New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-18
STOCK MARKET REVIEW
Early Advance in Reading Helps
RiSe-ReaCtion Follows.

ne blOCk 1ldTkel t4ItI AS4i~
teresting period yesterday when 'le
opening appearance Of Reading aV
substantial advance caused covering
Of the shorts and sent traders into
state of excitement not witnessed Oh
the exchange in some time. WIN INC
meeting Of the Reading directors Only
a few hours off and the rumors or deu-
mite information forthcoming regarding
segregation and a possible increase
In the con1pany's dividend, the proles-
sional element responsible for Read
ing's rather spectacular rise had plenty
of material to work on in their EFFORTS
to stimulate bullisb sentiment READ
ing, however, carried the burden OF I'M
provement, as IN Union Pacific, South
ern Pacific, Canadian Pacific. Amalga-
mated Copper. New York, New haven
e. Hartford and other issues declines
were recorded In their initial prices.
During the first half hour there was
selling movement that carried some
Of the leading issues under the lowest
prices reached on Tuesday, and the
market presented an irregular appear
ance until the latter part OF the fore-
noon session, when q f1rmer tone was
exhibited and an advancing movement
began which included both standards
and specials. The continued strength
in Great Northern Ore seemed to con-
firm the contention of the supporters
of this security that good things are
in store for the company and that a
quiet accumulation Of this issue has
been going on for some time. During
| the noon hour most all the stocks on
the list displayed exceptional strength.
but in the EARL afternoon irregularity
assumed control and weak spots were
noted throughout the important issues,
while a few specialties were strong.
A feature Of the heavy selling was In
Rock Island issues and the As. and
, this had tendency to discomfort trad
ers, in view Of the lack Of support rem
dered IN these securities. supposed 10
be backed up by powerful interests.
Toward the close Of the market prices
sold off under pressure exerted partic-
ularly on Reading, but reflected IN
other active issues after II was known
Reading directors had declared only
the regular dividend. United States
steel was depressed by reports from
the trade, indicating less optimism in
that direction.
One Of the interesting items OF trade
information was contained I'm the ad-
vance comment Of The Iron Trade
Review" which carried weight. as IL
was seni-official regarding iron and
steel doings. It was expressed that
the iron trade is becoming more inter
ested in the effects Of the new tariff.
The Review" says that some Eastern
buyers OF billets are inclined 10 hold off
on purchases until they can determine
what opportunity there will be for
profitable importation of foreign steel
should the free listing of semi-finished
material be finally adopted. Cast iron
pipe interests along the Delaware River
are sounding out the possibilities for
importing Middlesbrough English iron.
A large pun base OF English warrants
by a firm which in the past has acted
for American iron consumers has oc-
casioned a report that this iron may be
for American account. but confirmation
of such a fact is lacking. The imme-
date prospects for the importing Of
pig iron to the Eastern seaboard, even
with free duty, are not so favorable.
Bankers were interested in the prog
ress Of the currency bill discussion at
Washington. and were disposed 10 look
favorably on an amendment TO the re-
discount section of the currency bill,
which would permit member banks TO
rediscount with federal reserve bank
an amount in excess OF their paid-in
capital.
The local money market, in time funds
particularly, continued to be very mar
row, and both the offerings and de-
mand were reduced to small volume.
While "A firmer tendency was indicated
in rates, it had no special bearing on
the actual transactions Of the day, but
simply was a reflex Of the limited char
acter Of the lending market. In COM
mercial paper there was no material
change; only small amount Of bust
ness was reported. Call money was
renewed at per cent.