New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-08
STOCK MARKET REVIEW
Good Support and Better News
from Abroad Help Prices.

Several matters Of stock market i'm
portance combined to create an air OF
cheerfulness in Wall Street yesterday
and sent many prices TO new high
levels during the days transactions.
Considerable disappointment was felt
by traders who had figured that
technically the stock market was due
for reaction of several points and
had hoped that Wednesdays sagging
tendency would develop into a sharp
decline. The improved situation abroad
as a result Of the signing Of the peace
agreement in the Balkans and .he
consequent effect on foreign stock
markets and monetary conditions was
one Of the factors responsible for a
betterment on this side.
The weekly return of the Bank Of
England made decidedly favorable
impression. as its proportion Of reserve
TO liability, $3.50, was exceptionally
high, and indicated the gradually in
creased strength which that institution
The stat,.lent Of the Bank Of France
displayed little change, but reported a
small gain in gold holdings, with
decrease in loans and notes In circu-
lation. Technical strength was created
by the reported significant scarcity Of
spot copper, which resulted in bringing
support TO copper stocks and giving TO
the market a natural force in that
direction not due to the usual profes-
sional operations.
The crop news OF the day took
more favorable turn as the result of an
increase in moisture due TO rains dur
ing the last twenty-four hours.
Washington dispatches told Of the
cordial reception to bankers from
southern cities by Secretary Of the
Treasurer McAdoo and the harmony
of feeling regarding the S5O,OO0,OO0
loan by the government TO assist in
the movement Of crops. Traders were
interested in the conference OF bankers
said to have been called by Chairman
Hepburn Of the currency committee
Of the American Bankers Association.
for the purpose Of discussing the cur
rency bill, with its amendments, in
view Of opposition to the bills
features understood TO be entertained
by many. The Mexican situation was
included in the topics OF the day. but
opinions regarding the outlook were as
divided as the conflicting forces now
arrayed against each other in the
Mexican Republic.
At the beginning OF operations yes
terday morning. although in general
the list displayed gains over Wednes-
days close. there was an absence Of
enthusiasm, and sentiment predomi-
mated that the prospect for an
active advance was not encouraging
pending the publication Of the govern
ment crop report. United States
Steel, Reading, Amalgamated Copper
and other issues were conspicuous
among the leaders in the opening
gains. A slight tendency toward d
reactionary movement was In evil
dence soon after the beginning Of busi-
ness, in which Canadian Pacific was
feature. The movement failed to Go
more than have a quieting effect ON
standard issues and was followed hy
an increasing flrmness, which con-
tinued until around the noon hour,
when a renewal Of activity carried
prices upward and discouraged a short
position. In the early afternoon ag-
gressive strength and new high figures
characterized the trading, and, while
the market became quiet following
the squirt Of activity. the tone of
bulllshness was preserved and some
lively trading near the close left the
advance for the day well above
Wednesdays closing levels. Railroad
earnings made public for the month
of June generally showed gains IN
gross earnings. Denver & Rio Grande
was an exception and reported losses.
Local monetary conditions were un-
changed and call loans were renewed