New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-06
STOCK MARKET REVIEW
Strong Opening Sustained by
Good Gains at the Close.

A buoyancy exhibited in the opening
prices of the stock market yesterday
was assisted by the cheerful sentiment
abroad and the good tone reported on
the London Stock Exchange following
its three days holiday Throughout
the district here among the commission
houses sentiment was favorable to an
advance. owing TO the strong showing
of stocks on Monday in the face of I'M
favorable crop news. An encouraging
development of the early session was
the position as market leaders assumed
by United States Steel and associate
standard issues. After a rise such as
stocks have enjoyed during the last few
weeks traders always are suspicious OF
a market that has TO depend on minor
issues for a leadership. and so long as
recognized stocks remain in the front
and command n following bullish sentl-
ment has the field we'll to itself.
The strength of United States Steel
was reflected in the independent COM
panies, and Bethlehem Steel responded
with special resiliency, while Republic
Iron and Steel was conspicous for its
flrmness. One of the early strong feat
ures was ST. Paul. and there also was
Increased activity and an advance In
Southern Pacific Reading, Union and
other standards displayed strong posi-
lions and advanced easily to the close
Of the session. The crop alarmistS
were busy yesterday. and had the l.
told-you-so air when the government
weekly weather report came out. The
report Of the government confirmed the
recent advices from private sources OF
the prevailing high temperature over
the corn belt territory, together with
noted deficiency In rainfall. In the
spring wheat region more favorable
conditions were reported, and in the
cotton belt east from Louisiana and
Arkansas the weather was given as
favorable most Of the week. The re-
port emphasized the necessity for rain.
except over the Atlantic coast, where
recent rains have relieved the severe
drouth, although In New York and
over parts of Pennsylvania and Nir-
ginia the country is still dry.
With periods Of intermission the mar
ket continued to keep up It's bullish
spirit throughout the day. and at the
close the gains were convincing 10 even
skeptical traders 1t was argued in
certain quarters that prices necessarily
must have a reaction and that the pro-
fessionals were getting ready to take
profits. The bears, however, were not
sufficiently strong to change the cur
rent of sentiment to the selling side.
and I'm view Of the ready absorption OF
offerings the market presented at
tractive features of n constructive
character.
Among the investment houses public
interest was reported TO be increasing
slightly, and bond buying was pointed
TO as an evidence Of n gradually re-
turning period OF confidence. The pur-
chasing OF bonds apparently does not
come from large interests. as tho buy
ing is said to be in very small lots
running from one 10 five bonds. There
also is reported 10 be some continuation
OF the odd lot buying OF stocks that oc-
CURED when prices were around their
lowest levels Of this year. Affairs at
Washington commanded considera bic
interest here. especially Secretary Nc
Adoo's liberahty toward the country
banks and the announcement mat
there will be a conference in Washing
ton with the presidents OF fifty-nine
banks In the agricultural districts to
arrange for the distribution Of public
funds. The local money market was
plentifully supplied with call accom-
modations at 2A, but in time loans
obi