New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-24
REVIEW AND DIGEST
Stock Market Position, Financial
and Business Outlook.

So far as the stock market may be
the week ended June % will
be recorded as one OF mixed politics and
stock transactions, with an emphasis on
politics. The market was like a boat
left to drift gently down the stream, only
an occasional movement of the oars
being in evidence TO keep the craft from
going ashore. At times there were little
movements. all having a meaning Of
their own, first on one side and then on
the other Of the market, but none sufl-
GENTLY strenuous to cause any real ex-
element, and the range Of prices in the
majority of issues kept fairly Well within
a narrow channel, so the bulls and bears
were not exercised about sudden i'm
pulses. The political coloring and it's
uncertain hues kept Wall Street in a
state of chaos, so far as sentiment was
concerned. In the money market the
foreign half yearly settlement period
and its attending financing have given
cause for discussion and commcnt both
abroad and at home. An instance OF the
positive needs Of Germany for half yearly
settlements was given on Wednesday,
when S2500.000 were Withdrawn from
the Bank of England for German use
making n total Of 100000 within the
period Of a week. This is supposed to be
sufficient to finance the German half
yearly settlement, but there is q dis
position on the part of the bankers there
10 pay high interest rates to outside
lending institutions.
There is at present little 70 warrant
near relief from Germany's financial Ills
except that the Germans are smart and
good fnanciers. As a country with con-
vertible assets by comparison Germany
is poor and has no money, and she mist
borrow from France, England or the
United States. outside Of Germany the
financial field is practically clear, and
few obstacles remain 10 hinder gen
eral revival Of business prosperity.
The buying Of exchange I'm Berlin
against this last gold engagement caused
an advance Of l pfennig in sterling IN
the German capital and there was also
an advance Of 1-16 Of / per cent dis.
count In London, probably due to the
gold withdrawal from the Bank Of Eng
land.
The Bank Of England's weekly return
was very satisfactory. and for the frs,
time covering a considerable period the
proportion Of reserve to liabilities Is at
tractively above the average for the last
ten years Indications are that the bank
is well prepared to meet the REQUIRE
ments of the half-yearly financing. Both
English and French banks Increased
their gold holdings ana the Paris bank
also reported loan reduction Of a con-
siderable amount. The feeling I'm Lon
don improved during the latter part Of
the week, and consols, which had re-
corded their lowest quotations in their
history, made a sharp recovery on the
rumor that the government would use
Sl5.OOO,OOO Of the sinking fund for pur-
poses Of redemption. The COnsols mar
ket is an important one, as powerful for
eign investment institutions are large
holders Of these securities, and con-
tinued depression Of market values might
work serious harm to the English mar
ket, which, in turn, would be reflected
throughout the Investment world.
The feeling Of apprehension which has
exhibited itself in regard to Belgium has
been unduly stimulated, as from the ac-
tual situation as known by the bankers
Of Antwerp, Brussels and other moueyed
centres nothing is further from the real
status than internal disturbances Bel
GUM is rich country I'm cash. and is
constantly seeking outlets for her invest
ment money.
New York banks lost considerably 10
the Sub-Treasury during the week, due
largely 70 the return Of unused appro-
priations into the Treasury as the end
OF the fiscal year draws near. This con
clusion is verified in the Washington
Treasury statement. Preparations f1r
financing the July interest and dividend
payments have been in progress, also
provisions have been in process Of ar
rangement for funds to be distributed
among interior points, where demands
are being made for money 10 finance
commercial enterprises. Throughout tho
United States there il an undercurrent
Of Improvement in business, and in the
West particularly the sentiment IS
strong for commercial bctterment. The
effect Of politics on the future business
development apparently has been left as
a past consideration, though some at
tention may be given the Presidential
issue later. The cause of this indiffer-
ence is the rcstlessncss Of men and en-
terprises which have been marking time,
waiting, waitU& waiting, for the last
three years, each month expecting some
evidences Of recuperation. We have
been passing through a readjustment
period which has given fundamental
conditions a good grooming and climi-
mated various factors which have been
irritating business and keeping back q
return 10 normal prosperity.