New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-13
STOCK MARKET REVIEW
Big Advances Made Throughout
the List and Closing Strong.

least, cast off its bonds yesterday ana
emerged from it's period of restraint
with signs of vigor that gave an i'm
preston Of bullishness not witnessed
before in some time. As usual, the
change was so sudden that il caught
the rank and file of traders unawares,
and routed bears so thoroughly that by
noon there were few To be found. No
better evidence of the magic effect mat
confidence exercises in the making OF a
stock market can be cited than the ac-
ton Of the market yesterday, which
was largely due to the feeling that
funds in New York are getting TO he
drug in the call money market and That
the government has an abundance of
cash which may be drawn on in the
event of an emergency.
The fact that the National City Bank
made a test Of the call money situation
by cutting rates below their 3 per cent
standard. and assured the banking
community that the City Bank was not
boarding funds for any purpose aside
from the possible requirements this
coming fall, had a helpful influence on
brokers and the speculative element in
Wall Street, and an upward movement
began as soon as the market opened.
Traders seemed TO draw some inspira-
ton from Secretary MCAdoo's an
nouncement that the banks would be
permitted TO take out emergency circu-
lation up to $500 100000. Among most
bankers, however this statement of the
Secretary was looked upon as merely
move to offset a feeling of depression
prevailing in the street regarding bust
ness restraint due 10 tariff revision and
other matters connected with the ad-
ministrations policy
The effect Of the Secretary's utter
ance at this time may have been help
full TO the stock market, but il is ques-
tionable how il will be received in some
parts of the country where money
strain has not been in evidence. 1t ~
possible that the people in those sec
lions may view the matter with some
surprise, as they may take II for
granted that the money situation must
be very acute when il is necessary for
the Secretary of the Treasury to call
public attention 10 the emergency
clause Of the Aldrich-Nreeland cur
rency act.
The emergency clause Of the Aldrich-
Vreeland act was inserted 10 provide
for conditions verging on panic, ana
the restriction placed upon taking ad-
vantage of this clause would be pro-
hibitive under normal conditions. To
secure circulation as provided the
banks would be obliged TO pay at the
rate Of per cent per annum for the
first month of issue and an additional
! per cent per annum for each sue
ceeding month the notes were out
standing until 10 per cent had been
reached. There has been no sugges-
tion OF a panic among the banks mere,
but they have been forced TO take re-
strictive measures to insure adequate
reserve and make preparations for the
| demands this fail resulting from the
movement Of crops.
| Foreign affairs contributed 10 the
/ rise here, as a better feeling regarding
/ the developments in the Balkans was
reported, and London was buyer Of
| American stocks on liberal scale.
| Canadian Pacific was the faVOrite in
the foreign trading. and this stock
scored heavy advance at the close in
! the local market
Some OF the most striking gains in
| the list yesterday were in Amalga-
| mated Copper, American Can issues,
! American Smelling and Refining.
| American Tobacco. Canadian Pacific.
| Lehigh Valley, National Biscuit Read
/ ing. Southern Pacific. the Texas Com
! pany, Union Pacific and United States
/ Steel. A gain Of 3 points was the
J lowest shown in any of the stocks
| named, while scattered through the re
mainder of the list gains of more than
| . points were general. The trading for
the day was exceptionally heavy and
| included a wide range OF issues.
The local money market assumed an
easier tone in call loans. which ranged
/ from TO pr per cent. Most OF the
| loans were made on 2 per cent basis.
| Time money showed receding ten
| dency, but was quiet. There was some
! movement in sixty-day commercial
| paper.