The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-05-25

IS STRUNG
AND MORE ACTIVE
AFTER TMREr WEEKS or STAG
NATION. THE Snort SESSION
nRTNGs ADVANCE.
HEAVY BUYING OF u. P
SUCCESS or NEW YORK CITY
AND CHINESE LOAN OFFER
IyGs HAS BENEFICIAL
EFFECT.
HEAVY BUYING OF U. P

NEW YORK, May 24.--Cou1ing
after three weeks of almost complete
ssagnation, the sharp advance In to-
days two hour session might have
been Of greater prominence In the
speculative mind than 1t deserved. But
IL IL undeniable that the market
made an impressive showing and was
stronger and more active than IT has
been for many day. The impulse
behind the upward movement seemed
to be the heavy buying of the Union
Pacific shares causing an extreme rise
in the price of the stock of Is
points. There was no news to ac-
count for this development. but there
were rumors a-plenty of the usual
sort regarding clearing up OF the
dissolution tangie.
Another matter which probably
was something of A factor was feel
ing In speculative circles that the
Supreme court next Monday Will hand
down a decision In the Minnesota rate
case. The weekly bank return report
ed a smaller cash gain than was in
dicated by the reported money move
ment, but the increase In the loan
item was less than was anticipated IN
view Of the financing OF the city loan
A moderate increase OF the surplus
reserve was regarded as satisfactory
enough under the circumstances.
Loan Offerings Successful.
At the opening of the week, as had
been the case previously, exceptionally
dun, stock markets here and abroad
were quite generally ascribed to the
imminence OF the New York City and
Chinese loan offerings, events upon
which the financial capitals of the
world were supposed to be waiting be-
- hat MAJ inyqaf -
ment conditions as a whole. The Is
sues in question were brought out In
due course. In our own case the
offering met with unrnistakabIe sue
cess while the foreign reception given
to the Chinese loan was regarded as
nothing short OF striking.
Lifeleas al the stock market was last
week. II presented an exhibition Of I'M
mistAkable firmness In the face OF re-
cialties and minor railroad Issues
which apparently decline for seasons
Of their own. On Thursday general
comment was excited by rather
sharp recovery in prices with a large
volume 81 business. This recovery
was continued today with even great
er vigor and the movement helped TO
spread the impression that q sold out
condition existed.
Perhaps the best description of the
week results as a whole Is contained
in the statement that prices edged
slowly upward and managed to hold
most Of the ground gained. OF par
ticuiar features. the foremost was
Union Pacific which was about the
only prominent issue to break into
new ground decisive!y to the accom-
pAniment Of revival of rumors that
a solution OF the Hartman diasoiu-
ton tagIe had been arrived at. These
reports were subsequently denied and
nothing new developed concerning
this difficulty but. perhaps with the
pronounced firmness OF the stock as
the sole reason. there was a growing
feeling that some progress had been
made by the parties interested.
Weekly reports from the various
trade centers and from the crop sec
tons had no particularly new fea-
ture. Tho complete foreign trade
statement of the country for April
came in for a good deal of discussion.
Agricultural and non-agricultural ex-
ports both broke all records for the
month making a total increase in ship
ments over last year OF $40. 500, GOO.
Imports decreased s1s.4oo,o00 result
ing in the biggest excess OF exports
for month ever seen. namely $685.
100000,