New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-06
REVIEW OF THE
STOCK MARKET
Better Tone and General
Price AdvanCes-BOnd
Department Active.


ton during the noon hour the marNe'
for stock Exchange securities sho"eu
a better tone Yesterday. 1t closed qui''
active and buoyant. The temporary
irregularity resulted from fears thf'
the Supreme Court might hama GOWN
decisions il number of the important
cases that are now under consideration.
When this fear had eliminated the
market resumed it's upward movement.
A particularly favorable feature was
the increased interest that developer
in the bond market and the h'gher
pr,ces that were registered by some OF
the important issues. It was III I'M"
division Of the market that signs were
evident Of the beginning or the so
called January reinvestment demahu'
which Of late years has so frequently
failed 70 materiali@e.
The first two business days OF the
year. Friday and Saturday had proNeu
somewhat disappointing. Although no
distinct weakness had developed, no
ticeable absence of buying power was
evident. Following this LONDON WAS
a seller Of about 10000 shares on oal-
ance at the ope ing Of the market yes
terdsy. which seemed TO suggest that
the uncertainty and irreguarity OF the
earlier days were TO be continued
change for the better. however. fol-
lowed promptly the publication or the
annual report of the Southern Paclhc,
which showed go per cent had been
earned on the capital stock. This COM
pares with 80 per cent for the pre-
ceding year and with 9J6 per cent in
1911. The gross earnings for the year
showed the almost sensational advance
Of S11 10000 the net income after al
lowing for increased taxes showed an
EXPANSION Of 81. 19j. 121, and an increase
of S.. 264. 654 was indicated by the sur
plus available for dividends. bringing
the total of the latter up to Slo,oo6,S'4,
against 1921 800 the preceding year.
This. in view Of the many difficulties
and setbacks that the company had
encountered during the year. makes
an Unexpectedly satisfactory showing.
Among its handicaps have been the Sc
we're losses occasioned by the revolu-
ton and chaos that still exist I'm Mex
leo and by the shortage in the fruit
and vegetable crops Of California. from
which the Southern Pacific usually re-
ceives a substantial income. The LOU
isiana sugar cane crop too, was Sc
verely damaged by floods. The report,
of course. covers only the fiscal year
ended June 80. II thus does not rep
resent the full extent Of the Mexican
troubles. and considerable should he
added. therefore. TO the estimate of the
loss on the companys Mexican lines on
account OF interruption Of traffic,
which is placed at GGo0,OO0 pesos. The
latter estimate covers period extend
ing from the beginning Of the Madero
revolution 10 June 80 1913.
The days advances were genera
the list rather than spec
tacular. California Petroleum ad
Vanced 35s and the preferred GA as
result Of information telegrapned 70
bankers in this city that the company
had received word of the striking of q
new we'll with a daily capacity of 5000
barrels Of crude petroleum. Other pc
troleum stocks were strong in sympa-
thy. Mexican Petroleum closing 2ss net
higher for the day and the Texas Com
pany finishing > points higher. Peo-
pies Gas advanced 3ss. although no
special news became current TO account
for the strength. Union Pacific fin
ished 2ss higher and Southern Pacific
~ higher.
Another favorable feature was the
much easier tendency shown by the
money market, the highest rate paid
for the day for demand loans being >
per cent, while most of the renewals
on the Stock Exchange were on ~
per cent basis, and per cent was tie
closing figure. Reports of speech on
Saturday night by President Farrell Of
the United States steel Corporation
had a favorable influence, as Mr.. Far
rell declared that he regarded bust
ness prospects as bright"
Railroad earnings are still unsatis-
factory. Reports OF gross and net re-
turns that are now coming in for No.
vember are particularly so. Returns
have now been received Of systems
COY ering altogether 137 800 niles.
These indicate gross revenue Of
SIS 663.OW which compares with
Sl60 10000 for the preceding Novem-
Der. while the ct income aggregates
100000. comparing with Sol, lO+,-
laj