New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-17
REVIEW OF The
STOCK MARKET
Cheerful Tone Shown IN
Early Trading-Gains
Among Leaders.

A nights rest sometimes is benehciai
to the stock market, and YESTERDAY
proved to be one of the times when
sentiment improved overnight, and the
opening prices and transactions showed
tone Of activity and firmness. Ne"
York New Haven & Hartford was the
feature of strength in the initial trad
ing, and there seemed TO be CONSIDER
able demand for the stock, although
the buying came chiefly from the
shorts. who had been heavily commit
ted and who thought it wise to cover
There was improvement in American
Telephone and Telegraph, also due TO
professional transactions, and In Union
Pacific, United States Steel common
and Amalgamated copper fractional
gains were recorded. The weak feat
ures Of the early business of the SEES
sion were St. Paul and Canadian Pa
cific, both opening at declines.
Around the half-hour period follow
ing the beginning of trading the mar
ket experienced an impressive rali!'
but this energetic display of strength
did not continue, and while there was
a decided element of flrmness in gen
eral. the market lapsed into dulness
during the remainder of the forenoon
It was evident that in the shifting OF
their position traders had buoyed them
selves up. in an attempt to turn into
cheerfulness the factors that on Mon
day appeared TO offer nothing but de-
spondency. They argued that the fail
ure of the 100000 offering of pre-
ferred stock 70 stockholders by the
United States Rubber Company after
all was not as serious as il appeared
10 be on Monday. They also pro-
fessed to see some encouragement in
the governments attitude toward the
telephone combination as a result Of
President Wallis reassuring statement.
and then there was a recognition Of
the fact that while business is slowing
down the supply Of money will increase
correspondingly which, they reasoned,
was a bull argument for the stock
market.
In all this overnight change of mar
ket position many Of the important
bear operators continued to cling TO
their firm contention that too many
uncertainties were crowded together To
allow anything more than a fluctu-
ating tendency Of values TO prevail and
that what might be termed strength
was in reality only a temporary forced
upward movement. and that prices
would so down more easily than they
had gone up. The afternoon failed 10
hold ND the trading interest shown dur
ing the morning in stock transactions,
but bonds displayed a better spirit, and
the demand indicated investment buy
ing Of an encouraging character. The
announcement from Albany that the
state will sell toward the end Of this
coming January SOL 100000 of canal
and highway Az per cent bonds stimu-
lated interest in the bond market, and
was interpreted as favorable sign.
The money market developed an easy
tone for call loans, but in time loans
an emphasized firmness was noticeable.
Offerings continued TO be restricted,
with no prospect of any loosening ten
dency in the situation until after the
close Of the year. Commercial paper
was harder and practically was on s
per cent basis for choice names. Most
OF the business done in mercantile
paper was for country institutions,
local bankers being only moderately in
terested