Arizona republican., 1912-02-02
SEVERAL CIRCUMSTANCES HAVE MADE THE
WEEK A DULL ONE ON THE STOCK EXCHANGE

peting properties and finding itself
saddled with rundown properties
having Indifferent earning capacity
The Steel securities We're also affected
adversely by Investigations mt Wash
inSton, which tended TO show that
the company had been making ex-
cesSlNe profits. Little concern is
shown about the tariff. the company
being practically independent of pro-
lection. The house may favor the
new bill, but the action of the senate
and the president is uncertain The
reports of a slackening in demand
for iron and steel products also tend
ed To weaken values. Altogether the
stock market wore a somewhat un-
certain appearance.
Money continues remarkably easy:
in fact our principal markets are
glutted with idle funds. Currency
is flowing in this direction to find at
least temporary employment. the re-
suit being exceedingly low rates for
cali money. Indications now point to
gold exports at an early date either
to South America or foreign account
or TO London direct. More or less
uneasiness exists in Europe over the
international situation which is now
threatened by Italy's aggressive at
titude. so that money rates are rela-
lively firmer there than in New York.
Bankers here would welcome gold
effluX at this time as tending to
steady the money market.
General business continues very
quiet Conditions are sound, but con-
serVatism and retrenchment prevail in
nearly every direction. II seems to
be generally accepted that there will
be no fresh forward movement until
the outcome of the tariff and the
next presidency can be foreseen. There
is perhaps less apprehension regard
ing political conditions at home than
was the case a month ago. but big
business is still much disturbed by
a continuance of the investigation
mania at Washington. which natural
ly encourages strong undertone of
hesitancy Mercantile conditions in
the interior are fairly satisfactory.
The severe weather has somewhat
interrupted railroad operations. and
December and January railroad re-
turns are likely to be more or less
unfaNOrdDle IN cOnSeuutnCe.
Something is needed to break the
present inertia in the stock market.
So long as there is TO favorable news
to lift prices to higher levels down.
ward reaction Of few points appears
desirable to stimulate fresh buying.
There are many wealthy institutions
with funds for investment, also not
4 few wealthy merchants with funds
who would be tempted
while business is duh to invest at
least temporarily in high-class securi-
ties in event of fair reaction. This
latter class OF buying is really an
important element of support in the
market. and largely accounts for the
steadiness Of high-grade securities.
As previously said. railroad properties
offer the best inducement to buyers att
this time, for the reason that the
railroads have passed through the
stress Of investigation and legislative
attack. and are now protected by the
Interstate Commerce Commission
against irrational and unreasonable
demands. The industrials are now
going through similar experiences To
those which the railroads had 10 face
four or five years ago. and the out
come of this agitation is yet TO be
seen.
HENRY CLEWS.