The Birmingham age-herald., 1913-06-30
New York stock Market


Henry Clews, in his Saturday review,
says in part:
There has been moderate improve
ment in the monetary situation. the
conservative. policy of the banks pur-
sued for several weeks past having had
the intended effect. Last week the sur
plus reserve of the associated banks of
New York had risen to $4,000, 900, COM
pared with $4,000, 900 a year ago. Loans
showed a contraction of s3S, ,OO0. 900 dur
ing the last six weeks, and are about
s160,000000 less than year ago. This
strengthening of reserves is not con
fined to New York, but is also confirmed
by the returns now coming in response
to the June call for national banks. The
principal banks of Europe have also
been strengthening their position for
some weeks past, showing that the self
righting process. in the money market
is quietly at work both at home and
abroad In New York call money has
been very abundant and easy, while
time money continues firm Preparations
for the July disbursements, aggregat-
ling over $263 100000, have had some
effect upon the local market, but this
is only temporary, because these sums
will be released early next week.
Merchants and manufacturers have
been operating on a hand-to-h hand basis
for months past. Supplies of merchan-
disc are, therefore, exceptionally low.
For this condition of affairs, hesitation
regarding TIE tariff has been mainly
responsible. 1t is now anticipated that
the tariff will be settled in either Au-
gust or September, Business has al
ready very largely adjusted itself to the
new schedules, many articles selling
on the low tariff basis, and as soon as
uncertainty is ended there will be a
| rush of orders to restore supplies TO
the normal. Part of these orders will
no doubt go to American mills and part
will go abroad, In all probability there
will be a rush of imports, the effect of
which will be to diminish the usual
foreign trade balance in the fall. The
textile trades are very quiet, and many
mill shares have shown a severe de-
preston owing to tariff agitation and
reduced dividends. 1t is probable, how
ever, that lne WOTSl HAS ptcH Scch -
this line of industry. The iron trade con-
tnues fairly active, and there is no
| scarcity of orders. although price con-
cessions have occasionally to be made as
a stimulant The railroad situation is
still unsettled, owing to the continued
doubtful attitude of the interstate com
merce commission, but 1t would seem as
If the Hartman dissolution is ap-
preaching an end, and this Is encourag-
ing. Politics has ceased to be an I'M
portant influence in the market, and
there are signs that the administration
is anxious to avoid any unnecessary dis-
turbance to business. Discussion regard
ing the currency bill is active, and the
outlook for a reasonably satisfactory
bill appears to strengthen each day.
LAS to the immediate outlook of the
market some of the most unfavorable
influences seem to have been pretty
thoroughly discounted; others, however,
such as the Balkan difficulties and the
attitude of the interstate commerce
commission. started fresh liquidation. In
some respects the late recovery was
rather rapid and encouraged a further
realization of profits. The approach OF
the Independence holiday, when busi-
ness will be suspended for three days
will tend to restrain new commitments