The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-08-29
SHARP RALLIES
SEND PRICES UP
Stocks Close Strong After Elk
citing Session of Stock
Exchange.
by BROADAN WALL.

New York. August 2s-Stocks closed
which shorts attempted to cover commit
ments.
Early advices on the Mexican situation.
while lacking In details, encouraged the be
lief that President Huerta would recognize
the wisdom Of adopting the peaceful sug-
sestions suggested by Presiden, Wilson.
Foreign markets did not receive with
favor the idea of Americans withdrawing
from Mexico and little interest. was taken
IN the International shares abroad until buy
ing orders appeared from New York. and
these carried prices point above close
OF the previous day.
Efforts OF the arhitraGe houses to get back
stocks at the opening brought many smart
rallies. particularly in Steel and Smel,er..
Traders then attempted to buy stocks. and
The market proceeded unsteadiiy until
Washington announced the return OF ex-
Governor Lind: This brought renewal OF
the advance with the Copper shares strong
est. London led In the movement with
prices for Anna igamated and Anaconda well
above our market for an hour
sharp advance In Southern Pacific car
rled the price up ~ points. and Union Paci-
lice rose over points on light trading.
lnterboro- Metropolitan preferred sprang
Into prominence. rising TO 637s. and American
Can grew active at "A substantial advance.
The market broadened about noon with
many sharp recovcries in the minor copper
and industrial issues. Reading gained ,
points in spite or the announcement that
the government would lille a new suit against
the company next week.
steel common made great display OF
s, rn,sani,, throughout s the day and closed
Central. that had been sold in London u, n
price equivalent to 1914, advanced the stock
To 100 here.
General buoyancy displayed by prices was
considered surprising In view of the small
amount OF public business. II was the oDin-
ion on the street that the short interest had
become much larger than most brokers had
realized.
The Bank OF England made another re-
markable showing for its gold reserve. which
Yesterday exceeded any week since a similar
period in 1886: the ratio OF reserve to la :
bIity tx now At the very unusual figure OF
53ia, fully 10 per cent above the same week
GO gold to It's reserve.
Crop news from Kansas and Oklahoma
continued to be unfavOrabie. but this was
ignored as Il stock market factor.
Little change was noted in the time money
market. Foreign lenders are Offering over
the year funds at per cent. The. market
for discounts i'm Berlin and London was n
shade lower with indications OF further
offerings OF funds from foreign lenders
abroad.
Tho Canadian banks withdrew $1,000 90
gold for shipment to Montreal. and the local
banks lost heavily again on their operations
with the Treasury, over sl0.2 009 having
been paid out through this channel since
Friday, more than twice the amount lost
last week.
The strength and activity In the copper
shares is taken Indicate that the move
ment will be carried further. Buying for
foreign accounts was n noticeable feature
and this does not usually run out within
the first day two.
AS leaders OF the market, Union Pacific
and Steel have lost none OF their advan-
tascs. Steel Southern Pacific and Union
Pacific will sell eX-dividend next week This
makes the prices look cheap to-day.