New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-22
STOCK MARKET REVIEW
Prices Start Upward at Open
ina and Closing Is Strong.

The Improvement that was SHOWN
in the closing transactions OF Moh-
davis stock market was followed yes
terday morning by an opening both
strong and active. The tone on tnls
side was stimulated by generaily
higher prices for American shares III
London, and the advance which pes''A
with the initial transactions here pre-
ceded unusual buoyancy in the trad
ing during the first half hour win
United States Steel common as the
feature. Overnight the temperament
had changed and commission houses
reported an unusual degree or opti-
mism prevailing, while on the moor al
the Stock Exchange sentiment haa
gone over with little reserve TO the
bull side.
Prices advanced with scarcely
semblance Of hesitation up TO the END
Of the first hour and activity by that
time has reached an interesting point
when the shorts found the supply OF
stock small and conservative traders
who had hesitated about making COM
mittments on the long side, were
obliged to buy on a scale up. as lney
found their orders at fixed prices I'M
executed. During the middle OF the
second hour, the rush to cover having
run its course. trading slowed down
and prices receded slightly from their
high points. but the undertone con-
tinued sensitively strong, and any
buying Of even a moderate order ex-
hibited an Improvement In prices In
the securities selected for purchase.
During the early afternoon activity
showed a diminishing tendency but
stocks retained their flrmness and It
was evident that there was more In
terest on the buying side than on the
selling. The sentiment among COM
mission houses was one Of doubt re-
garding the advisability Of pursuing
the upward movement further and
some suggested profit taking TO GUS
toners. The Street, however, as a
whole, felt more cheerful on the pros
pect Of a satisfactory currency bill,
the improvement in the Balkan situa-
ton which reflected a better tone
abroad and the decision Of the Inter
state Commerce Commission allowing
an increase Of q few rates by rail-
roads serving the Missouri River
points. The Wall Street impression
was that this indicated there was
reason to hope that the Eastern roads
would be granted an increase.
In the late trading further progress
was made in sending prices higher
and the market broadened consider
ably. 1t is worthy of comment that
United States Steel made a gain Of
three full points. an unusual advance
in this stock, as ordinarily II moves
much more slowly in the early stages
Of q rising market. Canadian Pacific
exhibited a gain of more than points,
and at the close there seemed to be no
signs Of an impending turn downward
and the technical position was strong.
Local money conditions offered no
obstacle in the way Of better feel
ing. as there was a tendency toward p
lower level of rates for time money
due to the reduced volume Of bidding
and the improved position Of the
banks based on Saturdays statement.
Although trading in commercial dis
counts continued to be narrow with
little activity. there were some signs of
a broader movement in commercial
paper and a slightly easier tone In
sympathy with other departments in
the money market. Call money was
renewed at 3A per cent.
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