New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-23
REVIEW AND DIGEST
Defined Upward Movement
General Conditions Ex-
tremeiy Favorable.

J In the history Of the New YORK
| stock Exchange for 1912 the Weeh
ended September u will receive q spe-
clal reference. The early days OF inc
ueel, were unimportant and called ior
M observation of the stock marke'
other than the daily recording OF an
opening. closing. dulness and pear
jsb tendency But on THURSDAY
! change came over the horizon OF spec
Native operations, and what the Gay
nrevious had seemed 20 be Dear
cIoud displayed silver lining ana
| the market took on ray OF nope
which developed into cheerful tons
and bright prospect. Other days Vi
I brilliant enthusiasm have been eXpe-
rienced during tho last few months Oh
| stock trading. but none which shaped
| themselves into form with such 5000
leadership among the standard issues
/ The rise in the weeks prior to last
week has been confined chiefly TO the
| specialties. one week it has been
/ American Can, another Sears-i'oe-
/ buck. then Pittsburgh Coal. etc, Whle
the old reliables. like Union Pacific
( United States steel and other h'sh
class issues. have drifted along lazliy'
only now and then showing spurts Oh
moderate activity. The last three days
Of the week Just ended witnessed an
/ incipient bullish movement based On
/ a programme of development that
promised steadier action and had the
earmarks Of real discountins Of the
great wave of prosperity which seems
to be rushing 10 all parts OF the com
mercial world. The advance was gen.
eral. and the closing transactions on
Friday displayed gains in all the stan
dard issues, ranging from fractions TO
| one point or more, and up 10 three
points in some OF the specials. on
Saturday the market continued its
/ strength and leadership. Sentiment
J had changed from a waverins hope
among many traders to genuine op-
| timism, and those who had been con-
servatively bulish were firm ana
strong in their pronounced belief OF
higher price levels. II is singularly
true that the market has habit OF
turning Just when either depression
or cheerfulness apparently display
signs which point 10 an extreme, and
| its action last week confirmed the rule.
Much has been said and written about
| tight money, bordering on stringency,
and the bears have held UP q banner
| of warning during weeks when money
was easy, and the only basis Of cur
/ tailment seemed to be in the crop de-
mand and commercial requirement.
Bankers were reassurins, however,
that there was sufficient money to care
/ for oil legitimate calls. Bank clear
ances each passing week tended to
| confirm this claim, and while some
shifting Of loans and transfers OF cash
70 the interior occurred, IL was not
until week before last that a decided
calling OF loans was manifested and
call money rates showed a distinct
hardening. It was not illogical, there
fore, for the beginning Of last week
10 find 81 prevailing fear of the money
/ situation and an increasing bearish-
ness In the Street. Politics was worked
into the speculative sentiment, and
during the first three days Of the week
little encouragement was given OF
market bettermeut as whole. Tho
calling of loans, however, had 10 some
extent cleared the atmosphere, further
clarified by the first announced i'm
portation Of gold, amounting TO $500
600, from London, followed by an
easier tone IN call money. Another
announcement Oh Friday Of an I'M
portation OF 100000 In gold stimu-
lated q firmer hope that the money
tension would be relaxed further ana
that the New York banks would soon
adjust their reserves to q normal basis.
without any serious Inconvenience to
the stock market. The events Of the
week In the world of trade and in
Gustry were an enlarged edition OF
former good reports from every centre
and channel of the United States. The
steel and iron trade, usually conceded
as the barometer Of business, gave
broader and emphasized evidences OF
a marked degree Of prosperous perma-
nency. The railroad demand for equip
ment has increased, and II seems 10
be beyond the range Of human effort,
aided by mechanical efficiency, to pro-
vide even approximately sufficient car
capacity for moving the crops and
! meeting the other transportation re-
quirements during the coming months.
Railroad earnings for the flrst two
weeks In September present O com
Portable showing Of Improvement over
1911, and the pessimism that has pre-
vailed regarding a crisis in the finances
Of roads, owing TO rate restrictions.
is passing away with the enlarging
traffic and reported increased net earn
ings.
The action Of the stock market. bar
ring accidents and allowing for period
zeal reactions necessary, seems 70 be
, toward an Improvement Of the sub
stantial investment issues.
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