New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-16
STOCK MARKET REVIEW
More Activity and Firmer Prices
with Gains at the Close.

Several days had passed since Eu-
rope had displayed sufficient interest
to purchase American shares with any
degree of trading spirit which might
stimulate checrfulness on this side and
give hope Of a better opportunity for a
rise in prices Yesterday not only were
American rails strong in the London
stock market, but buying was reported
for New York account as result of
! The agreement reached between the
administration at Washington and the
railroad managers and employees to
abide by the provisions of the New
lands amendment to the Erdman act,
which clears the atmosphere for the
present. at least, of opposition and con-
troversy and offers a probable settle
ment of most serious dispute.
The opening on the New York Stock
Exchange was at an advance in such
/ issues as Union Pacific, Reading,
| United States Steel common. Penn
| svlvania, Canadian Pacific and Anal
gamated Copper In fact. the whole
/ list traded in during the initial move
ment displayed a firm tone except
American Smelling and Refining, which
Jagged behind, and showed a loss com
pared with Mondays closing prices.
! Following the relatively vigorous tone
! exhibited during the first half hour,
| there were some reactions, but in the
main the recovery was well maintained
and sentiment appeared 10 be favorably
| impressed.
Throughout the forenoon the market
! exhibited notable frmness in railroad
stocks, and the volume of trading for
the morning session was about eight
| thousand shares more than during the
| forenoon on Monday. Taken as a
whole, except for some increase in the
| number Of shares traded in, the market
| in the main resembled previous days
in its complexion. and operations were
confined to professional turnovers and
i a shifting of commitments in an en-
deavor to scalp a few profits. 1t was
an Indifferent market so far as passing
events and the news of the day figured
in directing the trend toward new
levels, and even the preliminary state
ment OF Southern Pacific earnings
! showing an increase in both gross and
net. failed to bring any considerable
response. Notwithstanding the seem
ingly low price at which Southern Pa
cifc stock has been selling for per
cent issue.
! In the late afternoon spurts Of ac-
| tivity were shown in which there was
! sufficient buying power TO preserve a
'tone Of frmness and give to prices an
| appearance Of underlying strength at
the close. Some interest was attracted
| to the news from Washington regard
| ing reported changes agreed TO by the
Banking and Currency Committee in the
administration currency bill and in ru-
mors TO the effect that Secretary Nc
! Adoo would make a move 10 support
| the market for the government IS.
which have been selling below par. In
| the local time money market increased
( frmness was evidenced, and, regard
! less of the reported inquiry for funds,
| lending institutions were unwilling 10
extend any accommodations beyond
very limited amounts and for short
periods only
Call loans remained comparatively
easy, with the ruling rate at "a per
cent slightly lower than on Monday.