New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-01
STOCK MARKET REVIEW
Comparatively Light Trading
Prices Advance.

More than any other one influence
yesterday in the stock market was the
money outlook. Locally, in the latter
part Of the day, there was considerable
apprehension among traders when the
call money rate advanced to above 3
per cent and the reported loss Of cash
by the banks indicated an unfavorable
bank statement, which may be worse
on account of demands for November
disbursements. An international color
was given TO general money conditions
by the announcement of an advance in
its discount rate by the Bank OF France
to 4 per cent This announcement was
remarkable for two reasons: FIRST IL
was only about two weeks since, on
october Il, the Bank Of France in
creased it's rate TO 312 per cent, and,
second, It was especially noticeable be-
cause it has been five years since the
bank exhibited so high a rate in the
month of October. The general tone OF
foreign news, aside from Paris, how
ever, was helpful to stock prices. Lon
don was a purchaser of stocks, and
sent over a list of gains which were
stimulating to trading here
The local stock market yesterday was
a matter of professional incidental
movement. From the heavy selling OF
Wednesday, which carried stocks down
to new low prices for the period and
closed out numerous stop order &C
counts, there was a natural recovery.
The opening did not display any pro-
nounced bullish tone, though there was
moderate activity and the average
range Of prices was higher tnan
Wednesdays closing quotations. Such
stocks as Union Pacific, Reading ana
United States Steel assumed leader
shin in the limited trading and began
the upward movement, which showed a
! tendency to improve as the morning
session advanced and in which these
| stocks continued to be features. Al
though copper metal was reported at
higher prices in London, Amalgamated
| Copper during most Of the morning
failed to respond to the good news, and
at first gave no signs Of a developing
bullish tone. Canadian Pacific was
given some assistance by faVoraoie
| cable advices from Berlin, but IN the
early trading this stock did not answer
to the local call for some betterment.
Irregularity was marked in the price
movements as a whole, and while there
was no selling pressure strong enough
! to cause declines of importance, there
was a decided lack Of enthusiasm, ana
mart of the time the market dragged
along. During the second hour Of trad
ing there was spasmodic activity and
a hardening Of prices, particularly In
Union Pacific, Canadian Pacific and
Reading, while Steel held firm and
gave an impression of a strong under
tone. Amalgamated Copper became
frmer toward the noon hour and
scored an advance, which placed II
along with the stocks indicating higher
prices The days record was encourag-
ing, in the fact that stocks advanced
rather than declined. Beyond this
there was slight market stimulation to
activity on the long side, the total
davis transactions being under 3I5.OOO
shares. There was some disappoint-
ment expressed by traders in the show
ing made by the Hartman roads IN the
net earnings reported yesterday, but an
increase of 257,0OO could hardly be
termed dscouraging. Politics was
dragged into the market gossip with
considerable speculation as to how the
election will go and what the immedi-
ate effect on the market will be.