New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-03
REVIEW OF THE
STOCK MARKET
Traders More Cheerful in
Early Session-LOWer
Money Rates.

The first impulse that the stock mar
ket has exhibited toward active better
ment for some time past occurred soon
after dull and undressing opening
yesterday morning. The Improvement
that continued during the forenoon ap-
peared to result from a natural break
ing away of restraint and an inclina-
ton on the part of traders to view the
present situation in a favorable rather
than an unfavorable light. For more
followed the lines of uncertainty. and
the majority of the professional ele-
ment has leaned toward the adverse
side Of sentiment without being iden-
titled with any vigorous display on
short selling.
Stock market reasoning led 10 the he
lief that after such spell Of dulness
and impressive resistance to beariSh
attacks the next turn would be toward
higher levels, and the firm tone mani
tested on Monday among the standard
stocks was accepted as a sign that an
upward trend had set in. Yesterday
United States Steel took the lead Iur-
ing the forenoon, and as the morning
session advanced the shorts were rout-
ed and rising movement occurred
generally throughout the list. Around
the noon hour there was less activity,
but prices were supported, and there
was no disposition on the part of the
professionals to change their position
to the profit taking side while the mar
ket was enjoying a breathing spell.
IL was natural that as the hour ap-
preached for the Presidents message
TO be received dealings on the Stock
Exchange should be restricted and a
waiting attitude exhibited by traders.
The Presidents message failed to re-
veal any definite tone, but was salts
flying more as a negative utterance
than as any positive declaration con-
corning the interests directly affecting
securities. Aside from the Presidents
message, developments of the day in
Guided published information from
abroad that the new loan of S26oON,-
900 had been voted on favora bly, in
cast Of returning confidence in the
Continental money market and the De
ginning Of an Improvement in senti-
ment among investors throughout Ell
rope. New investment issues continue
10 drag on the London market, but the
gradual strengthening OF the financial
situation abroad which a release Of
boarded millions will bring must have
a tendency to restore an interest in
investments in Europe, and in turn he
helpful to securities on this side.
Notwithstanding a disposition to take
profits by traders in the late afternoon
the closing prices displayed gains and
a healthier volume Of business for the
day, not only in the total number OF
shares but in broader range Of stocks
dealt in. Seeking a reason in the bUSi-
ness affairs Of the country for the
more cheerful attitude of brokers was
a difficult task, as reports from trade
centres were not encouraging. The
prospect, however, of an early enact
ment Of the new currency law had a
stimulating effect, as it seemed 10 be
well known that the delay In the pas
sage Of some sort OF new currency
measure has seriously retarded bust
ness progress. and following the pas
sage of the new bill there should he a
great relief, which naturally will bring
a revival in many lines Of trade.
Call money was easier, the renewal
rate being 5$4 per cent, as compared
with : per cent on Monday Practi-
cally no change was shown in rates
for time loans and transactions were
duh. A transfer of $2JOOO0 was re-
ported TO San Francisco, but no gold
engagements for Canada were an
nounced.