New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-05
STOCK MARKET REVIEW
Vigorous Support Causes Sharp
Advances and a Firm Closing.

Pessir.,-m wlic.i had kept fairly
LIBERAL selling element putting out
rcsh short commitments during the
markets advance in previous days this
week. was given a severe jolt yester-
LAY, and about the only bears in evil
lencc in the afternoon were sent-
mental ones, as during the days trans
actions they turned their coats and be
came bulls. In a volume of business
practically double the amount shown in
recent days the stock market yesterday
assumed more vigorous attitude than
for any day since January II of this
year. Tr : actions at the opening dls-
played gains and orders from commits
sion houses included some from OUTSIDE
the regular lines. indicating slight
beginning of public interest
United States Rubber was one OF the
carly features and advanced easily on
short covering This stock during the
earlier part of the week had been sub
icctcd to considerable bear pressure,
accompanied by wild rumors regarding
its finances and dividend prospects;
consequently, the increase in its diVl-
dend from to q per cent on Thursday
was a fatal blow to these false reports
and the short interests. Reading, Lee
high Valley, United States Steel and
American Can were both active and
strong in the initial trading. During
the forenoon stocks displayed irregu-
larity, and there were periods of de-
clines and rail-, but the selling was
so easily absorbed that the active re-
sponses on the buying side disconnected
those opposed to an upward movement.
In the early afternoon new high figures
for the year were reached by many
leading issues, and the market broad
ened TO an extent highly encouraging
TO those who believed in higher prices.
AS the afternoon session drew along
toward the late trading there was
vigor developed in the operations which
cast an influence over practically the
entire list, and advances were made by
some of the low priced railroad issues,
such as Erie, Missouri Pacific, South
ern Railway and the Rock Island
issues. Numerous theories were adj
vanced regarding the reason for the
unexpected aggressiveness on the bull
side. and much of the buying was at
tributed to the ReidMoore interests
and others of lesser importance.
The New York stock market was left
10 conduct it's bull campaign indie
pendently, as not only was European
support lacking. but tendency TO re-
alizing in many issues was exhibited
abroad while in the early part of the
sweek the reverse was the order. the
news from trade centres which might
have been expected to provide sub
stantial basis for stock market i'm
provement did not exhibit very cheer
ful tone: rather there was subdued
admission that reports pointed TO more
or less repression in the various chan
nels of trade and industry. Certainly
the political aspect as reflected at Al
banv and other places did not cast any
ray of sunshine over affairs connected
with the New York Stock Exchange,
and could scarcely be interpreted as
stimulating to bull movement. on
the whole the reasons for the striking
advance in prices were latent, unless,
MS has happened during other periods,
the stock market is abandoning the
bears and seeking the society of the
optmists.
An easy tone in call money prevailed,
renewals being at 3st per cent, while
time loans were quoted as low as 4$4
per cent. running up to six months.
Preliminary figures pointed to a gain
of cash by the banks. which indicated
q favorable bank statement to-day