New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-24
STOCK MARKET REVIEW
Early Strength Caused Sharp
Rise in Prices, Closing Easy.

The weekend holiday provided some
recuperation for the stock market, as
from the opening yesterday both &C.
tivity and strength were in evidence
and prices rose easily during most OF
the forenoon. The depression exhio-
tied on Saturday thAt appeared to be
attributable to the currency measure
and the action Of the Interstate Com
merce Commission on the question IN
denying an advance in freight rates
seemed to have been overdone, accord
ing to the cheerful tone that prevailed
in the early trading yesterday. wall
Street pretended to understand the po-
sition taken by the Interstate Com
merce Commission and assumed that
the railroads had something to hope
for a little later. In the early morn
ing discussions Of the currency ana
banking measure sentiment was favor
ably inclined owing TO the ostensible
clearing away Of some Of the mis-
understandings by Senator owen.
Initial transactions mong the lead
ing issues gave an impetus TO the buy
| ing side, which continued during the
first hour, and prices rose from TO 2
points, with apparently little opposi-
ton on the part Of the bears. Bullish
enthusiasm was stimulated by the tone
reported in London at the opening here
and the improved money situation To-
cally shown by the excellent bank
statement of Saturday Toward the
end OF tho forenoon interest became
centred in the Presidents message on
the banking and currency bill. which
was TO be delivered TO Congress during
the day, and the market was allowed to
drift into dulness, which continued
throughout the remainder Of the ses-
sion, and at the close left the Street
somewhat bewildered in attempting 10
define the logical trend of prices.
remarks on the currency bill did not
change sentiment among bankers in
the district. There seemed 20 be a
mixed feeling regarding the Presidents
attitude, although It had been gen.
orally expected that he would defend
the measure along the lines made pub
lie, regardless Of the opposition that
might be shown by bankers or Wall
Street fnanciers. 1t was emphasized
in the Presidents remarks that so far
as the administration may be consld-
cred the bill is destined to become a
law in practically its present form, and
that its success or failure must he
proved by actual application later
rather than any theoretical discussion
of the plan at the present time. In The
absence Of any precedent the country
must face the unknown and swallow
the Democratic tonic to learn whether
It is a panacea or not for part Of our
national Ills.
The news Of the day regarding other
matters included reports of the weather
| in various sections of the country
which were more encouraging than last
week The returns Of railroad equip
ment gave the number of idle cars on
June II to be 63,927, an increase Of 49,
| 019 since the last return of May 81,
and evidenced Z c restrictions in bust
ness over the country. Advices from
abroad carried a slightly encouraging
tone, but there was a strain OF appre-
hension in the dispatches in view OF
the approach Of the halfyearly settle
ment and the unsettled news touching
the progress Of affairs in the Balkans.
No appreciable change was shown in
the tone of the local money market,
and call funds were renewed at per
cent, while a slight disposition was
shown to some relaxation in rates for
| short-term accommodations.