New-York tribune., 1913-07-25
STOCK MARKET REVIEW
After Early IrreguIarity Active
Support Results in Gains.

An element of doubt was in evidence
during the early trading yesterday
morning regarding the trend of stock
market prices. Opening quotations III
general We're a fraction under Wednes-
days close. and the small volume OF
business in sight left the question OF
the days operations an open one so far
as traders could base their guesses on
the disposition Of the important IN
terests in the Street. Throughout tho
forenoon irreguarity continued, but
the underlying support which appeared
when necessity seemed TO demand II IN
the stocks quite essential 10 an upward
movement formulated sentiment III
favor of an advance. Around the noon
hour a real buying movement set IN
and all speculation regarding its staDll-
ity was removed by the early after
noon. when trading developed broad
movement and general advance was
in progress.
The Improvement was attributed 10
the aggressive policy of the profes-
sionals, but in connection with TINS
speculative support during the week
there has been some outside participa-
ton, which has contributed 10 the up
ward movement and assisted mdteri-
ally in establishing higher levels Tor
the standard dividend payers. The
rise was so contagious yesterday that
even some of the specials which have
been pronouncedly weak on other days
were carried along in the general ad-
vance. and at the close reported good
gains. California Petroleum, for in
stance, which IL was thought was dis
counting the passing of its dividend
developed marked strength, and had
IL points added TO its closing price OF
Wednesday in the final sale
Third Avenue continued its upward
rise, which had been progressing dur
ing the last few days, and both the
stock and adjustment bonds were
notably strong and active. The cop
rers were features of the days
strength, and Amalgamatcd, American
Smelling and Chino scored respectable
gains over Wednesdays close United
States Steel was the most active stock
on the list. with Reading a good sec
ond. and both of them added TO the i'm
portant plus signs. The tobacco
stocks, while not representing very
liberal share of the days business
scored heavy advances. National Bis
cult was a very strong special and
gained more than points. New York,
New Haven & Hartford, after selling
below par, recovered, and scored
fractional gain at the close. UnQues-
tionably, regardless of the many un-
certainties which still cling as factors
in the stock market, there is decided
Improvement in the point Of view from
which traders figure the markets posi-
ton. Yesterday there was no assist
ance from abroad and London was
seller In a small way. while operations
in the foreign security markets be-
trayed few favorable signs.
There was sufficient material for dis
CuSSlOn III lllc tNtlllS VI NII' bfAyI III
Guiding affairs in Washington affecting
the tariff and currency measures and
the acute situation in Mexico, which is
Offering such a knotty problem for the
present administration TO solve with
out involving the United States in ex-
pensive warfare The weekly return Of
the Bank Of England was favOrably
commented on, displaying as IT did
further increase in the ratio Of reserve
and some addition to bullion holdings,
although not as large as had been ex-
rccted in view Of the shipments Of gold
10 London from various countries.
The Bank of France made a rather re-
assuring statement and reported an In
crease in both go'l and silver.
The local money situation presented
few changes. except in some increase
in transactions by out-of-town institu-
tions and local trust companies. There
were few demands, however, and rates
were practically unchanged. Call