The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-04
LATE TRADING IS
VERY SPR|NGL|KE
Nearly Half of Days Transaction
in Street in Last
Hour.
ny BROADAN WALL.

New York, April 3.--An April mar.
l1ct. dull and uncertain during tho
morning, bright, active and thoroughly
springllte in the late trading.
Nearly half Of to-day's transactions
occurred In the last hour. with a sharp
rise in prices that reminded brokers
of other and happier days.
The market opened dull. with narrow
changes. Steel showed gain, and rose
TO 60 rs. Canadian Pacific started
with decline of over one point. Stocks
grew dull, with decline in Rubber
common q feature The shares opened
at ca. but dropped TO 50 "a on mixed
rumors regarding the outcome OF the
dividend meeting TO be held later In
tho day. Steel turned weak, but found
level at c.. Union Pacific touched
1913 SIS. Reading was active. selling
at 162 a. Chesapeake declined to 20
on rumors of flood damage.
About the noon hour Can became ac-
tive and strong. and Rubber made n
sharp recovery to 81 IL. Amalgamatcd
which grew firm on reports OF Increased
demand for the metal. became active
on buying orders executed by brokers
known to represent the producing in
terests. Traders called this good
sign, and aided the movement
AS time t2:15) was printed on the
tape, buying orders appeared in vol
ume on the floor. Can rose sharply to
"a IL. Amalgamated Copper touched
76 "A. The market developed general
strength. which brought about a hur-
ried covering movement that carried
up nearly every stock OH the list Steel
closed strong at 63 1-2, and Union Pa
cifc was active at 1856 Reading on
heavy trading rose to 80 SIS
There were many sharp advances in
other issues. with a general breadth
and activity that promises a better
market to follow. This sudden I'm
provement in sentiment was attri-
buted to the report from Washington
that the Presidents attitude on the
tariff would be more conservative than
has been expected.
Active manipulation was apparent
and for this the brokers were thank
full Speculation has been abnormally
dull for such q long time that the fear
had arisen that manipulation had gone
entirely out of fashion. The opinion
is expressed that much of our recent
dizziness was due TO the knowledge by
tile large hnanciers that 1t was unsafe
TO attempt any operations for the adj
vance pending the outcome of the ILL
ness Of the late j. r. Morgan, and that
events now prove that as an adverse
market factor his passing has been
overdiscounted
The street is promised a further rise
in the copper stocks, continuation OF
the advance in the Can shares and
carly Developments favorable to Read
Ing stockholders.
The Rumely report has at last been
made public AS the figures show little
more than per cent on the common
stock after tho proper deductions for
interest OH the notes. the recent weak
ness In the stock is explained AS
every effort was used TO make a good
showing, the results are anything but
satisfactory.
Late in the afternoon, after tho close
OF the exchange. United States Rubber
common declared the quarterly divi-
dend Of l IL per cent. placing the
stock on q . per cent basis Some
curiosity is felt as TO how this show
ing was arrived at.
Foreign houses bought about 10000
shares ih the early trading-princi-
pally Steel and Amalgamated The
Bank OF England made :: favorable
showing in its weekly statement. and
money rates on the Continent were (:
shade easier. In our own market call
money was renewed at 4 per cent with
time funds and fairly good supply at
1 IL.
The stock market is apparently
firmly in the hands of strong specu-
lative bankers. who are disposed TO ad-
vance their specialities. The Street
viii welcome any new Moses to rescue
Il from the bulrushes OF inactivity