New-York tribune., 1913-08-13
STOCK MARKET REVIEW
Active Trading and Higher
Range, with Compare
lively Large Volume.

WHO 'NnlDlleu any udIlIiB dl 'iIN OINf
ing of the stock market yesterday. y
vigorous advance began as soon Us
business was formally In order and Of
fcrinCs Of stock were absorbed as cas-
lily as a sponge takes up water. North
ern Pacific was 1ls points up on its in'-
tial transaction, responding 10 reports
Of an excellent crop outlook in thLt
roads territory. Great Northern OK
hibited initial gains OF half point,
Union Pacific was also a half point
higher and United States Steel. on a
transaction Of 5000 shares, opened un-
changed from Mondays closing price.
II was very evident from the volume or
trading and the steadily advancing
range of prices during tho early fore
noon that large operators were busy
and that the trend was not the result
of the smaller element Of professional
traders.
one Of the convincing signs Of bull
Hshness was the broad scale of move
ments which included practically all
stocks on the list in the record of
gains and largest days business for
some time. Not even in the second
hour, whom activity lessened. did firm
ness display any abatement, and, mar
shalled like an army, leaders were Sc
lected TO take the place of the ones
which exhibited signs of growing tired.
so that throughout the forenoon the
market was not without leadership
and continued strong. The movement
was TOO active to indicate much public
participation. and around noon the
market was allowed to relapse into
semi-dulness, with slightly easier
tone in prices
United States Steel. following its
quiet spell around the opening. became
active and strong and sold more than
a point above its initial price before
noon. one single transaction, embrac-
ing :, 100 shares. at a price of 60,
seemed to take all the offerings at that
figure. and the stock continued TO rise
until in the early afternoon Its advance
reached a point when among the Steel
crowd considerable excitement was
manifested. Union Pacific also was
one of the strong issues, and the Street
was full OF rumOrs regarding both
Union Pacific and United States Steel,
all having a bullish coloring and des-
tined 10 scare the bears and drive them
TO cover. As usual, the reports circu-
lated were based largely on imagina-
ton and had little Of foundation back
Of t.
The stock market paid little atten-
tion to crop reports or any news of the
day, most of which was conflicting and
presented an irregular tone. The pub
lication of the governments weekly
weather report vas accepted as bullish.
although. except in the spring wheat
district, the atatement was unfavora-
ble and confirmed prior reports of great
scarcity OF water in many districts in
the corn and cotton belt Interest was
shown in Washington affairs, and the
reports Of discOrd among bankers re-
garding the administrations currency
bill provided subject matter for discus
sion. Local bankers were concerned
chiefly with the national bank call. and
the provision that in addition To the
regular form Of report in use by the
department, banks must supply on spe-
cial forms furnished, a detailed state
ment of all money loaned 10 other
banks as well as money borrowed from
other institutions in the form Of redis-
counts. bills payable. etc. This re-
quiremcnt seemed to he acceptable 20
New York bankers. who agree with tho
department that many forms Of bor-
rowing must be looked upon as irrcgu-
lar and should cease. and that AL
transactions should be recorded TO pre-
vent the subterfuges sometimes used 10
secure temporary assistance.
Comment was made on the Con
troller's issuing the call on SATURDAY..
New York banks are placed at dis
advantage by Saturday call, as items
received on Saturday morning are not
included in the days business. and this
has the effect Of showing the position
Of local institutions below their actual
reserves.
This point was called to the attention
of the former Controller, who, ii is
said. was in favor Of a change 10 an
other day, but the present Controller
evidently has not considered its impor-
tance.
For all practical purposes money
matters in the district remained as
usual. although sentimentally an eaaer
tone was presented in the time money
market. Renewals of call money were
made at 2ll J or cent.