The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-06-14
STOCK MARKET IS
MORE REASSCR|AG
rwo OATS OF EXCESSIVE RALLY
WOULD NOT HAVE BEEN RE-
GAaDED PRoPrrIoUsLr.
WEEK END
FINANCIAL DISTRICT THANKFUL
FOR so MUCH EVIDENCE OF
THE RECTPERATIvE POWER
OF THE MARKET.
NEW YORK. June a.

NEW YORK. June 15.-On the
whole the stock market todRy be-
hayed IN more reaSsuring fashion
.fsn If there had been a violent on
tinuation Of Thursdays frantic re-
coyery. Two days of excessive rally
would have besn regarded as no
very propitious indication for the
further maintenance OF a firm level
OF prices. There was "A good deal Of
excitement IN the first hour, but
after that trading proceeded more
normally and the volume OF bust
ness for the session was an index to
a calmer frame OF mind in the Wall
street community than had been
represented by the ecstasy OF rebound
or the frenzy of decline. There was
plenty Of signs that stocks were for
sale. but absorptlre capacity was not
oyertaxed, although the average gain
by the list for the session was modest
and there WAS a good deal of irregu-
iarity in final changes
Reading, Union Pacific Amalga-
mated Copper and American Can
were aggressive leaders Of the
sustained upturn. but there were
laggards In the movement including
con~spicuously Canadian Pacific, st
Paul, Consolidated Gas Il United
States Steel. There was a moderate
amount Of foreign buying n the
bond department exhibited a decided
improvement in tone n prices. AL
together the mood of the financial dis
frict was one Of t~hankfulness that
the week was ending with SO much
evidence Of rocrperative power after
an extremely stormy and depressing
fortnight.
Statement Merely C~oincidentai,
Less was heard about the emergency
currency statement by the secretary
OF the treasury as n cause of the
stock markets reversal for the better.
There was a more sane recognition Of
it's merely ~coincidental aspect and a
better appreciation of h true rela-
tons of the emergency currency act
TO the circumstances and prospects oil
the money market.
Assistance to the restoration of com
posture was furnished by foreign news
The European markets were helped
by the completion OF the took ex-
change settlement in London with
outward evidences OF only minor diff
faculties and by the Wall Street re-
coyery. Improvement abroad was
restrained, but unmistakable, and
was aided by the understanding that
banking interests In London and on
the continent had been able to ar
range the postponement of a large
total of new financing including the
contemplated French government
loan.
Suspend Attention,
Banking circles and Wall Street
quarters generally were willing &c
suspend attention to the major
aspects Of the situation and not much
notice was taken of the days general
budget Of news There was some
talk about the Union Pacific's pro.
posal to exchange a part of its South
ern Pacific stock for the Pennsyl.
vania's Baltimore and Ohio holding,
and discussion of the subject stimu'
lated fanciful rearrangements Of the
whole railroad map.
The relaxation in time money show.
ed itself chiefly in the shorter matur-
tiles. On the known movements o.
cash the local banks seem to have
gained about ss.oo0.0 900 this week. A
bit Of new financing came out in the
announcement that the st. Paul had
sold three million of s per cent five
veal trust certificates against the
stock of a Puget Sound branch.