New-York tribune., 1912-03-04
FINANCIAL MARKET
Stocks Higher, in Spite of Bear
PresSure--MOney Rates Easy
and Foreign Exchange Firm.

quotations for the larger numDeT VI
issues show Improvement as compared
with the closing figures OF week ago
The leading issues gained from 10 a
points last week, Notwithstanding news
developments that logically suggested
liquidation and cheaper prices. the cop
per and steel shares. st. Paul, General
Electric, Louisville & Nashville, New
York Central. Northern Pacific. Union
Pacific. United States Steel and Reading
leading the movement. The last nameu
security was bought in the face or per-
sistent reports that a strike IN the an
tbracite coal region could not be avoided
II is quite possible that the miners and
operators will agree to disagree Tor a
time on the expiration Of the agree
ment between them on April i, but IL Is
not at all likely, according to men well
informed regarding conditions in the
coal business. that settlement salts
factory 10 all concerned will not be
speedily reached. And according 10
cable advices received by prominent
Wall Street houses from London there
is no reason to credit the idea circulated
by certain spectators that the British
coal strike will be a long drawn out
affair. England cannot afford TO let lts
Industries suffer- and the business men
and statesmen of that great country
certainly will find a way 10 effect har-
monious relations between the mine
hot pn1nl0VpS
Commission houses are doing llttle IN
the market for public account. as far as
speculative buying is concerned out
they report fair demand for invest
ment. especially for the new issues that
railroads and industrial corporations are
Offering. The railroads have put out
relatively large amount of securities so
far in the current year, and the chances
are that their financial necessities VIII
he reflected in further large issues in the
months to come and support in the STOCK
market by banking interests in the event
of attacks by professional traders. SUD-
stantial interests are practically In con-
troll Of the stock market. and their plans
for financing the needs of railroads 90
not include an active decline in prices Tor
securities. 1t is generally understood
that most Of the financing in the :m-
mediate future will be in the form tf
short term notes, which just now appear
to appeal TO investors more than long
time bonds. The banks and banking
houses are in q strong financial posi-
ton to handle the financial requirements
of our corporations, and as they are
anxious to place their funds II is not
conceivable that they will permit the
speculative element in Wall Street TO
make much money on the bear side Of
the stock market.
Bank reserves, although smaller than
those reported at the opening of the
year, are still large enough TO maintain
easy rates for money. but as the banks
are losing steadily TO the government
and on gold exports to South America, 1t
is not unlikely that a somewhat frner
tendency soon will develop in loan quota
tions. Money continues to move TO his
centre from the interior. but the demand
for New York funds at out-of-towr
points is increasing, as it generally does
at this period Of the year. and appar-
emily il is only a matter of short time
when shipments Of currency from this
centre will exceed receipts. The ban6s
practically are praying for a big interior
demand for money. There is little profit
in loan operations on the basis of pres
ent rates, but the banks, however, are
not in a poverty stricken condition.
They are paying good dividends on their
stocks, and as long as the world rolls on
they will make money and pay poor SAL
aries to their employees. Bank clerks do
remarkable amount Of real work, but
their compensation is wholly out OF pro-
portion to the service they render.
Owing to adverse weather conditions
in January and February the larger
number OF railroads in the country
doubtless will show in forthcoming re-
ports relatively poor results, and stock
market traders, of course, will use the
figures as an argument for lower prices.
1t is a silly man who sells out his busi-
ness DeCduSc VI d lew udyS VI Sllldll
profits, and an investor who sells his
stocks owing to passing conditions that
affect the earnings of the company In
which he is interested is just as silly,
and really commits crime against him
self The chief railroads so far reporting
for January show losses as compared
with the same month last year, but the
declines are not as heavy as looked for.
For instance, the Union Pacific reports a
decrease in gross Of S52S.57S. against an
estimated loss Of more than S1,000,000
On the other hand, the Southern Pacific,
which was expected to show o. big fall
ing off in gross income. reports a gain Of
S16,065, despite bad weather in the ter
ritory served by the company and the
shopmen's strike The railroads In the
East are handling a large volume cf
traffic. While general business is not
active. day to day operations are large,
owing to the fact that we have a big
population that must be clothed and fed.
The demands Of our growing population
are reflected in substantial traffic re-
ceipts and heavy bank clearings.