New-York tribune., 1913-09-11
STOCK MARKET REVIEW
Prices Rule Higher and Trading
More Active During Session.

The removal of the tariff question: Do
stock market factor for the present
was practically assured by the passl"e
Of the measure through the Unlleu
States Senate. and at least one less
burden was left for the market 10 carry
at the opening yesterday morning
Another favorable consideration WAS
the government crop report, Whlch ue-
fined relatively the outlook regarding
the corn crop that up TO yesterday heiu
restraining influence over commit
ments in view Of the uncertain! oi
the figures prior to Tuesday, When 'lle
governments estimate Of the Indicated
yield was made public. Whether or
not these were the real reasons why
the market was strong at the opening
and trading was active, they were SUI
ficient TO satisfy Wall Street and anord
resting place for traders 10 begin
reassemblng Of their forces on the oull
side in an endeavor to establish
higher level of prices.
The strongest feature of the opening
and throughout the session was Union
Pacific. but this remarkable firmness
was not traCeable 10 the tariff issue
nor the crop report, but TO revival or
the rumOr which was current the other
day that stockholders Of the company
would receive special distribution out
of the proceeds Of the sale OF the SSo'-
0OO, 900 Of Southern Pacific certificates.
United states Steel common also was
favorably purchased, and displayed
strong tone and a steady rise in quota
tons during the morning session.
Good support was given to Reading
and Canadian Pacific was well sup
ported along with other issues.
Strength in the Interborough- Metro
politan issues encouraged the group
friendly 10 the local fractions, and
these stocks advanced along with the
improvement which became very gen
eral as the morning session progressed.
The publication Of the untitled tonnage
figures Of the United States Steel Cor
poration around noontime made very
favora BILE impression in view OF the
smaller decrease, than had been gen
orally expected Commenting on the
favorable showing. THE Iron Age"
says il does not appear that consumers
made any large addition 10 stocks 10
avoid cancellations on low priced con-
tracts expiring in the past summer.
and that users generally are carrying
light stocks and making close connec-
ton with the mills.
From the figures ii was inferred by
traders that turn for the better had
occurred in the steel trade. and this had
tendency to stimulate bullish senti-
ment and sustain the upward move
ment begun during the forenoon.
Among other items which were not
given out, but became known and had
cheerful bearing, was the annual report
Of the Illinois Central Railroad Com
pany for the period ended June 80 last.
This report shows an increase in net
income Of So, JOS. 665. as compared with
the previous year. notwithstanding the
losses caused by flood conditions in the
Southern States, which for a period OF
nine days stopped the through move
ment Of traffic, also taking into con-
sideration the large expenditure in re-
storing the portions Of the railroad
washed out, together with other incl
dental expenses. A general review Of
crop conditions issued by the Depart
ment Of Agriculture and reports from
Washington revealed that the month Of
August was unfavorable for crop de
velopment throughout the United
States, and that compared with year
ago prospects are about /. per cent
poorer. In the late afternoon, while
the market retained It's average degree
of frmness. trading became dull, but
prices closed a little under the best OF
the day
The fortnightly report on car equip
ment exhibited an increase in surplus
cars which was not encouraging. as
the railroads are approaching a period
when the reverse should be the order,
and this indicates that railroads are
not rushed with business. usual at this
season during other years. There was
no feature In the money market. and
call money was renewed at "a per
cent and time money was dull.
t-