Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1912-03-05
WIDER ACTIVITY
CHARACTERIzES
STOCK MARKET
Possible Early Settlement Of
British Coal Dispute Looked
Upon as Favorable Indica-
ton for Better Conditions.

ton for Better Conditions.
New York, March 5--A disposition
toward wider activity and strength
characterized stock market operations
during the last few days ono roa-
son for this change for the better was
the partial clarifying OF tho political
outlook. The ex-presldents open
declaration that he was casdldato
for the presidency settled all uncer-
tainty In that respect The opinion
prevails that if he cannot secure the
Republican nomination he cannot be
elected on an independent nomina-
ton, hence approximations IN that dl-
recti0n have been largely subdued. I'm
less all sigma fail radioellsm has
reached les zenith and will soon begin
80 give way to saner and more reas-
enable influences
Another important favorable devol-
opmcnt WIS the belief IN an early
settlement OF the British coal dispute.
Notwithstanding is menacing proper
lions This created hopes OF avoid
ing any prolonged conflict In the
American coal trade which will un-
doubleday be largely influenced by
solution OF the British conflict I'm
dor these circumstances Il was cons
sidered that the outlook was rather
more hopeful and that some improve
ment Ia values was more or less JUS
Titled. Bad news met with more re-
sistance than usual. and good banking
support gave the market whatever
backing was needed. Important new
issues have been pendlns .1r some
time past and are now coming on
the market with greater freedom.
This nccessitates the offering of such
artificial support as can be- secured.
Among tho announcements this week
were IS million Atchlsop as per cent
bonds, 10 million Erie three-ycar
notes, the Japanese loan and several
other issues Of importance. while
the demands from individual invest
ors for securities have been some
what disappointing, there Is a good
inquiry from institutions which free
quently have large sums for invest
mont accumulated during long per-
Tod of hesitation. With the rising
confidence and hotter undertonc
this class OF buyers are expected 10
enter the market more freely. The
March disbursements aggregate over
siO1. 900 900, a decrease OF about Sl0,-
600. 900 compared with last year.
which was largely due TO a change
In the date Of payments arising from
the dissolution OF the Standard oil
and American Tobacco companies.
February witnessed a new high rec
ord for new securities. the amount
reported reaching nearly 1000 900,
nm increase OF more than t2a.00o. 900
over last year. The increase IN short
term notes was feature. but had Il
not been for the S6B,000. 600 Wool
worth stock issue the grand total
would have shown a decrease. a
considerable part OF these new issues
Il should be remembered were Tor re-
funding purposes.
The market Is by no means free
from unfavorable elements. Current
railroad returns are not satisfactory.
which Is explained by the fact that
traffic was much Interrupted IN jan
uary and February By severe weather
and heavy expenses This. for in
stance, explained much of the loss
on the Hartman lines. With 5hc ap-
proach OF milder weather earnings
are expected 70 show considerable
Improvement, especially as much
freight has been held ba X. outdoor
and Structural work win aiao be
shortly resumed. and this VIII tend TO
an increase OF traffic. Current rc-
ports OF industriais have also been
somewhat unfavorable, owing not 90
much 90 a decrease IN the volume Of
new business, which has been well
maintained. as 60 a significant ioa1
In profits This has been particularly
true OF the independent steel compaEl-
les some Of which have passed or
reduced dividends.
Hy far the most encnuraging factor
la the situation is the continueua OK
panslon of our foreign tTade. During
the last seven months our exports
have been si.a07. 00p .n00, an increase
OF $4,000, 900 within the same per-
Tor our Imports we're s9t2,oO0, 600. an
increase OF $4,000, 600. This left an
excess OF exports Of nearly $4,000
O0e for seven months. In exports tho
gain was chiefly In manufactures,
which showed the pleasing ana sug-
geative gain OF nearly f56,noO,eoe. In
food products there was also cOh-
esiderabie gain, owing to high prices
rather than 10 the volume Of exports.
which tended to contract. Domestic
exports would have figured more
heavily had Il not been Tor the low
price Of cotton, which more than off
set the large shipments IN comparison
with a year ago. In imports the M
crease has been chiefly IN food PROD
ucts. the lmportations OF manufac-
lures being either stationary or show
ing a tendency Ia decline.
The monetary ouilook suggests
slightly rlrmer. though not stiff rates.
The home demand for currency y
likely 20 improve az the period Coz
spring trade approaches, ana any in.
creased activity on the stock exchange
would also tend 90 flrmer rates Bank
reserves have declined considerably
and since January / we have shipped