New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-07
REVIEW AND DIGEST
Stock Market Presents Firmer
Tone During Week.
HOME FACTORS CLEARING
Interest in Currency Bill and
Money Conditions-Foreign
Situation Unsettled.

the New 1OrR STOCK Exchange were
included, movements Of national and
international importance were record
ed which influenced the investment and
speculative markets Of the world. II
cannot be said that any decidedly new
factor arose to be considered, but
changes in the trend of some and GER
tain elimination of others gave to the
scene a kaleidoscope appearance that
caused different interpretations to be
made Of the situation. The removal OF
the uncertainty regarding the Union
Southern Pacific dissolution problem
from the threatening overhangs Of the
local stock market naturally was re-
lief, and while ii was not as enthusi-
astically received by the speculative ell
ement in railroad securities as had
been expected the effect necessarily
was more or less beneficial and may be
appreciated later when other matters
have been cleared away.
Affairs associated with the present
administration absorbed most of the
interest in Wall Street, and the cur
rency bill, which has shared public at
tention with tariff revision. had fresh
interest centred in IL by the opposi-
ton expressed among country bank
ers regarding certain provisions OF the
measure which had been generally
supposed 10 be acceptable TO them, il
not to the large institutions in the
cities. Reports from Washington in
dicated also that the bill may be sub
jeCt TO some revision by the committee
before Chairman Glass will be able "a
receive IT in accepted form for Con-
gressional action. AS It now stands
only a few clauses need be changed &c
meet the general approval of the coun-
try, and as a full discussion of the
measure by the bankers will be in
vited, its merits and dement's will re-
ceive much publicity.
Commenting on the measure, the Ma
tional City Bank Of New York says:
There are some features of the bill
regarding which well grounded oppos-
ing views are held by a substantial
body of men experienced in the subject
Senator owen has stated that the
Banking and Currency Committee OF
the Senate, Of which he is chairman
will give opportunity for all interested
TO be heard
This invitation will no doubt, be
accepted by bankers and business mer
who realize that now is the time &c
give serious consideration to the sub
iects treated in the bill, and TO place
their conclusions at the service Of the
Legislators. The National City Banl
will take advantage OF the invitation
Of Senator owen and will, at the earli-
est opportunity, present a complete re-
view Of the bill"
A favorable outlook in the money
market in providing for crop move
rhents and the necessary requirements
| this coming fail is exhibited in the re-
| port Of national bank reserves, which
show an increase in cash reserves
throughout the country and indicate 6
| tendency to restrict extensions and pro-
vide for exigencies beyond the perad-
venture Of doubt. The month Of JULY
starts the second half Of the year with
an extraordinarily large total Of divi-
dend and interest disbursements that
are encouraging to the investment
market, particularly as, irrespective OF
depression or lack of confidence on the
part of many people, there are many
others who are confident that the pres
ent Is a good time TO purchase bonds
and other high class securities.
In reviewing the half year just ended
| II is shown there has been a marked
| decrease in the issue Of new securities
and according to THE Journal Of Com
| merce" figures the output for the si>
months was about $3.50, 900 less thar
in 1912 in all branches Of the security
market. Municipal bond transactions
were reduced to $237,6O1. 300. compared
| with S243,87S, 0S9 during the same period
Of 1912. At the same time there has
| been an increase In chartered institu-
tions capitalized at 100000 or over In
the Eastern states, and including other
states the total for all companies incor-
porated during the first six months
having a capital Of 100000 or over was
81. 457, 309, 800, as compared with $1,561
2O7,5 in 1912, and s1,412,644,75O in
1911.
Trade and industry during the first
half Of this year suffered considerable
deduction In volume as result Of the
! scarcity Of money. During the last
sixty days in the iron and steel trade
the reaction has been more pronounced
and better index Of the situation has
been afforded recently than formerly.
In the Pittsburgh district IT is reported
that the signs are clear showing be-
ginning Of reduced business and that
the weakness in pig iron continues,
which is taken to forecast a decided eff
feet on finished products as well as on
the price Of coke when there shall be a
curtailment Of the iron furnace output.
One thing may be said which lends a
feeling of encouragement, that the area
Of production is broader now than ever
before and capital emplOyed represents