New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-19
STOCK MARKET REVIEW
Prices Firm in Early Active
Trading and Closing Strong.

Held in check somewhat by the r.
regularity of tone expressed in the
early London stock market before the
opening here, trading on the New Aork
Stock Exchange began yesterday
morning in moderation. but with con-
siderable frmness evidenced in initial
transactions. Street gossip had much
to do with the Union Southern Pacllc
outlook and the interview given out
by Judge Lovett TO the press. Al
though the Union Pacific situation
seemed TO he confusing, the stock
opened at an advance over Tuesday S
closing. Northern Pacific was espe-
cially strong at the opening on reports
of heavy rains in the Northwest, con-
sidered favorable to crop prospects,
and this also helped Great Northern
with a fractional gain. Reading,
Amalgamated Copper and others of the
standard leaders were better in their
opening transactions. except United
States steel. which opened unchanged
from its closing price Of the night be-
fore.
The better crop news and the appear
ance of some good buying orders gave
a zest to business. and prices took
sharp turn upward during the first
hour, featured by the strength in In
terborough- metropolitan. in which
pool was said TO be operating on the
long side. Profit taking caused some
reactions. but the trend seemed to be
upward and the market carried signs
Of a bullish character, which drove the
shorts to cover and kept fluctuations
within comparatively narrow limits.
In the early afternoon most of the ac-
tive issues made further gains, and
trading broadened beyond the profess
sional line, indicating some public in
terest attracted by the marks of inn
provement shown during the last few
days. Reading and Lehigh Valley
were among the leaders in the rise,
Union Pacific, end among such stocks
as Chesapeake & Ohio more activity
and better prices were recorded. The
result of the days operations was a
splendid showing Of gains through
out practically all the active stocks on
the list, except in Illinois Central,
which closed off over two points.
The news from abroad, especially
from Germany, was unfavorable, and
included the report Of failures in Ber-
lin and the barring of the Mexican
loan from the Berlin Bourse. accentu-
ating the strained money condition in
the German capital Germany was a
bidder for two months loans at 80 per
cent in the New York market, and
while the rate is considered an attrac-
tive one by the lenders there was no
information obtainable that any loans
had been arranged in this market.
Notwithstanding these evidences Of de-
preston in Germany the weekly state
ment Of the Imperial Bank showed an
increase in cash and gold and a 6e-
crease of notes in circulation and DIS
counts.
Touching the affairs at home which
played an important role on the favor
able side. the foreign trade statistics
for the month of May had a stimulat-
ing effect, especially in exports. which
totalled S194, 593071 and exceeded all
previous records for the same period.
For the eleven months Of the fiscal
year exports exceeded imports by the
remarkable aggregate Of S620, $50 1SS.
Another reason for cheerfulness in the
stock market is the large dividend and
interest disbursement fund which will
be distributed in July, estimated 10 be
over S260000,0 600 exceeding last year
by about 100000 for the same
month.
The local money market presented no
material change: call money was re-
newed at per cent and continued TO
be easy. while time funds were slightly
less firm for short maturities. but there
was no borrowing demand Of any ac-
count.