The chronicle=news., 1913-04-11

New York, April IL During the
course OF the forward movement lat
week trading ON the Stock ENchsEsr
] hrnadrued into q market more .ctiNc
than any recorded since the closing
days OF January, aud one which
showed more strength than a. any
time since reaction gave place to re-
| coyery after the Easter holidays.
There WAS Improvement in the in
Nrstment as well - in the spceuia-
] tive demand for securities. huI u
was the latter apparently which
made the greater impression upon
Z prices. When the market was most
IaCtiN" good deal wac heard Of the
Operations OF maTkc, operators who
I bad been headers In som- previous
! forward movement and the stccks
with which these particular opcr-
Z aiors are mot often Identified wen"
among rho>. which led in the up-
swing OF prices NauS of the follow
! efs OF this movement were tempted
hy the advance which had been
shown by the end Of lhe week 10
take their profits aud tn doing 20
they brought about reaction on
saturday which was quite marked.
hui which did not assume any m
usual proportions when viewed In
tho lich' Of the prcyior, rise.
Bsli-FmCut In the Investment de-
maud Tor securities was better
shown perhaps hS the further i'm
I prove meat in the general level q.
bond prices rather than by ANYTHING
which appeared In the stock market
Ilu both departments. due weight
must h, given TO the fac, ihs, for
many weeks prices had been dccllr-
ling steadily. and uudcr ihc>.' condl-
I,Ioas IL only needed ! slight change
Iia sentiment TO turn quotations up-
Iwarl. iog 8; had for .ou- time seem
I ci TO many that the marsc; was
ioycr-dIsccuniins the adverse posi-
Ihllitlss which were hrlrs offered In
|,Nulaaution ci its prolonged decline
The Improvement In bonds. and 20
3 r. los extent In stocks. Mas iuflu-
Ieaced hy somewhat better money
ItituatIou, though some reservation
lTs needed On deEc-iNiur the money
~Itga;sou as improved II came q,
. Pc recognized last week that limited
demand. rather than auN large
mundane. Of funds accounted FOR
'fs~ relative Tow rate quoted fos
both tlsuc and call money. The SioCs
Exchange has rot been making large
a asaats upcu credit. and !i has hap
I-ened tchrciorc that IN the process
OF 4puort lounisu; % unds to the .ev-
.srg' departments of th. money mar
s,t thuss devoted 20 time loans OF
collateral have necessarily been plac-
81 Al -vla:iNsl, low ratce In the
.crmr-crcial paper field rN;cs are
uf6- on thc hasi. % . per cent. FOR
a.
c, af hE=hc- thHu ~. time money
rate and unusually large diyersereS
n under the circumstance. now
Prevailing the commercial paper
market hc accepted -. tn. more ac-
cu-a,. index Of the true position o:
ih, money rnarSc; tt mus; be recce-
nizel that here a; lc%s; aay reccu,
change IN the money position has
Nccn minor influence ia snapins
tho prices Of securities
Abroad. however there has been a
.ul SrautIzl recession from tho end
Gf March sir!ureuCy aud with dis
count rates declining az Bcrlin and
With London talking 81 the hssh-
hood % an early reduction In IT, dis
count rate from to L. per cent
it j. plain that the currents are flow
~ : , ilIls more ltFfN N RA' at'AtN
channels of surore This sas one
% the fac,ors Whieh Influenced =
Considerable volume OF European
bayius i1 This market carly in tn"
week. but a no-e potent one was the
Arpa-cuily brisht-r cuilook fa- the
re-esta hli.h nent OF 1@ase.
With the complications which
care into ;Ne EgroPezn political SIT
uaifoa in the latter days o; the week
foreign bgyIar In this market Was
much diminished London. however.
coatiaued 20 TAX eAeeTfaliy Of the
outlook for II. American market.