New-York tribune., 1912-03-18
FINANCIAL MARKET
Stock Prices Higher in Spite of
Bear Attack - Money Rates
Easy, Although Firmer Quo
tationS Are Looked For.

The fact that stock market prices are
advancing causes a whole lot OF pes
simIsm In certain quarters, where IT Is
contended that in view of the Presiden-
tial campaign, the possibility OF big
coal strike and various uncertainties In
the business outlook quotations for Sc
curities should seek lower level. Stocks
are in strong hands, and the substantial
interests in Wall Street evidently be-
Heve that all the adverse features In the
general situation have been discounted
I and that there is nothing in the outlook
/ that warrants the conversion Of securi-
| ties into cash. The floating supply OF
stocks practically is cornered. ms
corner, however is controlled by men
who have no intention Of marking prices
UP to abnormal levels, which would re-
! suit in investment selling. Investors
are human, and a big advance in the
market value Of their holdings would in
| duce them TO get dividend returns for
the time being and take the profits rep
resented by the rise in prices The big
Wall Street interests have no intention
of promoting a boom in stocks at this
time. They are well satisfied with the
way the market is moving, and they are
concentrating their efforts to reassure
investors that stocks are worth the
money at which they are now selling
and that there is nothing ahead that
should cause any anxiety in investment
circles.
A well known Wall Street house,
Keane, Zayas & Potts, had this TO say
in their market letter last week which is
worth quoting: Larger interests In the
financial district can by combination
easily arrest a selling movement under
taken by traders and spectators, but Il
selling movement on the part of fright
ened investors is wholly a different mat
ter II has become the custom to refer
to these movements, which fortunately
are Of rare occurrence, as rich mems
panics.' What happens or may happen
during one Of these occurrences Is obW'
Gus to those who recall the troublous
times of 1907. To allay the apprehen-
sion of investment holders at that time
it became imperatively necessary for
those interests in whose hands the float
ing supply of stocks was concentrated
10 make such a demonstration or
strength as would convince the hesi-
tating Of the unwisdom of throwing
their shares on the market. This is the
demonstration now being made. 1t is a
time for caution, but not for fright.
Business conditions throughout the
country are improving, noteworthy prog
ress being reported in the metal indus
try. Higher prices have been estab-
lished for pig iron, finished steel prod
ucts and copper and according to cur
rent indications the upward movement
Is only in its infancy. 1t is generally
believed that the recent advance of 81 n
ton in structural steel, plates, bars and
other materials will be followed in the
near future by a level that will approx
mate 81 ton more than prevailing quo
tations, which would mean for the
United States Steel Corporation. on the
basis Of its present output, additional
earnings of upward of $2O,OO0,OO0 year.
Regarding copper, leading authorities
predict a 1j-cent market, price OF l4%,
cents a pound having been recorded in
the last week. Consumption Of copper