New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-03-25
FINANCIAL MARKET
Stock Prices at Higher Levels
and Firmer Tendencies Re-
ported in Money Rates.

while the chief industrials present an
average advance Of more than points
The upward movement has been brought
ahout IN the face of political uncertain
ties and unrest in labor circles put at
the same time there have been the en-
couragement of actual Improvement III
trade conditions and hopeful sentiment
in financial and business circles Inc
stock market apparently is discountinG
the cleaning up Of the various uncer-
families in the situation and the develop
ment Of further expansion in our lhdus-
tries. The buying for both speculative
and investment account is heavier IMAM
renorted at any time in many months
Good stocks are worth buying at cur
rent prices for investment purposes ana
GENERATORS who have big credit and active
hank accounts doubtless Will ma specu-
lative purchases at the present time
profitable 1t may he we'll for the Tit
tIe'' trader. however, to bear in mind
that stocks have been advancing for up
ward of a month, and that while bull
movement is under way sharp reactions
large enough to wipe out small margins
oro not improbable. The technical
strength of a bull market depends upon
frequent declines.
In the iron and steel trade the ten
doncy is toward firmer prices, While the
same thing may be said of the copper
market. which reached a lucent level
last week, with some sales reported
tri7e above that figure. Good copper
stocks naturally are feeling the effect OF
the Improvement in the volume OF puSi-
ness in the copper industry, while the
steel shares also are in demand as
consequence of the visible signs Of eX-
mansion in the inquiry for finished steel
materials at higher quotations. ABROAD
conditions are not as favorable as they are
in this country, and in England much
hardship has been caused by the coai
strike. but the English financial mar
kets are taking a hopeful view of the
outlook. and fnanciers believe that 1t is
q matter of a short time only when the
miners will return to work. At the mo-
ment it looks as if there would be sus-
pension of work at the anthracite mines
I'm this country on April ], but as CON
sumers Of coal and dealers in coal nave
large supplies on hand, while the oper-
ators have an enormous Surplus OF mined
coal to draw on, there is no especial I'M
easiness over the possibility OF q STRIKE
in either the hard coal or soft coal dis
tricts. Certain distressing results ac-
company labor strikes, but the ultimate
effect upon the country's business
amounts to little
This country has a few people who are
kicking the dogs "aroun'," but most of
us are not in that business. our bust
ness interests, in spite Of legislation by
politicians who know little about bust
ness, are growing, and when real pros
perity develops discomfort in all quar-
tcrs will be forgotten. An organization
called the American Society for Promot-
ing Efficiency has been formed This or
ganization hopes TO promote efficiency In
every activity of man, and in letter
to the organizers President Taft says:
such movement SPREAD over the
whole United States cannot fail to i'm
prove the efficiency and contribute ma
torially to the general welfare. Every
ounce of our productive power which IS
saved should contribute TO human happi-
ness" J. S. Bache 6; Co, in their mar
ket letter. say along these lines: ITO
improve efficiency Of government bust
ness as well as Of private enterprises Is
a part of the plan, and an extension of
the education TO domestic operations also
is contemplated. The field in the work
ings and expenditures Of municipal and
national government is enormous, with
opportunities Of saving millions enough
to reduce the cost Of living materially
per capita"
Weather conditions throughout the
winter have put more moisture in the
ground than for several years past, and
as a consequence the outlook for the
crops is excellent. Winter wheat is in
good shape on q large acreage, and
while 1t is long time ahead to harvest
time for the general crops it is most en-
couraging 70 know that the soil in the
agricultural section Of the country is in
the best possible condition for farming
operations. Efforts are being made in
certain quarters to make a mystery OF
the current strength in the foreign eX-
change market in the face Of the coun-
try's heavy credits abroad on interna-
tional trade account. In the last month
&c Of ha nd h. nit cd
States exceeded imports to the value Of
$O4, Coz 800, making an excess for eight
months from July 1, 1911, of upward Of
$3.50, 100000, and naturally some people
want to know why we are not importing
gold instead Of sending the metal to
other countries. 1t is an easy question
to answer. Owing TO international
monetary conditions we are lending
money abroad and are sending gold to
South America for the account of Eu-
rope. Europe is borrowing here TO pay
its obligations in the Argentine and Bra
I'll. This movement is one factor in the
strength in the exchange market, while
another factor is the liquidation through
our foreign credits of interest and divi-
dCnds on American securities held by
foreigners, heavy expenditures by Amer
lean travellers in England and the Con-
tinent and remittances by foreign born
! American citizens to the old country"
Rates for money at this centre are now
developing firmer tendency, owing to
! increased activity in the stock market,
| loans made > Europe, a better mercan-
| tile demand and preparations for the