New-York tribune., 1913-07-28
REVIEW AND DIGEST
General Improvement in Stock
Market Prices.
REASONS FOR THE RISE
Favorable Factors Growing
Tariff and Currency Measures
Meeting Much Opposition.

Meeting Much OppoSlIlon.
A sense of relief came TO the stock
market in the last week. when. on Mon
day. the tone was changed decidedly
from depression TO optimism. 1t can
not be said that the unfavorable fac
tors that have prevailed TO keep prices
down and discouraged betterment
have been removed sufficiently TO war
rant revival of trading interest. but
il was evident that the swing OF the
pendulum had gone so far in one di-
rection that il had reached logical
point when a turn in the other direc-
ton was Inevitable. Analyzing the
fundamentals in an attempt TO find rea-
sonable deductions for the gradual
turn toward an increase in the business
Of security markets. 1t is difficult to
absorb much of a substantial charac-
ter on which TO base reasons for rise
In prices.
A few changes were recorded which
had stimulating influence. one Of
which was a clearing away of some OF
the clouds overhanging the New York.
New Haven G. Hartford by the cleo
tion Of new president and the dec
laration Of policy for the future
which would have in mind a consider
alton of the publics interests. and con-
ducting the affairs Of the road along
sound economic lines. one Of the dis
| turbing elements Of the stock market
which continued irrespective Of the i'm
proving tendency Of prices in stocks
and in some other bond issues was the
decline Of United States government
| bonds, which reached the lowest point
| on Saturday. The issues which most
felt the depression are the consolidated
/ 2s OF 1880 and the Panama Is Of 1885,
and some effect was shown on the Pan
ANA Canal 3s. The real cause Of the
| falling off in these investment issues
cannot be definitely assigned except
the apprehension caused by the pro-
posed banking and currency act, which
does not make satisfactory provision
for the retirement Of old issues.
Aside from the tired-out condition OF
the stock markets throughout the
| world, due to the long months OF liqui-
dalton and professional bearing Of Sc
curities. and general dissatisfaction
resulting in a feeling that further re-
straint would not be tolerated, there
| is the theory 20 fall back on that the
| local stock market has begun TO dis
count the future development of bust
ness in all branches Of trade and In
dustry. The picture before the coun-
! trv. therefore, Is one OF encouragement
rather than misfortune, such as re-
strictions reported during the last sew
eral months have held up to public
view. On any theory the results are
the same, and the fact remains that
the stock market during last week
was much better and that some of the
| buying had the earmarks OF public par
ticipatlon. This gave color 20 the pre-
diction Of many in Wall Street that
| leading issues were selling too low and
would gradually rise TO the higher lev
els more in proportion 10 their earn
ings and dividend disbursements. one
OF the factors IN the better values Gre
ated during the week was a disposition
shown by foreigners to purchase our
stocks.
It is reasonable to assume that as the
| time draws near when money from
abroad must be turned in this direc-
tion 10 pay for our exports Europe
| is anticipating that period and taking
advantage Of opportunities to invest in
! American securities which may be
| turned to account when demands are
made for funds. During the passing
uncertainty surrounding the Balkans
settlement Of differences, and while
! Europeans have been accumulating
money as a result Of the apprehension
which has dominated the money stu
alton since the beginning of the Bal
| kan war, the United States now pre-
sents the one neutral point to which
the world may turn for opportunities
IN securities. Stocks appear to have
reached level Of values, considering
the splendid crop outlook and the gen
orally sound financial condition Of this
country, 10 offer safe field for the
deposit Of funds in our stocks and
bonds, even though It be for a tenn
porary period only.
A spirit Of optimism has been stimu-
lated by the report Of one Of the largest
harvests Of winter wheat ever known
in this country, with the spring wheat
outlook especially good, other crops of
cereals full Of promise and our cotton
crop ranking along with many Of the
best in the countrys history. The cur
taiment Of foreign agricultural prod
ucts as a result OF the Balkan war will
| necessarily benefit this country, and in
| several directions the outlook for pros
perity on this side of tho water has
been frightened by the developments
during the last thirty days. Were II
not for the political irritations which
have hndered the progress Of different
branches Of trade and industry and
have affected adversely the investment