New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-07
STOCK MARKET REVIEW
Following lrreguIarity in the
Forenoon Prices Advance.
Sentiment Divided on Outlook,
but Further Rally Is Pre-
dicted Now.

The stock market is as capricious as
a schoolgirl and can change its position
as frequently and easily. Yesterday
morning at the opening there was a
tone Of cheerfulness due to the appear
ance of a number of buying orders,
which produced some activity and. as a
rule, gains over Thursdays prices, but
the initial advance did not hold very
which kept traders In a state of un-
certainty during the remainder OF the
morning session. In the early after
noon a rather aggressive attack was
made by the bears. which did not prove
to be very successful and following
this final effort a sharp turn upward
occurred and a rally began that con-
tinued throughout most Of the after
noon.
The stocks that displayed the great
est recuperation were Amalgamated
Copper, American Can. American
Smelling and Refining. American To-
bacco, which had a gain of over eight
points: Erie. marlborough Metropoli-
tan, Lehigh Valley. Mexican Petroleum,
500 common. Northern Pacific, Penn
sylvania, Reading. Union Pacific and
United States Steel The array Of
gains was sufficiently general TO give
the market much improved appear
ance, but there was sufficient number
of losses also shown at the close TO give
an impression of irregularity. Traders
who had covered and had gone long Of
stocks on Thursday were very cheerful
on the turn toward betterment and pre-
dicted a good rally at this time. The
buying exhibited in the standard issues
encouraged onlookers to believe that in
addition to short covering there was a
force operating toward a rise which
should carry prices higher before an
other break occurs. Conservative oper-
ators were not enthusiastic. however
owing to unchanged general conditions
and the prevalence Of the same adverse
factors which have been used to de-
stroy values and which they claim must
be removed before any real improve
ment can take place.
News of a favorable character was
scarce. a reported interview with
Jacob H. Schiff. who was returning
from abroad. expressed optimistic
views regarding general business in the
near future and weighed lightly the
present depression through which the
country is passing. A rumor that Con-
solidated Gas would soon request per-
mission Of the Public Service Commits
sion to issue S25.OOO.O0O in debentures
had no appreciate effect on the Street
The announcement from California that
Southern Pacific had sold $15,O0O,OoO .
per cent two-year collateral trust notes
TO a local banking house and later
would sell an additional Sl5.000,000 had
a heavy effect on that issue in the early
part of the day. but as the report could
not be confirmed here Southern Pacific
had a firm tone at the close.
Some encouragement was also de-
rived from the oNerSuDScrlpllon OF
the $4,000 short term notes offered
for sale by the State of New York, not
withstanding the cost 10 the state will
be 4.s7 per cent for the use Of the
money. The passing of the dividend by
Goldfeld Consolidated Mines Company
reflected little of stock market interest
as this stock will soon be transferred
to the curb. Affairs al Washington and
the attitude Of Attorney General Nc
Reynolds toward the Tobacco Company
came in for attention, and Wall Street
found little satisfaction in the trend Of
events at the national capital.
Local money was comparatively easy
and most of the renewals for the week
end were made at 2i2 per cent. There
was a scarcity of time money and rates
remained firm, although there was no
great demand.