New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-25
REVIEW AND DIGEST
Market Fails to Show Improve
ment Warranted by Local
Conditions - Foreign
Situation Unsettled.

No comparison Of figures, markings
Of charts or astrological deductions can
explain logically the paradoXical action
of the stock market. Moved by impulses
so sudden that Wall Street philosophy
has lost much Of it's following ana
small pools have been caught nap
ping, the New York stock market DUR
ing the week just ended has exhibited
remarkable changes. The actual has
been neglected while the Hypothetical
has been allowed to influence the cur
rent of prices regardless Of develop
ments. Professionalism has carried
quotations down during days when
factors seemed most favorable, ana
marked up prices in the face OF some
unfavorable tendencies. 1t would be
difficult to discover a period in the past
when the fundamental forces for pct
terment have been more impressive
than at present, yet the market has re-
manned apathetic.
The oft repeated story of this coun-
try's bountiful crops bringing to the
American people additional wealth
variously estimated from S9OOOoO,OVO
TO $1,000. 100000 gives a very strong
undertone to buying capacity. Bust
ness has expanded beyond the early eN-
pectations of firm believers in business
4 Improvement. During the early part OF
| 1912 many institutions, irrespective OF
considerabl bic volume of trade, did not
display more than insignificant net
earnings, but the last few months have
shown a decided improvement. The
United States Steel Corporation In the
first months of this year barely earned
its dividend requirements, yet In the
last quarter. owing to rising selling
prices and other economic influences.
this corporation has been earning good
profits, and the business has changed
| to a healthy tone.
The copper industry has also passed
| from a state Of depression to remark
able activity and prosperity. Fewer
| than twelve months since the prospect
! for the copper industry was anything
| but cheerful, and il was generally &C
cepted that the abundant production of
copper would more than meet the de-
mand, which naturally would keep
prices down TO such low range that
profits would be confined TO a few OF
the cheap producers. The dire predic
tons of many who were assuming
knowledge Of the copper situation and
who saw a long period Of low prices for
copper metal have proved TO be false
prophecies. The price Of copper metal
has had q rise of more than 30 per cent
within the last year. Domestic deliv-
cries of copper increased from 1S6,O59,-
735 pounds in the first quarter Of the
year TO 213, 277,609 pounds in the third
quarter. Whenever Europe shall have
settled down to peace and full revival
of trade and industry shall set, in, the
demand for copper abroad probably will
show an excellent improvement. The
woollen trade this year has also shown
special activity, and prices have re-
sponded TO the increased demand and
! limited visible supply.
During the last FIVE years the av-
erage annual production Of wool has
! been 5,490, S94 pounds. This produc-
ton Of wool has been exceeded by the
demand TO the extent of an annual
deficit Of nearly 200,O00,OO0 pounds.
and the domestic market, considering
the foreign situation. seems inclined to
strong market at good prices.
/ The investment situation naturally is
very closely affected by the trend OF
/ money, and some caution Ia being ex-
ercised in the selection Of securities,
! The excessive requirements Of com
merce and crops have called from their
reserves the large cash holdings which
! loadings on the banks. The period of
cheap money has been left, and while
money at present is not exhibiting OH
/ the surface eXorbitant rates, very much
Of this lack Of stringency may be at
I tributed to the conservative attitude Of
the bankers toward speculation and the
limited necessities Of the stock mar
kets Importations Of gold were begun
again on Thursday, when it was an
nounced that $750,000 had been en-
gagged in London for New York on
Friday another engagement Of $500, 600
in gold was announced.
One of the events of the week was
the issuing Of S40,OOO.OOO of per cent
notes by the New Haven Railroad
The issue itself would hardly be ac-
copied as an encouraging indication Of
the money market, but the oversub-
scription Of these notes proves that
there is an abundance Of money ready
/ for investment when the issues are
good and the yield satisfactory. Should
no serious obstacles arise New York
/ bankers probably will join in gold i'm
porting movement, in which case the
! local money situation will be much i'm
proved.
The report OF this country's foreign
| trade for the month of October, made
public last Thursday. added to the gen
orally good returns for that month and
supplied the missing link of a chain of
extraordinary October business records.