New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-27
REVIEW OF THE
STOCK MARKET
Firm Undertone Resists
Profit Taking-Gains
Shown at Close.

The stock market was subjected 70
test al the opening Yesterday, when re-
alizing sales constituted the larger
mart of the volume Of business, and re-
shifted in initial prices being SHADE
under Wednesdays close. Union Pa
,iNc. Reading, Canadian Pacific and
other issues displayed fractional de-
rlincs and there was disposition on
the mart of traders opposed to the au-
vance movement 10 take a chance at
further short commitments. Neces-
siors were shortlived. however, as the
market soon resumed its rising ten
dencv and prices advanced Sharply
with a large volume OF activity among
the leading issues. United States steer
was especially active and firm in view
of large blocks of stock brought out
while i'm Union Pacific and Reading the
strong movement was impressive.
Technically it was reasoned that the
advance OF the week had been carried
TO the point when reaction was due
10 enable new level being estahhshed
from which to insure an evenly oai-
anced position, but aside from a quiet
tone around the end OF the forenoon
session and in the afternoon, and
slight falling off in prices, the trend
WAS upward among specialties as well
as the oldtime favorites. Wall street
was in a state OF mind to ignore indus
trial conditions and reports Of depres-
sion in trade that at other times would
have encouraged a bear market II is
not unusual TO sec stock prices looking
ahead for several months in their ten
dency in one direction or the other, so
the change this week from pessimls-
tic TO 2 comparatively cheerful attitude
on the part of professional operators
NAV be a forecast of what is TO follow
some time in 1914 in the way Of re-
ytval Of business along general lines.
The news from Washington that
President Wilson within few days
after the holiday recess will read 10
Congress a message urging construc-
tive legislation for the trusts and ad-
vocate an abandonment of radical
measures helped TO sustain the opu-
mistic view created by recent WASH
,ngton events. Ii is possible that con-
gress may insist on making amend
ments TO the Sherman law TO prevent
interlocking directories, but the pre-
vailing impression appeared TO he that
the administration will not sanction
any course threatening TO further dis
turh business. Monetary conditions
locally. as indicated by the reported
movements of currency for the week,
made q favorable showing in a gain In
cash. forecasting a favorable bank
statement to-day. The renewal Of &C
tiyitv on the Stock Exchange did not
seem to have any decided 'effect on
time money rates, as there was an
easier tone evidenced, but loans natu-
rally were quiet, owing to the near ap-
proach Of the end Of the year. Call
money was slightly firmer and renewed
at per cent. Considerable interest
was manifested in the November for
c.gn trade statement, which exhibited a
decrease OF exports over imports as
compared with the corresponding
month in 1912 Last year the excess
Of exports amounted to Sl2j, 1928,
while this year the figures were S9L-
O51, 600 This statement seemed to
show that the new tariff so far has not
stimulated imports as expected.
The statement Of the Bank Of France
reported a loss Of cash, but the gold
reserve was exceptionally high. The
Paris Bourse was the only one of the
leading foreign markets open to bust
ness yesterday. and in London the
stock Exchange and all other financial
institutions, including the Bank Of
England, were closed on account of
Boxing Day.