New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-17
STOCK MARKET REVIEW
Cheerful Feeling Causes Higher
Prices and Greater Volume.

London was enthusiastic in most of
its dealings i'm American shares yester-
day, and sent over higher rate of
prices than was exhibited at the open
ing on the New York stock Exchange.
General satisfaction was expressed re-
garding the passage and signing of the
Newlands bill. and there was feeling
among some traders tina. the disturb
ing elements politically which had been
operating adversely in the investment
situation had begun TO clear away and
that at least Washington affairs would
be less reprcssive in the future than
formerly.
Considerable discussion Of the cur
rency question followed a dispatch
from Washington containing a state
ment by Chairman Glass Of the House
Banking and Currency Committee re-
citing that a test vote had resulted in
large majority in favor Of an amend
mcnt to the currency bill containing
bond rcfunding provision so as to pro-
vide for the permissible retirement of
= per cent of outstanding per cent
government bonds with the circulation
privilege each year in exchange for
government 5 per cent bonds without
the circulation privilege. At the eX-
piration Of twenty years from the pass
age Of the act holders Of the > per
cents then outstanding will receive par
and accrued interest. Interest in the
bond market did not respond TO the
proposed amendment, and objections
were still in evidence that the measure
was lacking in fulfilling the require
ments essential TO insure stability to
the market price of the = per cents.
The situation in Mexico as reported
from Washington did not inspire cheer
| fulness regarding the outlook in that
direction. The news that Germany had
| filed a note demanding that the United
| States take some action 10 protect for
! egners in Mexico and that Ambassador
| Wilson had been summoned TO the
! White House as result Of this action
| on the part Of Germany was more or
! less disturbing, as the outlook pre-
| scented is that the United States will
! be obliged TO intervene and enter into
! a costly campaign. which will partake
more or less of guerilla warfare. owing
! to the vast territory covered by Mex
/ leo. its topography and character of
| settlement. The selling off of the Ma
| tional Railways of Mexico stock 10 a
new low record price was a reflection
of the apprehension entertained among
| holders of that security
! The strength of the stock market
| throughout the day in nearly all the
| list. which resulted in the first days
! business of Importance in point Of vol
ume for several days. was an array OF
convincing gains at the close. and tos-
| titled to the general cheerfulness
throughout the Wall Street district.
| Notwithstanding this optimism an
other engagement Of 81, 100000 in gold
for Paris was announced. The theory
advanced that the Sub-Treasury has
reduced its supply Of gold bars to a
minimum and that further shipments
Of gold must be made in eagles is
hardly verified by the facts as sup
piled at the Sub-Treasury. 1t is true
that bars have been practically ex-
hausted, but it only requires Eesump-
ton of refining to supply all the gold
bars necessary to meet further engage
ments of the yellow metal for foreign
account. The time money market con-
tinued TO show firmness. but call loans
were renewed at % per cent and ac-
commodations were easy.