New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-11
STOCK MARKET REVIEW
Strong Early Rally Followed by
ReCeSSionS-GainS at Close.

yesterday morning, the New York
stock market opened with rally that
gave promise of a strong upward move
ment during the day. Not only were
prices very firm, but the total volume
Of stocks and the amounts of the vari-
GUS transactions were larger than have
been seen in most Of the openings in
recent weeks. Southern Pacific, Anal
gamated Copper, Union Pacific, Read
ing. Lehigh Valley and Canadian Pa
cifc were among the early strong
issues, especially Canadian Pacific,
which displayed gain Of 3 points COM
pared with its low price on Wednes-
day
During the first hour the bears were
driven into retreat, and owing to the
apparent small supply Of stocks senti-
ment generally became bullish and a
general advance was shown through
out the list The pace was rapid one
and, with nothing behind the move to
warrant unusual cheerfulness, at the
end OF the first hour there was a relax
alton and prices sold off fractionally.
Around the noon hour business was
very quiet, but the undertone seemed
firm, and in the early afternoon, when
the market continued dull, stocks held
more than half their early gains.
While not many Of the experienced OPP
orators could be found to forecast an
advancing market. there were few who
were inclined TO sell stocks in any con-
siderable volume, except in few issues
around which special reports Of dis
couraging character were centred.
The news Of the day brought out the
untitled tonnage for the month of June
Of the United States Steel Corporation,
which was slightly less favorable than
had been expected in Wall Street. 1t
was pointed out, however, that the un-
filed tonnage amounted TO 5,SO1, 81
tons, compared with 5,S07,346 tons of
the corresponding date in 1872. so that
the corporation in June this year had
about as much business on its books as
it had q year ago. The falling off in
incoming business TO the extent Of 90
TO tons a day, compared with $4,000
tons a day in May. was not intended TO
stimulate cheerfulness beyond the
thought that recent reports of steel
trade movements have carried a
slightly better tone, and nothing has
been sent out Of a really discouraging
nature about the steel industry.
Among the local bankers, Secretary
McAdoos recommendations regarding
the proposal for carrying the ? per
cent bonds in the event of the passing
of the currency bill did not impress
bankers favorably, as the efficiency of
the recommendations was doubted.
The proposed currency bill in its pres
ent form will require that all deposits
Of government money shall be made in
federal reserve banks, which will de-
stroy any advantage Of bank owner
ship Of per cents and leave them in the
open as a purely investment security.
Bankers were not hopeful that the 3's
would sell at par and save the bankers
from loss in their retirement from cir
culation secured by the 2's. One effect
Of Secretary MoAdoo's announcement
was a steadying Of the market for
United States 2 per cent bonds, about
$4,000 Of which changed hands be-
tween % and 90, compared with the
closing Of 96is on Wednesday.
The weekly returns of both the Bank
Of England and the Bank Of France
emphasized the strained money situa-
ton abroad. The Bank Of England re-
ported an increase in gold holdings,
while the Bank Of France showed a
loss in both gold and silver. The Bank
Of England still retains its Az per cent
rate and IN other ways reflects the de-
mand for gold on the Continent.
The local money market was easier
and call loans were renewed at . per
cent, but time accommodations were
without feature and extremely dull.