New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-26
STOCK MARKET REVIEW
Heavy Trading-Higher Prices
Call Money Causes Reaction.

session of the Stock Exchange was
money although this monster of such
frightful micn" 10 the stock trader did
not exhibit itself until near the closing
Of the days operations. TO those VINO
kept watch Of the days proceedings in
the money market the advance In call
money was not unexpected, but that
the rate should reach I per cent was
something Of a surprise. The previous
high record was on September II, when
call money was quoted at o12 per cent
The opening Of the market Yesterday
was attended with money at per cent
and In a general way brokers rested on
the hope that they had comparatively
little 10 worry about for the time being
so far as a sharp advance In rates was
concerned. The demands on the New
York banks from interior institutions
caused heavy currency remlttances,
and large payments were made TO the
Sub Treasury for Western Dank &C
counts. The news Of the day In the
world Of trade and commerce as usual
was optimistic, the reports from the
steel and iron trade showing greater
activity and larger orders, with In
creesing rates.
The opening Of the market displayed
en- inclination OF stocks. particularly
the industrials, to sell higher, and for
the first hour these issues carried the
market up Among the coppers, Anal
gamated advanced sharply and Utah
Copper scared to the highest point in
its history. American Smelling was
particularly active, and National Lead
became strong and reached n higher
level. The industrials and coppers alb
sorbed the greater part OF trading in
terest during the first hour, though
Union Pacific and Southern Pacific
were responsive 10 the report OF In
creased net earnings in August, and
sold higher. During the day. until the
late trading. there was internationally
both strength and activity in most OF
the list, and in the movement which
began IN the early afternoon Tho rapid
riso reflected bullish spirit which was
very vigorous. The usual rumors OF
the day were IN circulation and found
favorable receptions among the traders
and brokers, who devoured them
eagerly. 1t was natural that some eX-
aggerations should DO accepted along
with the good news. as the reported
favorable railroad earnings were suf-
fciently encouraging to warrant an
effervescenc. Of speculation, stimulated
by come increased dividend announce
ments IN other issues. The afternoons
transactions on tho buy ing side were
led by the standard railroad stocks,
which continued to show gains until
checked by the sudden increase of the
call money rate to per cent.
The volume Of business. collectively,
for the day showed that the market
yesterday was broader and more rep
resentative than has been recorded &c:
long time The advance Of the call
money rate to per cent just near the
close Of the market of course was fol
lowed by liberal liquidation, IN which
both profit taking and short selling
formed e part. 1t was 10 be expected
that the market would have reaction
after a rise so pronounced as K has eH-
perienced during the last several days,
and IT is a tribute to the stability Of Its
support that the close showed IN the
main only fractional declines, while ad-
vances Of more than 2 points were re
corded.