New-York tribune., 1912-04-29
FINANCIAL MARKET
Stock Trend Still UpWard-Labor
QueStion-Crop Outlook.

ing for several days after the tragic
facts Of the Titanic disaster became
known, has nevertheless not resumed Its
advance at rapid pace. A few leading
issues have made substantial gains
notably Reading, which was rushed VI
points in q single day, its violent
movement causing uneasiness and re-
cession in the rest of the market, instead
Of creating bullish enthusiasm; but
most Of the standard stocks have
changed little in price. as compared with
week ago, and the chief gains have
been in the specialties. There have beer
strong days and weak days, with good
deal of irregularity; but the trend OF
prices has, on the whole, been upward
The bull leaders are still active and ag-
gressive and the demonstration Of theiI
strength has caused a great deal Of COW
ering of short contracts, the buying foi
which object has materially assisted In
the rise in prices. In the main the mar
| fessionals, the outside public having
made themselves evident as purchasers
on only one or two days of the week
| but it is said that the outsiders, who
have become sophisticated within the
| last few years, have at last learned how
to go short of the market and that
some of these knowing ones were among
the shorts who were forced to cover last
week.
| With money easy, the volume Of bank
clearings increasing. the tone of general
business good and the threatened labor
difficulties in the way of adjustment
there are grounds for justifying a
further advance in stocks; but it IS open
to question whether or not the un-
doubted Improvement in general condi-
| tions has not already been fully dis
counted, although that would not by any
means make impossible an advance OF
some extent from existing price levels
There are facts to be considered. also, or
the other side. A tentative agreement
has been reached between the coal OPP
orators and the miners, which Is eX-
|
rangement contemplating an increase OF
about 10 per cent in miners wages
which naturally will be added TO the
cost of coal to consumers. The settle
ment Of this dispute means that a
threatened strike, which might have par
alyzed industry and business and caused
widespread distress, will not take place
and the removal of this potential check
to the Improvement in business condi-
tions has fairly found reflection in stock
market strength.
The withdrawal of the locomotive
engineers ultimatum, too, and the sub
mission to Inediators Of their demands
have at least postponed q strike which
would have dealt damaging blow to
the industrial and business revival The
outcome Of the present negotiations be-
! tween railway managers and the engi-
neers, with government officials as mid
part of increased compensation to the
employees; and with their success It Is
not doubted that other classes Of railway
employees will submit and press to q sue
cessful issue their several similar de-
mands for higher wages. In view of the
case made out by the railway presidents
| it seems probable that. following this
| general raising of wages, the roads will
make another appeal TO the Interstate
! Commerce Commission, and this time d
successful one, for permission to raise
their freight rates. A good deal was
heard year or more ago about the
necessity for liquidation in labor wages
as the last step in setting the country's
house in order preliminary TO the be-
ginning of new era of country wide
business activity and prosperity. but
these predictions are not being verified,
and the trend Of wages is now upward.
Politics is entering into stock market
calculations. as is usual at this season
in Presidential year; and the bitter
ness Of the contest for the Republican
nomination especially is having a dis
turbing effect upon business, which is
certain TO endure until after the con-
vention, in June. Whoever shall be the
nominees of the two great parties, there
will be no full resumption of business
operations on prosperity scale until 1t
shall become virtually assured with
which party the November victory Is to
| lie That is not to say however that
the advent of the Presidential canvass
season has brought business improve
ment TO dead halt, for there are every
where evidences of its permanence. AL
though some irregularity Is reported
Great activity exists in the steel in
dustry, many Of the plants being op-
Grated at capacity, working up orders
received at the recently prevailing low
prices; and, though this market is Just
now rather quiet, it is fully expected by
manufacturers that with a satisfactory
ending OF the political uncertainty and
with the assurance of bountiful crops a
great demand will come for iron and
steel products at the advanced prices
now established. The copper market,
too. is temporarily quiet. with prices
steady at high level; but here. also. it
is confidently believed by the leaders Of
the industry that a further large de-
velopment VIII be witnessed, one of the
factors of which will be the buying of
the metal by railways for electrifcation,
when the condition of their finances
shall permit of their taking up again i'm
provement programmes which had TO be
pigeonholed when the panic came.
This is the crop scare" season, and
prices Of wheat ana corn have in the last
week gone to their highest figures Of the
year. in response 10 alarming reports
concerning the condition of winter
wheat. The winter Just ended was one
Of exceptional severity, and there seems
no reason TO doubt that a considerable
impairment has been suffered by winter