New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-29
STOCK MARKET REVIEW
IRREGULAR Prices and Underlying
Strenuth the Days Record.


Yesterday might have been interpreted
both ways, but the following OF us sc-
.,or demonstrated that only one way
,ould he nationally reflected. Funda-
rnentally II was strong. Irrespective OF
ell rorecastiug which might follow the
s+udent's analysis Of movements In
stocks. is the stubborn fact that the
country is better and that politics can
NOT kill the natural levels Of our gifted
resources. Professionalism, as II Is IN
telIigently termed signifies the keenest
market instinct which Wall street mas
educated, and its vagaries must not De
ignored In a speculative way. There Is
not altogether the gambling application
which the uninitiated invariably apply
10 the movement in prices in Wall Street
fluctuations, but the business under
standing which every man who buys and
sells commodities must realize II he De
successful. There are times when all
supplies arc greater than the demand;
then prices go up. The supply is gov
Hrned by general conditions. In Sc
c,rrtty sense the present time seems to
IA when good stocks are in demand and
The demand is governed by the income
yield, so all prices as indicated in the
stock market TO a mixed degree must be
Ayoyerned accordingly. The thought is
IA OF revolutionary, nor is 1t peculiar. The
stock market is like any other market
hnd presents the same aspects OF barter
and exchange. The purchasers Of stocks
lsnd bonds should consider all the condi-
tfion3 and circumstances which do or
may influence their future market value
and earnings. Just at this time, In
market sense, we are facing a problem OF
possibility. On the one hand the coun-
try fundamentally is prosperous; on the
other hand is the sentiment which SOW
,erns a large percentage Of the world Of
bnentality, which in turn controls bust
mess energy. In estimating the future
III ere must DO considered both actual
conditions and sentiment. Sooner or
latt,r sentiment will succumb to actuali-
fies, and, irrespective Of gossip and the
changes incident 10 movements due 10
professional daily operations, the market
will respond to the underlying strength
which certainly controls It, The specu-
i.ator Is always subject to the vagaries
iof the effervescent spirit which prompts
adventure, but the conservative investor
knows all the facts and selects his stocks
and bonds according to the reflection OF
abe period and the indicated earnings Of
securities. Yesterdays market, follow
ssng the uncertainty of Thursday and the
sharp advances of Wednesday night,
might be taken as an index Of the near
future movements in prices. Taking the
specialties IS always problematical, and
& certain element Of guess must accom-
pany each venture, which turns the mind
Of the market follower into the channels
of Judgment or chance. Yesterday
market was a good example Of the realm
Of diversity which Is offered in q market
fraught with good incentive and an I'M
certain future. The political news from
Baltimore up TO the closing of the Stock
Exchange left the question Of choice
of candidates open so far as the public
could understand. The general news of
the day was of nature to be mistrusted
or analysed and its Importance carefully
applied. Net earnings of Union Pacific
showed gross increase of $1,000, but a
net decrease Of $43S,OOO. Southern Pa
Cifc exhibited a gain Of $4,000, but
net decrease of $4,000. These figures
are not encouraging. but they are in the
past. Southern Pacific should be bene-
fitted by any settlement Of the Mexican
trouble, but the Yaqui Indian outlook
which is reported I'm Sonora must affect
Southern Pacific returns, and it is not
time TO forecast the future as regards
the conditions which affect that part Of
the Hartman system dependent on the
Mexican branch as a feeder.
/ On the whole, the stock market yester-
day indicated irregularity, but the evil
dence of balance seemed to DO on the
strong side, as gains recorded were
larger than minus signs and the tone
Of trading was Of an encouraging nature
The news Of the day aside from railroad
earnings was not discouraging London
/ reported an irregular market, with an
! active demand for money, but no in
crease in rates. AS whole, the situa-
| ton presented a favorable view.