The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-19
CURRENCY BILL IS
MARKET INCENTIVE
Bulk OF Business Comes After
Announcement OF Its Passage
Is Made.
BULL MOVEMENT INClPlENT
Traders Test Market for Weak
Spots, and Leaders Fail 10
Demonstrate Any.
BY ,iRnAnAN WALL

Nv Vol; september is-Thc bulk OF to-
soccer. An announcement, from Washing
ton that the currency bill had passed the
Hopse Win n reanirinaiion of the gold
which carried many issues 10 new high
The last b,,ll movement, in TIL stock mar
LET occurred 80 many years ago that tho
characteristics OF active speculation have
To-day's stock market was typical OF an
iuciricnt bull movement -\6verse factors
dropped 81. The Rock Island issues gave
cyery indieation Of passiny into tie hands
'neat per cents dropped to 81 and the oil
stocks * TeT a arHf ear y c pS Sno, apiece
'rreoers persisted IN testing the Inarxet
teF weak sIo,s and when ;,T on com,
sss s ar@und esq $50 i haya s' seemed
probable that prices could hold.
eaa.rs as unicn paciac ee Reading a ' uSa
AmalSaalated remained firm.
The currency bill with enthusiasm. the an
rourcemen; Of its passage started a sharp
covering inoyenen: that found the market
Union Pacific took tn. lead in the advance,
crossing ~. a new high feqre for this move
5aapsd nearly points and southern raeite
Steel Recovery Is Noticeable.
me r re- ,i: hGweyeF IN Steel common
reared neglected for several days Traders
found IL Impossible TO successfully gauge
that We're conspicuous sellers around % were
aggressive buyers when the stock crossed q.
Amalsamated Copper rose a point without
Coal stocks Were strong. and Interhorouch ,
Metropolitan preferred gained a point on
on the stock would be declared by the d.
rectors next week.
the early hours. but turned sellers on the
advance. For some reason the English in
h sfraNaf II sr.ss Ia
OF extra cash distribution on Union
l'acihc. and the London market continued
Readings Annual Report.
Readings annual report published this
hut this, OF course. reflects light on the
recent advance in the stock nor need any
explanation he expected until the long
hidden assets carried at purely nominal fig
uTes are disclosed 10 the officials at Wash
Few to-dny besides directors, arc in pos
session Of these interesting figures.
e49us His't,Gu'ed to un9'' raGie s,ocf
no douot encourage speculation, The money
about right 50 i, The technical position Of
Inc stock market. and this to the shorts
mean that he who runs may read"
New York. September Misrepresentation drag
geo to-day no important movements. save
IN few stocks being noted until the last
hour OF trading. Al that time buying be-
zane more active and the market rose
SHARPLY. Union Pacific shares led the adj
vans~ The recent course OF stocks led To
confusion OF speculative sentiment. The en-
tended rise. OF last week and the subsequent
reaction LOT the market uncertain as to
whether the reaction merely represented
pause IN prolonged rise or the end OF the
upward movement
Both theories were tested. Finding opera
tious on either side OF the market equally
uuprohtable. the traders virtually abandon
cd their efforts and business all but ceased.
When Union Pacific resumed the leadership
IN the last hour, however, the list made a
better response
New Haven broke % to another low level
a. wa. although II subsequently rallied.
Petroleum stocks again moved violently
MeAicau Petroleum dropped 3. California $40
ana california preferred points. Later they
developed = better tone. ana Mexican scored
q iu!i recovery. Local banks and trust COM
iminary to october requirements. which
hEelN arc 10 be unusually large. and q gain
IL the surplus l. expected as result Money
rates were unchanged, But ~ rdening ten
denc! :or the longer periods Is not mpron-
ahle before the end OF the month. Foreign
eNcaanse mace some recovery from its re-
cent decline.
The late advance IN stocks pulled up the
speculative bonds after tho market had
Shown downward tendency Total sales
par value S3.lJ1.Hlo. United states bonds
unchanged on call. The - registered sold
:, lower a. =. Total sales were 4l6 700 shares
New York. September Is Money on call
irin az 1913. ruling rate, 3. closing 25.a3
Time loans steady; sixty days. ii.ljita.
ninety days ii.nia.: six months :. Prime
mercantile paper. 5AQ6 per cent. sterling
exchange strong at SiS220 Tor sixty days and
~ 81 $40 for demand Commercial bills
Nl< Bar silver, 81, Mexican dollars is;u
Government bonds steady railroad bonds