the interstate traffic in sugar the
directors are not worrying over the gov
ernment suit brought by the Department
of Justice under the antitrust law 10
dissolve the corporation.
The American Sugar Refining Com
pany already has announced its wiling
ness to reorganize If it is In any way
operating in violation of the Sherman
act. The trust busting Of the Standard
on and American Tobacco Company has
resulted in higher prices for the stocks
Of the companies concerned, and wan
Street is now quite willing to welcome
the disntegration, so-called, OF all cor
porations. assuming that the same
melons. enlarged dividends and pubic
huvine would follow, as in the case of
the Oil and Tobacco Reorganization and
reorganiZation. American Beet sugar
was helped by the advance in American
Sugar Refining, while elsewhere in the
industrial department of the market de-
cided strength was shown by COnsoi-
dated Gas, American Cotton Oil, Central
Leather Virginia Carolina Chemical and
American Agricultural Chemical IN
usuaI activity was reported in the spe-
cialtIes and more or less manipulation
was noted. Bear traders thought the
action of the speCialties bad sign, while
.he bulls considered ii an indication OF
growing breadth and activity in the
market.
In the late afternoon speculation was
quiet, but stocks as rule maintained
their strength well, and operators who
sold short found no profit in the trans
action. Wall Street for the moment ap-
parently is taking no interest in labor
,roubIes or politics-that is, as far as
letting the two factors affect It's nerves
This sentiment, Of cours, nay change
over night, bat the chances are that IN
tbe event Of the stock market running
into a bear channel for a time there
will be no selling by investors and NJ
distress in banking quarters. Money
rates showed no change yesterday al.
though a slightly better demand for ac-
commodation was reported while the
banks continued TO lose on their opera
tions with the Sub Treasury. Since last
Friday the government has gained more
than SG.GOO,OOO on its transactions
through the New York Clearing House.
Local banking interests are renewing
maturing loans made by Berlin in this