New-York tribune., 1912-03-21
FINANCIAL. MARKET
Bulls Active en- the Stock Ex-
Change-BankS Lose to Sub
Treasury and the interior.

Higher prices for copper, indications IT
better quotations for finished steel ma
terials, favorable reports from most
trade centres and a belief that the Eng
lish coal strike soon viii be settled, ana
that there viii be no long drawn ont
strike ID the coal regions in this Coun-
try were important factors IN creating
bull enthusiasm on The Stock Exchange
reflection Of which was found i1
marked activity in all parts Of the list on
an advancing movement OF values Thc
copper and steol issues were in good lie
mand. and both United states St.Ci
common ana Amalgamated Copper madn
now high prices for the current mouh
Copper metal touched price Of IL ccn,e
d pound, the best level recorded in more
than q year, the advance IN the local
market being helped by the strength Of
the product in London. Improvement in
the metal Industry is generally accom-
PANIED 10y expansion in all lines OF buss-
ness. and il Is therefore not surprising
that the hcttermcnt in steel and copper
conditions is encouraging bullish eN-
rectations in Wall Street and helping
spectators who are working for higher
stock marke, quotations. The favorable
in its annual report and the excellent
exhibit presented by the United State,
Steel Corporation for the last year tend
to discourage pcssimism in financial cir
clos while the general course Of affairs
in tine country, in spite Of political un-
ccrtainties strengthens confidence il
American railroad and industrial secu-
rites. Although there were heavy r.
alizing sales in the afternoon, olferiusa
were easily absorbed. without any ma
terial effect upon prices, which presented
net gains. as rule, at the close. The
South's big yield Of cotton, as shown by
the governments ginning report, as OF
March 1, was another factor that hell ed
TO bring about good feeling in The
Street The heaviest trading was IN the
copper shares, United States Steel,
Northern Pacific, Reading. Union Pacific
and Erie. Many speciaities were active,
especially American Can and Corn Prod
ucts.
Efforts are being made in certain quar-
ters TO make a mystery of the current
strength in the foreign exchange market
i'm the face Of the Couutry's heavy credits
abroad on international trade account.
In the last month exports of merchan"
disc from the United States exceeded I'M
ports to the value of $6i, ,657. 800, making
an excess for the eight months from
July |. 1911, Of upward Of S459O00,GO0,
and naturally some people want to know
why we are not importing gold rather
than sending the metal abroad. 1t IS
easy TO answer the inquiry Owing to
monetary conditions in this country We
are lending money abroad and are send
ing gold to South America for the d"-
count OF Europe. Europe is borrowing
here to pay its obligations In the Argen-
tine and Brazil. This movement Is one
factor in the strength in the exchange
market while another factor is the liquI-
dation through our credits abroad Of m
terest and dividends on American seed
rites hel1 by foreigners, heavy eXpendi'
lures by American travellers in England
and the Continent and rem,ttances by
foreign born American citizens TO the
"old country" Call money rates at this
centre are unchanged, but firmer ten
dency is reported in the time department
of the market. Demands for currency
from the interior are increasing, while
the banks continue to lose heavily on
their operations with the Sub-Treasury
so faAin the current week the govern
ment having gained more than SlOOO,-
600 from the New York institutions
owing TO large payments on customs ana
internal revenue account and to pay