New-York tribune., 1912-02-19
FINANCIAL MARKET
Stocks Generally Higher and IN
vestment Conditions Sound.

that showed great lrregularlty, Win ~
gains predominating at the close. Inc
chief Improvement was shown by the
Industrial issues which were in good de-
r,and from speculative interests and u
some extent from investment sources
especjally in the case Of the copper
shares. which attracted attention. oWlhs
TO the multiplying signs OF permanent
expansion in the copper metal trdue'
Investment buying on the Stock EA-
cbange and in the outside market Is cN-
pected TO increase as the months go ny
but no great amount of speculative ac-
tivitv is looked for until the political
narties have fully defined their policies
for the Presidential election and la'r
estimate can be made Of the prooaole
outcome of the November voting. Al the
moment the general market, from the
sneculative point Of view, Is being played
for ollick turns by the professional ele-
ment Profits are small and commission
houses are making little money from the
public. which shows no inclination 10
risk it's funds in speculation at time
when the situation is involved with So
many uncertainties. While there have
been aggressive efforts in recent weeks
TO bring about a materially lower range
of quotations, ii is worth noting thaI
the average price for the leading railroad
and industrial issues Is only a trihe
below the figures recorded at the begin
ming Of the year.
Stocks are in strong hands. and there
is apparently no disposition OH the part
Of the larger interests TO liquidate their
holdings. Bankers believe that later th
the wear the public will be quite willing
to buy securities, both on speculative
and investment account, and they report
a fair demand at the present time for
new securities that various corporations
are putting on the market. A slight i'm
provement is noted in the demand for
money, and according TO the views ex-
pressed by leading authorities in the
financial community rates for loans VIII
move to a somewhat higher level In the
course of the next few months. Just
now quotations for call and time loans
are as low as they have been at any
time in the current year, but better In
ouiry for interior account has developed,
while the banks are not disposed TO press
their money upon the market, especially
on loans backed by commercial paper,
better rate of discount In the Middle
West there are indications of an in
creased demand for accommodations
from mercantile quarters, and reports to
the commercial agencies reflect a more
hopeful view of the future among mer-
chants and manufacturers.
Local banks are strong in cash and re-
serve resources. and the country's
credits abroad are large. In January
foreign trade balance of more than $59,-
100000 was reported. making for the
seven months of the fiscal year a total
balance Of 1894, Az, ,451. against S364.-
541 ,663 in the same time last year and
S193 493 200 in the like time In 1910.
Imports in January were heavier than
ever recorded in a preceding correspond
ing month, while exports were only ex-
Ceeded by those of January. 1911. Our
foreign trade conditions supply power
full argument for optimism over the fut-
ure of financial and industrial affairs in
this country. Domestic trade furnishes
no reason for bearishness, despite the
fact that business for the future is be-
ing restricted by political considerations.
Day-to-day operations are heavy, and
underlying factors are sound. Congress
investigations of corporations and De-
partment of Justice actions against cor
Germs that are supposed TO be operating
in violation of the Sherman antitrust
law will not bring about industrial bank
ruptcy. The American Tobacco Com
pany and the Standard Oil Company
were compelled by Supreme Court de-
cisions to readjust their affairs to that
law, and both concerns are still doing
an enormous business, while brokers are
making money in speculative and invest
ment operations In the securities of the
constituent parts of the disintegrated
concerns A good market has been cre-
ated for the stocks of the subsidiary COM
panies Of both the Standard Oil and
American Tobacco companies.
Railroad earnings and bank clesrings
compare favorably with the figures re-
ported at this time year ago. The
iron and steel industry is In better shape
than recently looked for and the copper
market is moving into a stronger posi-
ton. The railroad companies that ham
die the output Of the coal mines are hav-
ing their hands full in efforts to meet
the current active demand from con-
sumers who are short of stocks and wko
are now endeavoring TO increase their
| supplies on the theory that there will he
a hard coal strike at the expiration Of
the agreement between the miners and
operators on April 1. In coal trade cir
cles an advance in prices is looked for.
This is not an encouraging prospect for
| the users of coal, but 1t is bull ammuni-