The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-06-14
STRONG CLOSING
IN STOCK MARKET
There Are Further Advances
and Decided Improve
ment in Tone.
ny nlsOADAN WALL.

New York, June 13.--Thc stock mar
kct to-day closed strong with fur
ther advances and a decided improve
mcnt in undcrtone. Business do
creased In volume, but this was to be
expected. There was some buying for
foreign account, and a continuation OF
covering by the bears.
The Reid following was active In
the American Can shares and Lehigh
Valley. both stocks scoring a good ad-
vance. The week has been one Of un-
usual stress in the stock market and,
now that the smoke is clearing away.
stories are coming to the surface OF
forced liquidation that caused many
severe losses
A Wall street operator, long known
for his activities on the bull side, Is
believed to have closed out a heavy
line OF stocks that included Chesa.
peake and Ohio, Southern Railway
common. Utah aid Chino Copper 1t
is understood that the calling OF out.
of-town loans precipitated tho uqui-
dalton or this account on Thursday.
In tvs or three other cases indi-
vidual operators were forced to cur
tail their commitments when the mar
ket Was at Its worst. and the situa-
tion il. of course. the stronger now
that this strain has been relieved
y Boston operator. fond OF advcrtis-
ing. is credited with having closed a
long line OF shorts. This much Is
known. that the house credited with
representing him here, was big buyer
OF stocks on Thursday and to-day.
The London settlement passed OF
without any notable failure, but pri-
vatc cables indicate that several firms
had 10 receive substantial help. ana
this would indicate that further liqui-
dation VIII take place later. The buy
ing Of Canadian Pacific In this mar
kct during the past few days has at
tracted attention. The stock has been
transferred TO London names and
split up into small certificates, In some
eases as low as siaSl" shares. II Is
believed that two or three blocks o;
stock that were carried here for local
account are now in the hands - Eng
iish stockholders.
Traction stocks are again attracting
attention. Brooklyn Rapid Transit
was active and firm. and the Inter
boroughs strong. Intcrborough- Met
ropolitan closed with a gain OF over
IL short covering was largely re
sponsible for the rise in Union Pacific
that carried the price TO l45 Ia. al
though all this advance was not re-
tanned Southern Pacific closed un
changed and steel, after rising To -,
closed with net loss OF is. IN adj
vance in this stock WAS for some rea-
son discouraged, and the market wa.
flooded with selling orders At "a. rhis
was done SO openly as to attract gen
cral attention.
There were many advances in the
minor stocks, Rock Islands. Fries,
Demvers. Missouri Pacific and other
Issues in this class that have been sell
ing ut prices between 20 and %. The
low prices shat ruled FOR these stocks
Garlic. In tho week attracted n consid
cradle amount az odd lot buying. Tho
unfortunate accident on the New
Haven was held responsible for the
decline in these shares to % Ia. a new
low level
The announcement OF the Secretary
CT tho Treasury regarding the availion
ity OF half billion emergency currency.
received little consideration in the
financial district. but appears 10 have
had stimulating effect at distant
points. where the impression prevails
that the so-called Wall street control
OF the money mnrket has received q
violent check, and every one may 20
ahead as fai as he likes In borrowing
money with The Treasurer 81 tn.
United states behind any emergency
that may arise.
Reports from abroad showed a bet
tor feeling in the London and CONT
Mental markets. Notwithstanding the
failur" u the German loan or s56,""o,
600 IN Berlin Tho fact that the
bankers arc left with SO per cent or
the issue on their hands win, IL IS
feared, curtail accommodations 10 the
German merchants. ana increase the /
tiahtncss Of funds At that centre.
Money showed an easier tone here.
at 10 per
and time rates were further shaded
for near maturities. SIX per cent is
Sill the ruling rate for funds over |
tn" end Of the year. with little bust
ness doing. The banks figured gain |
OF IS o00.o 900 for tho week and n fur |
ther reduction In loans vas anticipnt- |
ed I'm view Of the heavy liquidation
In stocks.
The undertone of the stock market |,
shows hrmEcss. \ number OF uncer
taintics have been removed from stock !
market influences. and for tho first !
time in many months WaIq street will |
come down t. business on Monday |
without worry MS 10 what the Su |
prcine Court may do or say about |
rates
The market is entitled 10 n further !
rally dependent LARGELY upon tho open
short interest. II Is much too early /
to none for speculative activity for an /
advance Recent wounds are all too /
raw FOR this