New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-04
STOCK MARKET REVIEW
Prices Advance on Aggressive
Buying-CaII Money Firmer.

Further improvement in the stock
market was exhibited yesterday. ana
substantial gains were shown in many
issues at the close. No reason was alp
parent in the developments from Sat
urday until yesterday for optimism; N
fact, quite the contrary seemed TO be
on the surface, considering affairs in
Mexico and that to-day will witness
the inauguration Of Democratic Pres
ident. But, like some women. the stock
market goes up or down just because
and that is a sufficient reason. 1t
may be assumed that the market was
due for a turn Of an impressive char
acter after the heightened period OF
absurd liquidation. particularly in the
high class standard issues, and that a
move In an upward line was TO be ex-
pected at this time. The opening prices
were higher, but trading was In a
moderate volume, held in check by a
possible decision In the Minnesota rate
case yesterday, and a slight feeling OF
uncertainty. AS the morning advanced
a buying movement began. in which
Amalgamated Copper was particular
ly strong feature. A firmer tone to the
copper metal market was behind the
strength in the stocks, which not only
included Amalgamated Copper but
Chino, Inspiration. Miami, Nevada Con-
solidated. Ray Consolidated and Utah
Copper. United States Steel. Union
Pacific, Reading and Southern Pacific
were also strong and showed gains IN
their initial transactions. Reading was
one Of the features in the morning ad-
vance, and on a squirt during the first
hour led the list to higher levels. Tow
ard the end Of the morning session
trading became dull, but there was no
inclination to sell stocks displayed by
the bears, and the tone remained ag-
excessively firm. A recovery was shown
in Chesapeake & Ohio from Its weak
ness Of a few days since when 1t SOLD
down on unfavorable rumors. In the
early afternoon a vigorous buying move
sent stocks higher, and the market
broadened to include issues which re-
Gently had been very quiet. The buy
ing. as on Wednesday and Thursday of
last week, was not confined to the rails.
but included industrials and some OF
the speculative special issues. One or
the weak issues of the day was Ameri-
can Can, particularly the common
which lost nearly two points. Corn
Products also was depressed, showing
a fiuctuation range Of three points dur
ing the day, but the close was only
fractionally off from its final price Of
Saturday. Goodrich, Woolworth. Mex
lean Petroleum and Sears Roebuck.
among the specials, displayed gains.
Pacific Mail. which comes In for an ad-
vanoe whenever there is any excuse,
valid or otherwise. to expect some legls-
lation favorable to ship subsidy, made
a gain of more than two points and
started the usual rumors in that direc-
ton. In the local money situation
there was little 70 stimulate bull
movement. The call money rate for
renewals yesterday rose to ~ per cent
but the majority OF the loans were OBJ
tanned at about ~ per cent. There
were few offerings Of time money. and
the fact that loans were called by
banks to strengthen their reserves was
not calculated to stimulate an agrees
sive bull campaign. From present In
dications higher money must be ex-
pected within the next fortnight. A.
little more gold was engaged for ex-
port to South America. and the foreign
exchange rate fs still high.