New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-05
brief NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.


In tie weekly letter of Harvey A. Will
lis & Co, under the caption THE Four
National Factors" II is said that this
country is too mature and has become
TOO important and international to con-
slider only what is happening at home.
The letter says in part that:
During 1912 the total domestic exports
will show a valuation, approximately. Of
S200O0O00, and most of these products
are manufactured or PARTLY manufactured
here at home. Manufacturers claim a
tremendous business, but acknowledge the
net profits to be comparatively small.
our old World customers will GER
tainly feel the terrible drain. the awful
aftermath OF war; they are sure TO buy
as little as possible. which means slow
ing up on foreign trade
English, German and French bankers
will naturally turn toward the borrowers
Offering the best interest terms and COL
lateral. and they will probably be found
I'm the Balkan country. In the United
States tremendous sums Of money will be
needed to pay railroad notes, bonds and
securities. which. IL is thought. cannot be
provided for by returning funds which
NAV be absorbed by other demands.
since the first day of January, 1911.
there has been decrease In the market
value OF stocks and bonds listed on the
New York Stock Exchange mot counting
those of the curb of s22e, .27S. This
decline in market prices has not inspired
any great degree OF public confidence at
Ia
minds Of our foreign friends.
Very little new money from the Old
World finds Its way to this country, par
ticularly in Northern industrial enter
prises. This is due, perhaps. 20 foreign
banking greed patriotic prejudice, lack OF
confidence and the expected great demand
for money at home.
I'VE must not fool ourselves.
AT home we find this country has four
national factors-the basis for striking
business balance-agriculture, mining.
manufacturing and railroads.
Then we have two always unsettled.
forever undetermined elements-law and
iabor-tariffs and trouble"
After reviewing the situation the let
ter inclines 20 other securities than rail-
roads as investments.
Minnesota Rate Case.
In their weekly letter OF January 4
Wagner. Dlckerson & Co. have the FOL
lowing:
The Supreme Court decision in the
Minnesota rate case is the most impor-
tant uncertain element in the immediate
general situation. Our own impression Is
81. xrg1 leaving
rate making as II is now. chiefly under
control OF the companies, In accord with
approvals given by the Interstate Com
.nerce Commission. The decision of the
court as regards disposal OF Southern Pa
cifc stock now owned by Union Pacllc
will. we believe not deprive stockholders
Of the latter company Of any equities
and so far as the future is concerned II
would seem that the only penalty I'M
posed upon the Union Pacific lies IN ter
mination Of present close relations Win
its subsidiary AS 10 Southern Paclhc
there is fair probability that the segrega-
tiou will increase the floating supply or
this stock to a greater or less extent. but
thc company mas such values in its oil
uroporties and has so strongly estaD-
Eshca itself as 10 traffic and service that
IL has never been better qualified TO meet
adverse. conditions and to retain the con-
ndcnce OF investors. With any conunu-
nee OF easier money and of satisfactory
trade reports the disposition to acquire
stocks yielding attractive dividend re-
turns is certain TO increase. IL is not ye'
clear that these leading factors VIII re-
main lIninterruptedly in favor Of quota
lions. but il is at least certain that much
of adverse nature has been discounted
and that long before the end of the year
the pontical elements which have held
the market I'm check will be sufficiently
defined to remove uncertainties in this
particular direction and to admit OF IN
ttlligent plans for business expansion ana
investment The country VIII IN que
course again move forward as IL ala last
ar. and such temporary recessions In
security prices as appear from Time 10
time should, In our judgment, be regarded
as opportunities for investment pur-
chases.'
Ahead in Copper Production.
For 1912 Arizona again holds first place
snone the copper producing states The
output will show large increase over
the 3O3 3o2.0OO pounds produced in 1911 and
nav exceed Sj0.OOo,C00 pounds. This Is
not only the largest output ever made by
the state, but the largest ever made by
any state for one year.
The production OF copper from the
Biybee district will show large increase
over the 100. 10000 pounds in 1911 and may
exceed 100000 pounds for 1912. new
Smelling plant was under. construction
b. the Calumet e. Arizona Company dur
ing the year. ,. Al
The output OF the Morenci-Metcalf dis
trict will show a considerable increase
over that of II 800, 000 pounds for 1911 and
NAV reach 80 10000 pounds for 1872 The
building Of a new smelling plant by the
Arizona Copper Company was In prog
ress during the year.
Year in Iron and Steel.
In its issue OF January 2 THE Iron
0Eae Review" has the following;
Cheerful sentiment prevailed at the be-
ginning of last year, for there were en-
eouraging indications that a change for
the better was setting in after prolonged
depression Early I'm the year the hopes
Of the most optimistic were realized, and
as the months passed the volume OF bust
mes far exceeded expectations. placing
the year in the lead Of all periods OF great
activity While large part OF the or
ders was taken at low prices profits TOT
he comfortable.