New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-04
REVIEW OF THE
| STOCK MARKET
Gains General in Closing
OuOtatiOnS-Little in
News to Cheer.

| The most engaging subject OF inter-
est to Wall Street yesterday was the
Presidents message, and traders were
endeavoring to extract an encouraging
impression of the Mexican situation
and the administration attitude tow
ard corporations. In many instances
the view was favorable one so far as
the policy TO be pursued was outlined,
although the search for direct infor-
nation revealed an absence Of definite
ness. However, the message did not
contain the drastic references that IN
some quarters had been expected, and
| this was accepted as an indication That
the President is not imbued with de-
| sire TO harm the market for securities.
but rather to clear the atmosphere or
all doubt and leave an open pathway
| for the expansion OF business in COM
mercial and investment lines.
The opening of the stock market,
while not active, was firm, and leading
issues recorded gains on initial sales
| over the closing prices Of Tuesday.
Union Pacific, Reading. Amalgamated
Copper, Canadian Pacific and other
standards scored fractional advances,
while United states Steel was UNI
changed In It's first sale.
After some recessons and a quiet
period in the late forenoon and around
the middle Of the day the early after
noon saw a further advance in prices,
In which New York, New Haven &
Hartford was one Of the strong feat
ures. Union Pacific also developed
| both increased strength and activity,
and New York Central surprised trad
ers by joining in the upward move
ment. In the late afternoon the mar
| ket branched forth into vigorous rise
which bewildered the shorts especially
as the remarkable tone Of stability in
both United States Steel and Amalga-
mated Copper was in marked contrast
to the tenor Of general trade news,
which indicated depression in both in
dustries. a point that gave the mar
ket an appearance of genuine bullsh
character, however, was the coming to
the front of such recognized market
leaders as Union Pacific. Reading,
United States Steel and Amalgamated
Copper together with the fact that
there was a distinct tendency toward a
broader list Of active stocks dealt IN.
The Improvement of the day was
Oh in nv oil lint Hx-n nF ho Cd
| issues, and the gains at the close
ranged from fractions 10 more than
three points in the issues, reporting a
total Of more than 100 shares traded
in during the session. No news of a
favorable character which could he
turned into a reason for the cheerful
tone OF the stock market was included
in the days collected information. I'm
were quite the contrary. The Iron
Age reported that in November the
rate Of production Of steel was the low
est since February, 1910. with a net
loss Of seventeen furnaces. THE Iron
Trade Review" says that in a number
or cases the mills are not running at
over 40 per cent OF capacity, and the
railroads are not doing much as buyers.
1t was reported that some business Of
importance in orders for cars and rails
had been placed, and the outlook
seemed TO be better, based on the the
DRY that the decline in steel prices had
| about reached bottom. In general
trade the diminishing bank clearances
betrayed a lessened volume, and rail-
road earnings were not reassuring, IS
| pecially the October statement Of the
| Chicago Milwaukee & st. Paul road.
which exhibited a decrease Of S1G3. GA
in gross aid S370,564 in net.
The local money market was easier.
call loans being renewed at 3 per cent,
while time money, although extremely
| dull displayed an easier tendency.