The Washington herald., 1913-08-24
STOCKS Higher;
MARKET Strong
Favorable News Aided by
Covering Of Weak Shorts
Advances Prices.
TRADING PROFESSIONAL
Illinois Bankers Association lnaugu-
rates Campaign in Behalf
of Farmers.
TRADING PROFESSIONAL

Securities in Wall Street yesterday
were strong and in the closing hour
prices advanced considerably, due, in
part TO the covering of d part of the
contracts of smaller shorts who have
grown nervous over the recent advances,
md were afraid to carry their stocks
over Sunday. The market may be techni-
CaIIy described as caught on the center.
1t backs and nils without going far in
either direction. Traders work ON the
theory of buying Oh soft spots, and SELL
ing again when prices rally. 1t is there
fore a traders market, with the volume
of business small. and price ranges mar
row in any single day.
The Mexican situation is the control
ing factor at present and news from
Mexico and from Washington in regard
10 the situation there. is more eagerly
read and commented upon than weather
reports. earnings of railroad and indus
trial corporations, or the recent furries
in copper mining discoveries. The most.
favorable factor of the market situation
Is the easier rates on money, and the
increased demand by the banks for good
commercial paper.
Market Opens strong.
The principal. stocks were higher at
the opening yesterday than at the close
on Friday The holiday in London. and
unusual dullneSs at Paris and Berlin,
deprived the New York market of any
lead from that quarter. and matters dur
ing the short session We're VI purely local
import. Selling started in brisk by the
professionals who we're working for
turn, but the stocks were all absorbed,
and the sellers turned buyers on the be
lief that the market would be higher.
The advance carried Canadian Pacific to
22l II. and this stock lost a point in
the subsequent realizing. The higher
prices " ere main tained to the close which
WAS easy, the volume of trading for the
morning being comparatively small.
Steel stocks were strong. United States
Steel holding al Is and fractions above
through the session, closing at s. Is
This was due in part to reports that the
Pennsylvania Steel Company would
furnish lUEV tons Of material for the
Astoria extension Of the New York sub
wIy. and that the Standard Oil Company
had placed contract Tor JQ,CUO tons OF
steel plate with Pittsburgh concerns.
Added to these facts was the report that
the United States Steel Company had
bought IWOIy tons of foundry iron from
the valley furnaces.
Strength OF American Locomotive was
due to the favorable showing made in
the annual report. the. detitils of which
were published in these columns yester-
day.
The currency question and the bankers
nieeting in Chicago attracted little at
tention. and both were without influence
on the market.
Mercantile agencies at the weekend re
port expansion in commercial activity as
genrralla maintained. and most of them
indulge in comment which gives an Opti-
mistic color to the outlook.
Shower; @rd fairly good weather both
In the co., and the cotton belts were
also loo. upon as favorable factors
Rnd he. O.. ..imulate prices of stocks
The sta, Int of the Seaboard Air Line
system Was made public just after the !
opening Of the exchange for the second
eek in August. 1t shOws'an increase in
earnings of S9,34S for the week and SS9, i-9
since July L
Interest in Dairy Farming.
The Illinois Bankers Association is
taking an active interest i'm the promotion !
Of dairy interests in that State. The as
sOCiation is distributing many thousand |
copies Of Z report made by its committee
OH agriculture and vocational education |
This report gives in concise form the |
chief facts regarding this branch of
farming activity, and sets forth the pos |
sibnities of betterment The purpose of |
the publication is to interest outsiders in |
the advantages which Illinois offers for |
energetic dairymen with view to haT- |
ing those who are dissatisfied i'm other |
States make their homes in Illinois.
The statement shows that Illinois is |
behind some other States in the average |
dir md mol
purpose of the report is to show this |
fault may be eliminated. For instance. !
the average size of the dairy farm in |
Illinois is l29 acres. the number of cows
is a fraction over four to the acre, with |
an annual income of SIS to each COW. |
The report sets out that the number of |
cows to the acre may he and should be |
doubled, and the average income from 4
each greatly increased, If not doubled.
RurnI Credits Discussed.
Among other things, the Illinois Bank |
ers' Association, through its secretary, is |
discussing the question of rural bank
credits with the farmers of the State |
with a view TO arousing public interest in |
that topic On. this subject a leafiet sent
out by the association says:
There has been too little Federal leg
isation framed to serve the farmer di-
rPCtly and with a deliberate adjustment
10 his real needs. We, long ago fell into
the habit of assuming that the farmer
Of America enjoyed such an immense nat
ural advantage over the farmers of the
rest of the world, were so intelligent and
enterprising. and so at ease upon the
Incompatible soil of our great continent,
that they could feed the world and pros
per no matter what handicap they car
ried, no matter what disadvantage,
whether of the law or Of natural circum-
stance they labored under.
I'VE have not exaggerated their capac-
Ity or opportunity, but we have neglected
10 analyze the burdensome disadvan-
vantages from which they were suffer-
ing. and have too often failed to remove
them when We did see what they were
One of the chief and most serious of
these disadvantages has been that he
has not been able to secure the extended
bank accommodations he every year
stands in need of, without paying the
most burdensome rates of interest and
saddling himself with mortgages and
obligations of every kind which he fairly
staggered under, il he could carry them
at all In other countries, systems of
rural credit have been put into operation
which have not only relieved the farmer
but have put his enterprises upon a foot
ing Of easy accomplishment
The countries in which agriculture i
steadily ia hana |