New-York tribune., 1912-02-12

|
resistance in market movements Is III
favor Of the bulls. The upward 'ei
dency is in accord with the trend ol ~
dustrial and money market movements
Present political uncertainties halui any
fond 70 restrict commitments tor 'he
futrre in the business world, but there
appears TO be no Apprehension III 'ne
financial community over the nlai ou'
come of the prevailing involved sltud
tion The bears in Wall Street DelleVe
that in the proposed investigation OF 'he
so-called money trust there IS aii'ii'"'
milton for a campaign for lower pil00a'
They also believe that in the preilini-
nary political moves incident TO the
Presidential election and in the quiet
condition of trade in respect to forward
business additional reason is suPpi'eu
for pessimism on the stock market pu'
so far their theories have not been el
roctive i'm frightening the people OF thls
country.
4 scientific investigation of monetary
| conditions at this centre Will not DC io
senteG by bankers. Such an inquiry ''i'o
existing conditions ought to result III d
fuller appreciation Of the necessity loi =, a
reform, in our currency system which VIII
hiring about the greatest good Tor inc
largest number Of people. 1T Is We"
known fact that the banking resources
of this city are in the hands OF sIiiai Il
ero,,n of capitalists as d logical result ol
concentration Of banking power puI 1t
aho,,d no horne I'm mind that this con-
| cen+ration of capital is one OF tue
strongest factors in tho commercial oe-
yeIopment Of the country ana that III
the absence Of regulation by the govern
r,er+ II has not trespassed upon the
rights of the public The great EURO
nam nations recognize that Concen-
trated banking power helps indus'rlal
growth. but they also recognize that thls
nover should be regulated by me gov
or,roen+ while Independent Of the gov
arpnent's banking operations 'oi'-
-or,.ati,e action on the part OF our law
makers in the matter of deNis'hH ways
ord means for the Improvement "' W,
rart monetary conditions VIII DC Wei
oon,o6 hv every banker in the country
Or bankers and intelligent statesmen
however, do not care for the sor' oi io-
form that Mr.. Bryan would ike W Sc0
enacted The fact that MT. hrSd"
ideas have been turned down III 'V'.-
o,ross &c favorable sign OF growing
60 a,,,ore o,1r lawmakers on money
and business affairs,
Declines that took place i'll last "ecN j
s+ocL market were based almost ehtireY
,,non speculative considerations as lor
i,,.+orco In the shares Of the American
,robacco Company and its subsidiaries
,ybicb lost ground because OF recent
charm advances. Heavy realizing SAFES
and bear pressure were reported IN these
issles. but elsewhere in the Ilst OF dc-
tive securities declines when mace were
mt of important proportions, despite 'he
tar,nnering Of the trading clement.
1rnited States Steel common in the face
of aggressive bear attacks lost only a
for the week. The statement OF the
limited States Steel Corporation snow
ING untitled orders on hand at the end OF
January made an Unexpectedly good eX-
bibit the total amounting to 5,3fo,'2l
TONS compared with 5,084, 161 tons at the
close of December and 3,110,9l9 tons on
January 81. 1911 The iron and steel
busitess is not going to pieces, and the
game thing may be said OF the entlre
metal market. Copper prices are
stronger. The monthly report oil the
| Copper Producers Association, as OF
| February !, shows surplus stocks lower
than at any time in the last four years,
dine chiefly to enormous exports OF the
| product. In the week just closed the
larger number of stocks closed above the
final figures Of the preceding week. not
withstanding a drive against values IN
Saturdays operations.
The Hill shares, Union Pacific, st
Paul, Amalgamated Copper and South
orn Railway preferred are in good de-
mand. The directors Of the Southern
Railway have advanced the preferre'
stock to a per cent basis, their action
being fully justified by the earnings and
nhysical condition of the property. The
Southern Railway has made remarkable
progress in recent years, and IT IS no"
making money at a rate that foreshad-
ows the fun per cent dividend on the
preferred at no remote period and pay
ments on the common in the course oi
a few years. The road is growing ul
with the country through which its lines
run. and the able management OF MT
Finley. its president, has been a power
ful factor in the expansion of the III
dustries in the Southern's territory
When big company like the Southern
Railway can increase its dividend, when
the larger number of railroads and in
! dustrial concerns in the country can
maintain handsome dividend payments,
when the number of idle railway cars
is decreasing and when gross trans
portation receipts are growing no soo'
argument can be found Tor uneasihess
lover the future Of our industries.
| In addition to the favorable factors
! lust mentioned further announcement Is
| found in the country's heavy export
trade. I'm its large credits abroad ana
! in the increase In the amount of money
hin circulation. We are lending 10 Eu-
rope through credits accumulated there
! from our excess of merchandise exports
over imports, while we also are lend
| ing by direct shipments of gold New
York has shipped more than $S,O0O.0OO
| in gold to Paris in the last fortnight, not
| because this country owed that amount
to France, but because our bankers found
| It profitable to place funds In the French
capital. Money rates are easy here. bat
there are some indications that a firmer
tendency may develop before long, as ex-
| change at interior points on New YORK