New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-01
REVIEW AND DIGEST
Politics and Changing Markets.
Business Prospects Good.

Business Prospects Good.
The week ended June 30 was one OF
changeabe shades in the stock market
Influenced by political uncertainties ex-
listing in both the Republican and Demo-
cratic forces, the week opened with a
pail overhangng both the investment
and speculative positions that left the loi-
lowers Of market values entirely undo
operations. In sense the market dur
ing previous weeks, except during the
Republican convention, has given eVi-
dences OF ignoring politics and appar
emily has gone its own way. keeping W.
an activity that caused continuous al
vance in several stocks. while others re-
sponded to fluctuations caused by pro
fessionai changing Of market move
ments. During the days when the mar
ket seemed to be at standstill this last
week the bears did not appear to be
ready TO make determined raids, and
though prices sagged some any tendency
toward aggressive bearishness was
nipped in the bud by the willingness
with which the bulls accepted offerings.
Seemingly worn out with too much poll
tics and impressed with the belief that
the country. after all, is going to stay
here and business will continue and soon
show a revival, the traders got busy and
sent stocks up on Wednesday. 1t was
really the first day of broad trading, in
Guiding various standard issues as we'll
as the specialties. that the market had
witnessed for a considerable period. The
balance Of the week, however, the mar
ket backed and filled. yielding only
slightly 10 bear attacks, but giving an
expression Of strong purchasing power
on the declines. with little impetus 10
cause rapid advances.
In viewing the whole field both for
eign and home. the deduction is favor
able though there are clouds still hover
ing over the financial horizon, and the
future is not entirely free from obstacles
that may be serious and retard business
property. Congestion Of investment is
sues due in part &c increased financ-
ing, also to a demand for higher interest
yields on investments, forces the low
interest securities into a state OF mac
tive demand and leaves the field to the
newer forms of securities. These securi-
ties have been developing during the last
few years since the high cost Of living
became so important an economic factor
in the worlds affairs. Instead Of tho
/ liberal financing in low priced bonds by
railroads as in the past, the tendency is
toward short-time notes at higher rates.
Public utilities, yielding from D to pe-
cent, and even higher particularly OF
the gas and electric class, have attracted
large investment clientele and are
among the popular issues which are alb
sorbing much capital which formerly
went into old line securities.
From the foreign field exclusively nc
occurrence has been reported that sug-
gests changes for the worse in the situa-
ton as il has been presented during pre-
vious weeks. The half-year-end settle
ment occasioned no disturbances. as
seemed TO be expected by some fnancia
| students, and the money conditions APP
| pear to be fairly favorable. The Bank
Of England's monetary position, As
shown in It's report on Thursday. dis
closed no items which could be inter
preted as a reflection on England:
finances, and but for the overcongesteL
security market, which made II neces
sary for the government 10 invos,
SO, 100000 in purchasing and redeem.
ing consols. the investment outlool
would be encouraging. The German sit
uation is improving. and the prospect!
now are that the financial crises which
Germany has been facing for so Ions
have passed and that countrys recovery
will be we'll on it's way in a short time
France, which is a synonyme OF invest.
ment money, is reporting some conges
ton in securities. and several Of the large
French credit associations are increasing
their capital and other heavy demand!
have come from sources in other coun
tries. Russia is reported to be prepar.
Ing to offer a large loan. and it is SAID
that the French market has been sound
ed as to the prospects of Russia's being
/ accommodated in that country. In the
United States there is the same improved
tone Of business that has bean in EVIL.
dence for the last month. The increased
demand for commercial paper and the
favorable crop outlook both are stronl
factors in the coming seasons business
The collapse Of the Mexican revolt and
the weakening of the Cuban insurrec.
t!onists, indicating the final move ir
their predatory warfare, are helpful tc
this country, owing to the large interests
controlled by Americans in both coun.
tries and the natural markets they af-
ford for our products. The political wal
OF the parties seems destined to be di.
vorced from business In the main, so