The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-08-12
rNYTEp STATES STEEL SUPPORTED
ny UNION PACiCIFIC MOVES
LIST UPWARD,
LATE TRADING ACTIVE
CHANGE ATTRIBUTED TO FURTHER
REFLECTION OF IMPROVEMENT
DUE TO POLICY IN
WASHINGTON.

NEW YORK. Aug. lI.-After about
four hours Of hesitaney the stock
market turned aggressively strons In
the late dealings today. Under the
leadership of United States Steel sup
norted by Union Pacific, the list moved
Vigorously upward. and closed at the
highest prices reached SO far IN the
recovery since June. tntd the last
hour business was in light volume.
hut the late trading was en- scale
of almost buoyant activity,
The change was not attributable 10
anv developments in the days news,
hut seemed TO be further reflection
Of the Improvement which has taken
mace In the monetary factor as the
direct result; Of the policy when
Washington is pursuing IN rapidly en-
1arsinc the deposits Of public funds IN
the interior banks. This improve
roent MAY not be altogether FOR the
good Of conditions in long run, hut
logically the immediate consequence
of the policy should he to stimulate
both general business and speculation
a. well rs TO have an expansive eTect
on prices Of all descriptions
Domestic Influences at work.
The Implication that domestic IN
fuences are chiefly al work IN the
present Wall Street situation Is cor
roborated ny the aspect OF the fnan-
r,ai markets abroad According to
outward appearances there has been
a hetternent in the circumstances OF
the European money market, despite
the persistent maintenance Of high Of
fYcial discount rates. Also the pros
peCt for peace IN the Balkans should
tend to relieve European finance or
some strain.
Nevertheless. there has been no
Il
responding to the aggressiveness of
the advance in Wall Street and to-
DAYS foreign markets were very quiet.
although French rentes continued to
rise. Furthermore, Europe has not
participated TO any extent In the con-
str7Ictlee operations of our stock mar
ket.
Open Heavy In London.
The American list of stocks were
heavy in London at the opening Of the
new week, and In the Initial trading
here the London price level was gen
orally followed. A sharp recovery
soon get in on the advtces from the
west. showing a breaking Of drought
In large portions of the corn belt. The
market was not animated, however,
and no particular energy was I'M
parted in the dealings by the an
nouncement towards mid day of the
terms Of the Offering Of Southern Pa
cifc stock to Union Pacific share
holders.
TINS. Hike other items in the days
news was A favorable circumstance
but the last hour expansion of stool
market activity at rspidly rising quo
tations was without obvious specia
cause. Presumably IL was excited b.
efforts to that end, but 1t was un
doubtedly assisted by repurchaserf
for both accounts on the recurrence o
the familiar phenomena Of dizziness
with frmness
short Interest Disclosed.
The existence Of an obdurate shor
interest seemed to be disclosed by tn
following demand for stocks. especial
Is for Southern Pacific and II Is likel
that a leverage for further advanc
il furnished by the stubborn main
tenance of bear position. AS wa
natural IN such an abrupt outhrea
Of active strength, various reports I
account FOR il were in circulation on
Of the most interesting and plausibl
being 10 the effect that higher price
for Steel products would shortly /
announced.
IT would not be surprising II railroa
equipment orders should he soon RI
leased In considerable quantity for II
movement of agricultural commod
ties 10 market. calculated to make ira
fc matters uneasy regarding the adj
quaey OF transportation facilities IL II
agricultural season Is to be accom-
panied by renewed forward buying
manufacturing industry and dstr
butsve trade. Last weeks receipts
grain at Interior points established
new weekly record
No Concern About Politics.
Aside from the relations of treasul
endeavors to market prospects. the
nancial district did not concern itse
much with political matters outsi'