New-York tribune., 1912-02-05

of a prominent Wall Street house sdlu
last week in an interview with "Iho
Wall Street Journal: Now Is the 'i'ile
to buy the market, while people are pei
plexed and the Stock Exchange houses
have no stocks. We have few stocks on
hand in our office despite the large hSI
of wealthy clients we have. l unoer-
stand the same condition exists III tiie
vaults of most of the other houses he
big men have the stocks, and While pro-
fessionals are selling short ana tIlinss
Iook blue the important interests are ac-
cumulating securities.
The fact that stock market prices nave
not been seriously affected by the talpl
tinkering of the Democratic lower orahCi'
of Congress. by the farcical Stanley IN
vestigation of the United States steer
| Corporation, by the politcM hio'e
[ against the so-called money trust anu
by the uncertainties incident to the early
mart of a Presidential campaign war
rants the statement that In fnahclai
and business circles there IS no uneasi-
ness over the final position OF money
and business in this country. our ous'-
ness men are conserving. their resources
with an eve TO the future. In tf's mean
time day-to-day operations douotless
will be heavy If present signs reflect
| actual conditions in the Industrial world
The operations of the United states steel
| CORPORATION may be taken as lair
barometer of trade, and IN the corpora
tion,s statement for the last quarter OIL
1o11 when prices for finished steel prod
ucts were extremely low. no evidence
of acute depression in our industries can
be found. This big concern paid In the
year dividends and interest charges OF
more than S74 ,0O00 900, and showed d sur
plus above all payments Of upward Of
S5.OOO,OOO. Further evidence OF Eound
business conditions is reflected IN the
earnings for December of the Pennsyl-
yania and New York Central railroads.
which show material Improvement as
compared with the corresponding period
in the preceding year.
Both the Pennsylvania and the New
York Central derive their traffic from all
parts Of the country, and their state
ments showing marked gains In gross
and net revenue should encourage conf
dence in the idea that the nations in
dustries are not going to pieces. Bear
traders are working overtime In their
efforts TO convince the public that the
various uncertainties, mostly of politi-
cal nature, will drive the country out of
business, but, fortunately, actual holders
Of American investment securities eX-
hibit no uneasiness over the future OF
our industries, while they apparently are
giving little thought to the activities OF
the Democratic statesmen who evil
IDENTIFY believe the office of Congress
man involves attacks upon vested rights.
The country needs some new men in its
national Legislature, and the chances
are that In the fall elections certain poll
ticians who are now worrying the Dusi-
ness interests of the country Will be sue
ceeded by broadminded business men
who know the real requirements Of this
big, growing nation.
There is no evidence in the current
market of investment liquidation Sales,
as a rule, represent bear operations and
the liouidation of weak bull accounts,
especially in United States Steel COM
mon. Investors think too well OF their
stocks and bonds to S, them in mar
ket that declines wholly as the result OF
speculative transactions. In the last
week London houses were free sellers Of
United States Steel and! Union Pacific,
and TO some extent OF ST. Paul. Senti-
ment abroad has been disturbed by the
reduction in the dividend on st. Paul
common, but at this centre the action Of
the directors in placing the issue on
lower dividend basis is generally com
mended, and 1t is gaining friends for the
company. The Chicago, Milwaukee &
| st. Paul company has been contending
with unusual conditions in recent years,
but its position is now growing stronger.
and there is no reason for bearishness on
it's stock in the neighborhood of par.
Talk of q reduction in the dividend on
Union Pacific common is heard In the
4
any stock from prominent sources. At
its present price this Issue returns more
than 6 per cent.
Money rates are easy and bank re-
sources are strong. Transactions I'm for-
| eign exchange at the moment are light
In volume but conditions governing the
market suggest exports of gold to Lon
don in the current month. Our bankers
are lending to considerable extent
abroad on short time loans, while they
are doing little in the local market, the
domestic demand for mercantile and
stock market purposes being extremely
limited. There is no large amount Of
commercial paper I'm the market, and
current indications do not suggest a ma
| terial increase In the supply in the i'm
mediate future, owing to the fact that
requirements Of merchants are light, as
business policy prevailing in all parts of
the country. Doubtless a marked re-
vival In trade will develop later on in the
year, when current growing bank re-
sources, including American credits
abroad, will come In handy. The coun-
| try's export trade continues to expand
shipments of merchandise from the port
Of New York, for instance, showing a
total value for the last week of $19,-
910, ,761, compared with S15.202, ,S31 in the
same time last year and $14.S17,929 in
the like period in 1910.
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