The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-06-13
RALLY IN MARKET
IS LONG OVERDUE:
Extent Due Primarily to Short
Interest Rather Than Demand
of Investors for Stocks.
ny DROADaS WALL.

New York. June ic-Stocks closed strong
this afternoon on tho first sustained recovery
TINT tho murkct has witnessed In more than
a month. This rally was technically long
overdue. and n combination of announce
mcnts that all favorabiy construed
brought CONSERVATION to the bears. Tho ex
tent OF the rally was due primarily to the
short interest rather than any demand on
the part of investors for stocks.
me turn In the stock market was prl-
marty due to the closing out OF several weak
accounts that had heen hanging over the
marke, FOR several days. and with this H.
ahrna,i"n came improved reports from
yian situation and the progress OF the Lon
don settlement. on the heels of this a soim-
lon OF the Union Southern Pacific scgrccn-
ton was offered In the suggested exchange
." OF Pennsylvania holdings of Baltimore and
ohio about $4,000, 600 In all for gas 900 600 of
southern Pacific stock. now held hy the
Union fncih,. The plan suggested was
outlined in this column several weeks ago
and II * to bc hoped that Attorney t;cncrni
MGK.ynolds may he convinced of tho FEAST
Io-days trading for foreign account was
Witnessed for many months and was confus-
Ing In character with net purchases which
largely consisted Of Canadian Pacific
Tomorrow is pay day in London. and pri-
vate cables Indicate that the settlement yin
be completed without further trouble
To-dnys market firm to strong
Throughout, tho session the only tiiscordaiit
notes hei's a drop in New Haven to se's. the
Canadian Pacific led the advance on tho
day by an extreme rise az "a. points II i.
understood that two large speculative ac-
counts We're compelled Ia liquidatc We'd
stock is probably now stronger than II h"s
been for the past thirty days. There was
cuinulntion OF huyinE orders AT this nguro
started = covering movement that carried
' NE Stock nac to 'Se; rfe OF over points.
active and strong with gain OF over 3 and
md Tot,I cN,
ley over points The Reid stocks were
active on tho report of inside buying and
Of this rumor by rising more than 3 points
There were innumerabic advances or from
aud neglected for weeks. Interboro preferred
being case In point. AS the marke, viii
are coming out. further activity and strength
4. TO be looked for In this issue. & per cent
per stocks rallied sharply. with heavy sei.
Ing In AmalGamatcd and advance OF
the copper ''N'c tho price for metal has
been held vary steady by thc leading pro-
unusual In volume, and tho heavy selling
order executed by prominent broker was
was Arm on shor; covering There was some
realizing 10y traders AT tho close Of tho
market but prices finished near the highest
Other hanks followed the lead Of tho
cail loans aud there was somewhat ea.i-r
tone In the time money market. From
hoioou the Bank ot England showed fan
Ing of in reserve from 52c7 last week to
NO. This Is not very satisfactory as re-
serves at this centre usually increase At This
time OF the year. There was no change
made in the rate OF discount
The BANK OF France made Sigh; In
crease In its holdings of gold. and reports
from Paris indicate that further efforts VIII
b" made 10 secure gold in this market This
is indicated by advance In tho rate or
exchange here.
The ,~em,y active Ct. railroad stocks advanced
gained on tho average for the day OF ~.
This rally may he expected to run further
but judging from the history OF past move
incnts In the stock market. qu!e, and set
titnE movement may be looked for in prices
before IL can be determined whether or not
the turn In the market has come.