New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-06
STOCK MARKET REVIEW
Early Advance in Prices, with
Good Gains at Close.

The early performance of the stock
market was an exhibition of strength
which gave the shorts a little shudder
for the time being and sent prices up
with a sharp advance that continued
TO hold at the close and gave an array
Of gains ranging from fractions 10 312
points. covering practically the whole
list The day started with collection
of good news which bade fair to make
a be ter showing on the long side than
developed later. London came in
strong, and the foreign dispatches an
nounced that Montenegro had retired
from the position assumed in occupy
ing Scutari. Some reports favorable to
the copper situation were made public.
especially the figures shown in the
annual report of the Anaconda Copper
Company, which displayed a gain OF
more than S5,OOO,OO0 compared with
last year
Another bit of information which
worked both ways came from WASH
ington during the noon hour and stated
the Supreme Court had agreed TO the
extension 10 July of the time for the
Union Pacific to dispose of its Southern
Pacific holdings. At first this news was
received favorably. but later traders ex-
pressed disappointment in the fact that
the Supreme Court had limited the time
to July /. The announcement that
Paris was bidding for gold in this mar
ket and had secured 100000 had
the effect Of checking the rise In prices.
bull side. and the market lapsed into
dulness and prices were allowed TO
shade off from the high points. While
trading did not display any aggressive
upward movement during the re-
mainder Of the day, on the other hand
there was no marked weakness in evil
dence. and the position appeared TO be
more favorable TO the buying than the
selling side.
The disposition on the part Of trad
ers TO make bear argument OF the
shipments of gold TO Paris was more
sentimental than otherwise. as the
weakness shown in the return Of the
| Bank OF France last week was suf-
| fcient to indicate that some assistance
would be sought to replenish gold hold
ings. and at the present time this Is
the only market open on which Europe
can draw. If the news Of the better
ment in affairs in the Balkans is con-
! frmed. and in later dispatches II is
attested that the worst has actually
been passed with the forecast that
peace now is assured then the with
| drawal of gold from here will mean
| less than it will If the strain is destined
/ TO continue indefinitely. AS soon as the
| foreign political atmosphere is cleared
the money situation should improve
and our gold exports probably will
cease.
The day was productive Of certain
political depression. due TO reports from
various centres giving unfavorable in
! formation on the effect the tariff ques-
| ton already is having on Industries
also the news from the West 10
the effect that the principal shippers
| are opposed TO an advance in freight
rates until the railroads can convince
them that such a move is really neces-
sary did not add TO good cheer, az II
| indicated a contest. The local money
situation presented little difference
from last week, except that short time
accommodations were easier and money
was more freely offered. Call loans
were renewed at % per cent.