New-York tribune., 1913-05-26
REVIEW AND DIGEST
Stock Market lmproved-The
Weeks FinanCing-GoId Ex-
ports and Money-0ur
Balance of Trade.

The progress recorded during the
week ended on Saturday last in the
stock market was OF a character to
kindle hope in the minds Of the fol-
lowers Of the daily fluctuations Of
prices that a better outlook was pre-
sented than during the week previous
and possibly during several former
weeks Sentiment was distinctly bear
ish. but there has been an absence Of
weakness shown when attempts made
TO raid the market and bring out
liberal offerings of stock gave the mar
ket an appearance Of underlying
strength. Another point in favor Of a
better trading tone was the gradual
rise in average values during most Of
the week.
Taking The Tribune's list Of fifteen
rails on May II, the average price was
123.75S, but on Saturday the average
was 12j667 In the industrial list The
Tribunes average showed low for
the previous week Of 1868. while at
the close of the market last Saturday
the ave. @ was 1911. Compared
with February l. since which time
there has been an irregular decline in
both rails and industrials, the average
prices at present are an improvement.
The average on February ] in the rails
was 1913 3O92 and for the industrials
% e., L. fpAiaafinnC
NAV he accepted as a reliable basis
for foreca sting the near future trend
is a question which is being generally
asked in the financial district, owing to
the many complications existing which
seemed TO have an adverse bearing.
For the nonce. money appears to be
easy for stock market purposes. as call
rates have been low. and there has
been no disposition shown on the part
of money lenders 10 encourage time
contracts. thus allowing an accumula-
tion Of funds. which might be turned
into the call money market for a brief
period. In view OF the strained money
relations throughout the world, how
ever. II is somewhat doubtful whether
the stock markets either abroad or here
will experience any continuous bull
movement.
An evidence of the unresponsiveness
of investors TO new issues. even at eX-
ceptionally attractive rates by com
parison with previous years. was given
in the sale of the $45,OO00O0 OF city
bonds during the week. While the bids
for these bonds were in excess of the
issue. the disinclnatiOn of leading
bankers 10 subscribe at this time was
shown in the low prices offered by sew
eral Of them-par and slightly above
par being the prices named. Following
the Offering by the city when dealings
were begun on the New York Stock
Exchange. the price went down TO 991s,
and. considering that these bonds bear
a. per cent interest and are backed
by the largest city in the United states
there appears to be not only con-
tracted money situation. but an abb
sence Of interest on the part OF in
yestors. Several smaller financing an
nouncements were mad. including
renewal Of S12OOO,OOO Boston & Maine
i per cent notes, due June 10, on a
basis Of per cent and interest, Instead
OF / per cent. and $j.0OOOOO per cent
new notes. These will be the most I'M
portant financial transactions aside
from the city bond issue recorded in
the New York market.
The success Of the floating OF the
Chinese loan abroad was Unexpectedly
gratifying, as the loan was subscribed
several times over. and in view OF its
size. S12j, 100000, the result attracted
attention to the resourcefulness OF the
European investment market. This
loan. however, offered yield in excess
of 6 per cent, and it is evident that
other issues were sacrificed 10 allow
participation in higher income securi-
ties
There are many who see ahead OF US
disturbances of a serious nature. and
are holding up a warning hand against
the times. on the other hand, there
are equally as many representing I'M
portant interests of business and
finance who are confident that, except
for a period of business restriction and
a checking of advancement. the world
at large. and this country in particu-
lar, possesses a strong undertone OF
stability which will withstand the ef-
fects of curtailment and readjustment
without an embarrassing impairment
Of economic energy.
Statistics do not present a picture OF
such fattering promise, and If an i'm
provement should begin at this time 1t
would seem to be limited in its possible
development by the combined restrain
ing influences which are International
In Europe. as represented in a financial
way by Germany. France and England.
the banking capacity has been strained
TO an extreme point, and at the present
time there are few signs of relief. Ger
many has experienced the greatest in
dustrial activity in her history, and, as
was the case in this country prior to
1907. the prosperity of Germany has
encouraged and stimulated an extrava-
gance never before known in the Ger
man Empire. The result is that there
81. ,f