New-York tribune., 1913-08-14
STOCK MARKET REVIEW
Trading Strong and Active, with
Good Net Gains at Close.

The stock market yesterday contin-
ued to ignore crop influences. ana
opened with a chow OF activity that
indicated an Interesting day. After
the initial transactions had given %
the market an appearance OF vitality
which would absorb offerings there
was a supply b:Ou,-ht out In the lead
ing issues which checked the advance
and caused some Of the issues to lose
their opening gains and resulted IN an
irregular tone. Following brief period
of irregularity, a tendency to improve
throughout the list. II the early part
of the second hour squirt OF bullish
activity began. which would have car
ried prices much higher had the impor-
tant leaders in the b"I movement not
held II in check.
United States Steel common was
purchased heavily. and around II
/ O'Clock this stock showed a gain OF IA
points over Tuesdays closing price.
| Among the several strong issues were
| the coppers. and American Smelling
and Refining was pushed up supposed
! ly on a favorable turn in Mexico. where
the company has important interests.
! Southern Pacific and the new certih-
Gates developed notable strength
around noon. and Reading was selected
| for attention on the bull side. along
I ID
was a good day for the specials. and
! the Texas Company achieved the dis
| tinction Of being the first stock on the
/ list TO touch a new high record for the
year on the present movement. MeN-
can Petroleum, Westinghouse, United
/ States Realty. st. Louis & San Fran
| cisco and others on the list displayed
| disposition to advance AMI were favor
ably placed on the long side.
! In the early afternoon the market
| grew tired, but the undertone OF
strength was conspicuous in the move
ments during the light trading. The
made on comparatively few transac-
| tions, vas commented on, owing 10 the
| fact that Union Pacific is a considera-
! bic holder of this stock. The Street
was at a loss TO account for the forg-
/ ing ahead in the price Of United States
Steel common, when a reduction OF the
/ price of steel products has been an
nounced which may affect the earning
] Of ha
may be taken to indicate that the D
/ per cent dividend rate is assured not
withstanding co lcessions that may be
necessary to insure revival Of buy
ing interest in the products Of the cor
poration, and on this basis the price
| of the stock is yet below what II nor
mally should sell for as per sent
! issue. In a market so thoroughly pro-
| fessional as the present one seems TO
be. values and factors count very lit
tie in regulating the sentiment Of the
| big operators.
The Iron Trade Review" in its con o
densed summary. SAYS that restricted
buying and declining specifications
have resulted in lower prices in some
finished lines. and with the exception
Of the heavier finished products inde-
pendent steel manufacturers are not
30 well situated compare lively, and the
end OF their future delivery tonnage is
I'm sight An absence Of railroad de-
mand is being keenly felt. particularly
] by iron mills THE Iron Age" thinks
that there is so much on the books Of
manufacturers at full contract prices
that important price changes are not
| likely for some weeks Also that Au-
gust has brought slowing down OF
new business. with no advance signs
of the fall movement that has been so
generally predicted.
The local money market displayed Il
reasonably easy tone and call money
was renewed at 2h per cent.