New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-10
STOCK MARKET REVIEW
After Strong Opening Prices Ad-
vance, but Closing Is Irregular.

An upward movement that presaSed
an entire routing OF the bears was be-
gun at the opening of the stock market
yesterday. Although largely profess
siOnal, there were some signs of public
participation, especially in stocks that
had been helped by information of
bullish character which previously had
been distributed around the Street very
freely for several days. Reading,
Union Pacific Canadian Pacific, Lee
high Valley, Erie, Amalgamated Cop
per and American Smelling and Re-
filming all displayed gains in their initial
transactions. The market presented a
noted degree of strength. and readily
absorbed profit taking offerings which
appeared in considerable volume I'm the
early rise.
After the first hour realizing sales
had a quieting effect on prices, but the
tone of trading seemed TO he firm, and
around the noon hour there was an i'm
provement, especially in the local trac-
, ton stocks, which had a sharp rise. In
| the midst of what appeared to be
hopeful outlook for the bulls an an
nouncement of a S45.0OOOOO stock issue
by the Pennsylvania Railroad, follow
| ing another announcement of a $50
600 900 bond issue by st. Paul, had the
effect of disturbing sentiment, and In
the early afternoon a decline in Penn
sylvania to new low point for the
year unsettled the general market.
Some support was shown in other
issues. and Woolworth sold up on the
announcement that its dividend would
be increased TO 6 per cent In the late
trading, however, a selling movement
carried many prices down, and at tho
close the list presented very irregular
| appearance The evidence of weakness
in such a strong standard leader as
PENNSYLVANIA was dsconcerting TO
bullsh optimism, and those who had
been most cheerful regarding a better
ment turned doubtful toward the close.
United States Steel did not exhibit any
remarkable recuperative energy, al
though it ranked with the three active
leading ISSUES, the others being Read
ing and Pennsylvania. Reading was
the most heavily traded in, but its final
quotation was fractionally lower than
on Tuesday, although IT was market
favorite among the professionals, who
expected to see il advance.
Union Pacific seemed very sensitive
10 the news that the Attorney General
would not indorse the latest plan for
disposing of the Union Pacific's hold
ings of Southern Pacific, and sold off as
consequence. Southern Pacific, on
the other hand, retained a firm tone,
/ but transactions in that stock did not
reveal any particularly aggressive in
terest.
Wall Street was vsibly interested in
the proposed tariff bill, and speculated
| to a considerable degree on the effect
OF the measure on such issues as
United States Steel, American Wooden,
Rubber stocks, American Sugar and
the various issues which might be af-
fected in dividend distribution provided
the bill shall become a law. Many
were inclined TO the belief that the
flood of protests pouring into Wash
ington will prevent the passage Of the
bill in its present form, or at least de-
! lay It, resulting In q long drawn out
consideration, which will be both OK
pensive and enervating TO business.
The foreign situation appeared to he
better, on the accepted theory that pc
llitical affairs were improving and the
seemingly easier tono OF the money
market. The weekly return of the Inn
perial Bank Of Germany showed a gain
in reserves and a curtailment in loans
in circulation. A decidedly easier money
tendency was evidenced at the London
settlement as only Az TO D per cent
was charged for the carry-over Of
American securities, compared with
80 and 6 per cent at the last fort
nightly settlement. In the local money
market there was little change from the
previous day and no demand was
shown for funds