New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-30
REVIEW AND DIGEST
Week of Special Activity =
Broader Market-Higher
Prices.

Another week has paSSeu anu oiiiS Il
memory Of events remains to cast the
shadow of hypothesis on when 10 Dase
predictions of future stock market OPP
erations. 1t is true that by COMPARE
son the action of the market during the
week Just ended has been remarkable
as il has reached a wider range. trans
actions have been on broader scale
and several issues have established new
high records. The week will also be
individualized among the succession or
weeks in the stock market as The first
one this year in which the standard
railroads and industrials assumed ag-
eressive leadership and carried price
levels to distinctly higher elevations.
while some Of the former specialtles
which had been the hope Of the bull
side at times became laggards and
sagged from their previous high points.
Not only has the market in its trading
relationship and speculative opportunl-
ties been attractive to the optimistic
side of Wall Street following. but 1t
has strengthened the faith OF the In
terests in and allied to Wall Street 10
degree of confidence covering the FUN
damentals which are the real support
Of the markets upward movement.
During the former weeks for many
months there has been the ever pres
ent query, "Why does not the stock
market discount coming prosperity
This interrogation was followed by an
other In close conjunction: Are we
really approaching period OF pro-
nounced prosperity. or Will 1t prove to
be simply a squirt Of better times, to
soon die out and, like the promised re-
covery in 1905 leave US with the i'm
preston that we had been chasing
rainbows?" In the absence Of any
sound reasoning to the contrary, we
were obliged to accept the week after
week Of favorable and continuously
optimistic reports Of the commercial
agencies, the daily developing steel and
iron trade, which has now reached re-
markable figures, and volume OF
business taking the output Of the COM
bined mills we'll into 1913. The re-
ports from all points Of the compass in
the United States confirm more en-
phatically as the weeks roll on that
the country not only has been entering
on a new era Of prosperous times, but
1t is now forcibly impressed on the
business and financial representatives
who had remained in a state of de-
batable doubt that we are already in
the promised land Of fortune and
plenty, and have been for some time.
We have passed through the opening
portals and are we'll within the broad
expanse Of commerce and industry, the
records Of which beggar all previous
For quite period prior to last
week the stock market had shown i'm
pulses, but 1t displayed lack Of lead
ership aggressiveness to inspire a fol-
lowing, so in a desultory sort Of way
1t drifted on, with just enough spirit to
suggest a bullish undertone, but not
sufficiently strong to kindle enthusiasm
and cause a general advance In the en-
tire list of logical market leaders. Like
a suddenly discovered opportunity or a
danger but recently realized, the week
opened with broadening tendency Of
the market, which grew more pro-
on Tuesday, and on Wednes-
day had spread throughout the list Of
standard issues and others. many of
which had scarcely been dealt in dur
ing 1912. 1t was when the market had
reached its important trading position
and a genuine bull market was fore
told by It's activity and support that
the banks put a check on the advance
by raising the call money
rate to Z per cent, the highest price for
call money since 1910. But the mar
ket recovered, as so many stimulating
factors crowded into the latter end Of
the week that there was developed q
market energy which largely overbal-
anced the sitter money rates and as
sisted the bulls In keeping prices on an
upper tension, though at times the
bears succeeded in bringing about re-
actions The long spells Of inactivity
which marked the daily routine Of
trading in the weeks prior were not ex-
perienced last week, and each day the
broader scope Of trading embraced new
issues formerly included in tho inactive
list. The August statements OF rail-
roads published during the week have
the feeling Of dependency re-
garding the railroad situation due to
limited freight traffic to cheerfulness
and reviving confidence in the future
success Of railroads generally through
out the country. Gold importations en-
gagged up to Friday totaled $4,25O, 900,
and this sum, with foreign exchange
rates forecasting further shipments to
the United States. offer an assurance
OF replenishment Of the depleted re-
serves which for many weeks have
been reported by the New York banks.
There will be a large demand for
money with the expansion of business
ana commercial requirements will be
greater, but the nations economic posi-
ton has been so carefully studied by
the big banking interests both East
and West that, except for short inter-
ruptions of sudden abnormal REQUIRE
ment5, the even tenor Of the money