New-York tribune., 1912-03-20
FINANCIAL MARKET
Time Money Firmer-Country's
Foreign Trade Shows Heavy
Gain in February.

Stock market prices showed irregular
changes I'm the day, with final figures at
small net gains in the larger number of
issues The advance of preceding days
naturally attracted a large amount Of
realizing, but offerings were well alb
sorbed and efforts Of professional
traders to bring about materially lower
quotations were not at all successful.
Reports from industrial centres in re-
cent DAYS have been so encouraging that
commission house operators appear TO
be inclined to buy stocks TO hold for
future profits, and the fact that the large
financial interests are bullish over the
outlook of course induces optimism in
circles where bears are not admitted.
Market opinions of the leading broker
age houses make cheerful reading matter
for people who are buying stocks at pre-
vailing levels One Of the best known
houses in the Street said yesterday:
THE next big bull market this country
will witness is not far off, and 1t will De
based upon sounder and more enduring
fundamental conditions than the coun-
try ever has known" Fundamental con-
ditions certainly are strong, but al The
same time the man with only small
bank account would better keep his
money in his business than risk
It in Wall Street The mere fact that
Wall Street is bullish does not warrant
speculation by men Of small means.
Heavy declines always accompany a
bull market 1t is a good time, however,
to buy issues Of merit for cash and tuck
them away. and it Is worth noting chat
a considerable amount of money is NOV
ing into stocks and bonds from sources
where funds are placed in the market
solely for investment purposes. OF tho
total business Of 51S,043 shares IN the
day the larger part was supplied by
Amalgamated Copper, Reading, Union
Pacific United States Steel, Missouri
Pacific. Erie, Northern Pacific and the
Rock Island issues 1t was reported the
last named were being bought for Hol-
land account. In the last hour the gen
eral market was reactionary, in spite OF
strength in individual stocks, Southern
Pacific being a strong feature, advanc-
ing above III, against a low Of 1O9@s in
the forenoon.
More activity is noted IN the time
money market than recently reported,
and bankers believe that higher rates
will develop in the course of the next lew
weeks, especially as spring demands in
tie mercantile community show signs Of
expansion. Arrangements for the April
dividend and interest disbursements also
may be something of factor in carry
ing quotations to a better level. a stiff
market for money, however, IS not
looked for 1t is encouraging to report
the fact that in February the foreign
commerce of the United States exceeded,
both in exports and imports, the trade
of any preceding corresponding month
in the history Of the country and that
the excess of exports amounted in value
| to $64, ,657, ,51S, compared with an excess
in February last year of S54 ,230 1888 and
an excess of exports in February, 1910.
of So, 500, $50. For the eight months Of
the fiscal year ended February 30 the
value Of exports Of merchandise from
this country was $1,5O6,027, an ex-
cess over imports of upward Of $459,000.-
900. Imports are heavy rs compared
with records for this time in former
years, but exports are far ahead Of the
inward movement, showing for the last
twelve months gain over imports of
1852, 15S,167. For many months our
bankers have been lending money abroad
on the strength of the country's big g.
port movement and idle funds here, and
as consequence our position in the in
ternational money market is extremely
strong and warrants the idea that in the
event of an increased need for money in
New York no difficulty will be expert
enced in importing gold. barring the de-
velopment of serious political, labor and
financial conditions in Europe. It is
quite generally believed that current