New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-22
STOCK MARKET REVIEW
Advancing Prices in Broadening
List Bring Cheer to Traders.

FuVdllCIllY n lCeo III VI oou0ih''9
List Bring Cheer to Traders.
The line of distinction between a de-
Ginning and a rising market is so fine
that it is practically unrecognizaoie
except by intuition. There Is psN-
chology in the turn toward betterment
that operates to bring an Improvement
in temperament. and while there must
he some reason for the change usually
there are many reasons for the reverse
TO follow rather than u show OF OPIUM
ism Yesterday the stock market con-
firmed the exhibition of strength begun
Ia week and prices rose to new hiBh
levels on the present movement II
has been evident to close observers
during the better part Of two weeks
that the market has presented strong
undertone and has withst"od numerous
attacks on it destined to bring forth
further heavy liquidation and much
lower levels.
Affairs of business throughout the
country have been displaying Il ton"
intended to relieve the feeling Of de-
preston which has been so marked in
Wall street, nor according TO the for
eign advices have matters in Cont
mental Europe passed through any dis
tinct change which might be used as a
basis for extreme Cheerfulness. Not
withstanding these factors of general
business character remaining unaltered
So FAR as Improvement may be sighted
and the pronounced tone of ilrmness in
time money, the stock market seems
10 be a great deal on the mend and the
outlook gives better promise than at
any period since the first of the year.
There always comes time when
pessimism becomes a bore, and the
present seems to he such "A period, as
the support for American securities
has come from abroad to a remarkabl BILE
degree. and this has been responsible
for much Of the rise in stock prices
1t is possible that anticipating the fal'
when the United states will begin to
export heavily, foreigners have appre-
ciated the opportunity in this market
and are utilizing their funds with "A
view Of profits tina. will accrue pend
( ing our demands on Europe to pay for
our shipments abroad.
After quiet opening at prices above
/ Saturdays close, the market Yesterday
started on its upward move, which
carried the list beyond the point Of
doubt as regards its positive trend.
and under the leadership of United
states Steel and Union Pacific the
/ bears were dispersed into small groups,
who still cling to the theory that it is
! impossible to have a bull market when
so many factors yet remain 10 cause
encouragement. The great reductions
made in clerical forces by many houses.
the slowing down Of the steel trade.
the Mexican situation, continued hos
tilities in the Balkans and continued
boarding of money by Continental
Europe were cited as reasons for
failure Of a bull movement at this time.
Locally it is pointed out that banks
have been forced to take commercial
paper from the note brokers owing To
'he country bankers refusing to make
further extensions, and Il was pointed
out that this would absorb the surplus
of the banks and bring about tight
ening of money so that funds for stock
n O.
not long be obtainable.
The market continued 10 be strong,
however, and I'm the news Of the day
there were some features which con-
tributed cheerfulness. The statement
Of the Union Pacific earnings for the
year ended June 80 was very favor
able. Gross revenue was 500, OBS, l11,
as compared with SSj,97GGO9 for the
fiscal year Of 1912, and net revenue
was S34. 947. CSC this year, as compared
with sd .219413 in 1912. The net sur
plus was So, 60, 80, as compared with
S3OO5S.249 last year. This is equal TO
1916 per cent on S2lG641,OO0 Of out
standing common stock, as compared
with 1887 per cent earned on the same
stock last year. London was buyer
here Of about $4,000 shares. and other
news Of the day, while mixed. as
whole was on the side Of optimism
The local money market was practi-
cally unchanged so far as outward APP
pcarances have a bearing; time rates
were firm and call money was re-
Movable at 2la per cent.