New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-04-10
FINANCIAL MARKET
Early Recession Followed by Re-
neWed General Advance
Call Money Easier.

In line with the reactionary tone Of
the late trading on Monday the stock
market was dull and depressed at the
opening yesterday, and for the first half
hour or so the general list declined. Sup
port was given at the lower level, which
induced covering of shorts, and the mar
ket turned moderately strong in the sec
ond hour With the appearance of the
Copper Producers monthly statement in
the early afternoon the market ad-
vanced on a scale Of considerable activ-
ity. and the close was strong, with gen
eral net gains and numerous high rec
ords made for the current movement,
some Of them Of noteworthy amount, al
though a few issues showed fractional
net declines. The chief activity was In
the last few minutes, and the total
transactions amounted to little short OF
a million shares. The largest gain.
more than points, was made by Louis
Vile 6S Nashville. in which the dealings
were heavy, and the stocks Of the whole
group Of Southern railroads rose in sym
pathy with it. Union Pacific. which
made its low price Of the day almost i'm
mediately after the opening, was later
the strongest of the Western railway is
sues. rising about > points and closing
with a net gain Of rs on buying based
upon the decision Of the Supreme Court
for reargument Of the intermountaln
rate case several months hence. st.
Paul sold off I'm the late trading on the
announcement Of q large new bond is
sue, and closed fractionally down. With
the resumption of the advance in the
market commission house buying became
larger and this buying was a factor in
the days operations, although the adj
vance represented in the main the sue
cess Of speculative and manipulative Eff
forts, the field Of which was enlarged to
include several issues not hitherto fgur-
ing in the bull movement.
The statement Of the Copper Pro
ducers' Association for March was re-
garded as favorable, with its showing Of
a decrease Of 572 431 pounds In stocks on
hand TO the smallest amount reported
since the mon 'ly reports began to be
issued Production increased about o.
100000 pounds over February. while do
nestle consumption increased more than
II, 100000 pounds, this increase being
partly offset by falling off in exports,
due to the industrial paralysis caused by
the miners strike in Great Britain. The
conference scheduled for to-day between
the anthracite operators and miners was
not overlooked by the stock market. but
an optimistic feeling prevailed as TO the
probable outcome in view Of the less
hostile attitude taken recently by both
sides. The first government crop report
Of the season was issued at the close Of
the market, and although rather less ia
vorable than had been predicted by the
grain trade, was well received. The con-
dition Of winter wheat as of April l was
given as SOC, comparing with 1913 for
th9 same date last year and with the
common expectation of a condition of
about So. Account was taken. however,
Of the lateness of the spring this year
and the prospect of material improve
ment in the present month and also of
the decidedly favorable soil conditions
for a heavy crop of spring wheat, this
constituting BY far the larger part Of
the total annual what production.
The call money rate. which on Monday
ruled at per cent, yesterday did not
rise above 80. which was the ruling fig
ure. Out-of-town banks came into the
market as lenders of funds on call. and
the rates for time money for the vari-