The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-08-13
SUBSTANTIAL GAINS
IN STOCK MARKET
MAS ONE OF LARGEST VOLUME
OF BUSINESS
dams
MANY STRONG ISSUES
FAMILIAR QUARTET, HOWEVER
LEADS IN THE FURTHER AD-
yAyCE-ExPANsIyE INFLU-
ENCES OF DEPOSITS.

NEW YORK. Aug I2.-fTavirg one
Of the largest volume Of business days
since the summer recovery began the
stock market today added substantial
rairs 10 the improvement which has
been SO -apldly taking place IN prices
lately. Union Pacific. United states
Steel. Amalgamated Copper. and
Reading. on influential and familiar
quartet led the further advance, but
there was n large number Of actively
strong issues In the list Of standard
shares. notably St Paul. while
spectalsies began TO clsmor for recog-
milton.
Dealings In thesfrst hour were on
the scale of a uysllio1 shares. and
shocks were more freely pressed for
sale than as in the subsequent period
Of rising activity.
Wide Public Response.
The professional element still mani
Tested a disposition TO contest the ad
vance, and It's retreat increased the
support rendered To the macKet ~
repurchas Of n more important
character Commission house bust
ress exoa nded. showing a wider pub
lie response 10 the upward movement,
which began to get 81 distinctly un-
der way following the announcement
Of the treasury program for charging
the facilities Of the money market 70
acconm odate borrowing demands
There was a respectable aggregate Of
business for foreign account. but IT
was not clearly indicated that there
was any substantial balance either
way.
The foreign securities mark cts were
less apathetic than they had been
most Of the months so far. but could
not . called enthusiastic over the A.
r~1eu fFS1s
not. 10 any extent, emulate the demon
stration n Wall Street
The expansive influences 81 the
prospective deposits of $50. 900. 000.
or more public money in the banks OF
the South and West. continued oh
viously operative The local money
market showed further softening es-
pecially in the conditions OF CONNER
cial traders. and Il is apparent that
credit supplies locally available have
been practically added 10 hv the les
eening Of requests from the interior
Of the country for rediscounts.
An interesting report should he
made by the national banks under the
comptroiler's call for condition as 81
last Saturday. especially In the mat
Ter Of the credit granted by the prin-
cipal financial centers for the agri-
cultural section. The peculiar sus-
ington policy nowadays, seem to be
limited at in the supplementary infor-
nation which the comptroller asks
that relating To loans between hanks.
Mexican Situation Discounted
According to outward appearances
the Mexican situation was less por-
fentious cf early trouble Of n serious
character, and this was accounted to
the good OF the destructive side of
values of all descriptions The
STRENGTHENING Of the copper metal
market. ard at least part Of the re-
newed frmness Of agricultural staples
were attributed to the operations OF
the treasury. and perhaps for this rea-
son the stock market was not unfav-
orahly affected by the sharp advance
in grain, which showed that there had
been no real breaking Of draught In
the West and Southwest
OF more direct consequence In the
stock market reckoning was the
prompt and gratifying success Of the
proffer II underwriting for the sub
fcription to the Southern Pacific
stock. which is being sold in behalf
OF the Union Pacific Europe exceed
ed expectations in it's request for par
ticipation. and it was undersa God early
IN the day that allotments would be
scaled down Naturally all this sng-
gested satisfactory receptio1 for tho
offer of Union Pacific shares. nor was
the narketwise influence Of such an
implication weakened by the fact
that Union Pacific will. in the course
OF the near future. he put in possess
sion of upwards of $1,000 600 cash
on which some beneficial extra dis
nurseme1t 10 the stockholders could
be readily based