The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-08-29
UPWARD MOVEMENT
IN STOCK MARKET
DUE TO DIFFERENT ASPECT AS
sUMED BY MEXICAN
SITUATION
RISE IS SPONTANEOUS
MARKET PRESENTS APPEARANCE
OF ONE RELIEVED OF RE
sTRtINING FACToR-voLuME
or BUSINESS LARGE

NEW YORK August 2s.-The
broad upward movement In the stock
market today was obviously due sole
ly to an abrupt change Of sentiment
induced by the entirely different
aspect assumed by the Mexican sit
uation. which has been a restraining
infiuetce upon the upward tendency
of prices during the past two weeks
The most pronounced Characteristic
OF the dealings was the orderly nature
Of the advance. Apparently the scar
city of stocks was still notable. for the
rise was spontaneous and no sense Of
effort was visible. The market simply
presented the appearance Of one which
had been relieved OF q factor which,
while not exactly a depressing one
had yet served TO restrain commit
ments for the advance and induce
the making Of free contracts for the
decline
Little Speculative Tendency.
The buying, which caused AN ad
vance Of one TO two half points In all
the active shares, probably originated
principally from n wholesale undoing
of short sales entered into during the
recent past and based on apprehen-
sions Of an unfavorahle outcome of the
Diplomatic negotiations between this
country and Mexico Consequently, in
terest Is now especially keen as to the
subsequent course of prices since it liz
argued that this Will testify more
plainly 70 whatever real modification
has occurred in the attitude toward
security values of the speculative COM
munity in the broad sense.
The volume of business today. al
though large. Judging from recent
daily sessions, was slight compared
with the extent Of the rise and did not
indicate any tremendous increase in
speculation for the advance. Tnciden-
tally, however, 1t did not escape notice
that prices maintained their advance
until the close Of business and that
profit taking toward the close of bust
ness did not assume notable proper
tions
Large net gains were universal
throughout the list so that there
were few especial features to attract
attention. II was, however. impossi-
hle to ignore the sharp advances that
took place in the Union Pacific and
Southern Pacific shares. Trading in
Southern Pacific was on an extraor-
dinarily heavy scale.
The Southern Pacific.
The pronounced strength OF this is
sue in view OF the near approach of
the time for the expiration of the
privilege 20 subscribe to the new
stock probably did much to stimulate
the idea that A great degree of sue
cess than was formerly believed prob
able has attended the disposition of
the $4,000, 900 stock now on sale.
Steel common, the stock in which
any change in general financial sem
tirnent usually finds the most prompt
and complete expression. advanced
over two points and Amalgamated
Copper rad similar rise.
II may he worthy Of note that the
latest news from the steel and cop
per trades Is most favorable. Very
heavy buying Of pig iron during the
past fortnight has induced an advance
in pig iron prices.
There was a sharp rise in the Lon
don copper metal market today. and
this coincided with the publication OF
most optimistic remarks Of the pres
sdent Of the Arnalgamated Copper
company on the trade outlook.
The foreign markets were quiet and
apparently not much of factor in
the Improvement here, Nevertheless,
the fact that London and the con-
rfnent received President Wilson's
message to congress on Wednesday
with entire satisfaction did not fail
to affect Wall Street Mexican issues
abroad were reported higher.
Crop News of the Day.
Tho crop news Of the day was not
especially agreeable in tenor but
Wall Street has apparently come to
the conclusion that the reports of the
past two weeks have been greatly ex-
aggeratad a view which was to some
extent confirmed perhaps by the de-
velopment Of weakness in the corn
market. Cotton. on the other hand
was very strong, new high record
prices being reached at tho OPENING
of the market.
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