New-York tribune., 1913-09-22
REVIEW AND DIGEST
Stock Market Improved Most
of the Week.
INVESTMENT BUYING
Tariff and Currency Measures
Soon to Figure in Busl-
ness and Finance.

September 13 was continued WIN llloi0
emphasis in the stock market during
the greater part of last week, and new
high prices for the season were reached
by several leading issues. Notwlth-
standing the failure Of the Union Pa
cifc executive board TO confirm or
deny the rumor regarding a melon cut
ting at its meeting on Tuesday. bullsh
enthusiasm was continued, and Union
Pacific was boosted on the prospect OF
a distribution 10 stockholders at some
later period.
In addition TO the professional IN
terest exhibited in Union Pacific. Read
ing was selected as a leader and eX-
citement ran high in the early part OF
the week. when this stock made spec
tacular rise on reports of a segregation
Of its interests and an increase IN the
dividend from to 10 per cent. The
failure Of the directors at their quar-
terly meeting in Philadelphia on
Wednesday to do more than announce
the regular dividend disappointed those
who had blindly followed the false re-
port, and much of the steam behind
the bull movement was exhausted.
Taking the annual report Of Reading,
made public on Thursday, there ap-
pears 10 be a reasonable basis for sup
posing that Reading could increase its
dividend on the common stock If the
directors deemed II advisable.
There is no question about Readings
interests being extremely valuable.
both as to assets and earning power.
Readings share in the undivided in
come of the Central Railroad Of New
Jersey also is important, in addition 10
other holdings, as the latter road is
earning in excess Of its 70 per cent
dividend.
Reports Of industrial conditions were
not attended by the weekly optimism
previously displayed. especially regard
ing steel and iron trade prices and un-
certainty was written in the reviews Of
the leading iron and steel trade jour
nails regarding future developments
While there was nothing really de-
pressing in the news from the steel
trade centres. a line of conservatism
ran through the reports Of the weeks
doings and prospects. and an intima-
ton was given that the effect which
the tariff may have on the steel trade
is being taken into consideration more
than in previous weeks. The Iron
Age" says that falling off In speci-
fications for billet and sheet bars, par
ticularly the latter, is noticed in the
Pittsburgh and valley districts.
Further, IL money can be obtained
there will be another car buying move
ment, but the stimulus will come in the
old way, through bargain prices. and
this in turn means prices for plates
and shapes quite below present levels.
In addition to this moderating Of
home demand with lower price indica-
tions there We're reports from abroad
Of a gradual reduction Of industrial
pressure in the iron and steel trade.
/ which may or may not be Of dis
/ tinctly temporary character. II is only
/ natural to assume that in several lines
/ which will be more or less affected by
the new tariff measure a hesitation
Will be evidenced pending the adjust
ment of the different interests to new
/ conditions. How long this may con-
tinue and to what extent il will be re-
flected on the general trade Of the
country may not at this time be esti-
mated. Another factor aside from the
tariff, is the currency measure. which
has reached a point where 1t must be
considered in its important bearing on
money and business.
! The investment situation has been
showing Improvement, and this last
week added TO the general appearance
Of betterment when the S10.OOOOOO d.
per cent equipment trust certificates.
offered on q 5A per cent basis were
oversubscribed five times, and were re-
sold by the underwriting bankers with
| in the short space Of ten minutes. The
current Of sentiment for some weeks
has been gradually going through a
change toward confidence. and the out
look for a stronger investment market,
based on the recent operations and
ready absorption OF new issues, gives
promise Of more cheerfulness in the
bond market.
Monetary conditions throughout the
world continued to exhibit improve
ment. The Bank of England the Bank
Of France and the Imperial Bank of
Germany in their returns indicated
that they are in a position TO meet the
requirements Of the season without any
embarrassment. There has been a Ie-
vival Of confidence among the financial
centres of the world. and while the de-
mands will be heavy during the next
twelve months or longer nothing more
serious than hardening Of rates and
an exercise OF care in making loans Up
pears 10 be indicated at present except
such restrictions as may obtain in the
United States following operations re-
sulting from political changes.