New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-16
REVIEW OF THE
STOCK MARKET
Weakness in American Tel.
and Tel. Feature of Day
New Haven Firm.

New low IBuTeS were iouNllIu NcSN'f
day in some issues, and generally there
was a declining tendency in the stock
market throughout the list. Gloom
was written in the commission houses
and stared brokers in the face on the
floor Of the Stock Exchange by reason
Of the dissemination of Wall street
operators to make liberal commitments
on the bull side. SO many spots APP
peared on the horizon that it was diff
cult for traders to foresee price move
ments sufficiently to determine the
actual trend Of the market The natu-
raj disposition of operators seemed TO
be toward betterment, but in the face
Of so much uncertainty they were
forced TO assume a very conservative
attitude and to refrain from dealings
which might have a costly end. Ger
tainly ii was not bull argument TO
have continued weakness in American
Telephone and Telegraph, which ranks
among the companies in the United
States having large lists Of stockhold-
ers.
The bears were encouraged to make
drives on various issues, which they
did during the forenoon and achieved
some success in their efforts TO estab-
fish new price levels. The weakness in
American Telephone and Telegraph
was particularly impressive as indicat-
ing a possible tendency TO still lower
prices, owing to the large amount of
this stock held by New England in
vestors, many Of whom received hard
blow by the passing of the New Haven
dividend, and who naturally are more
easily scared now than they would
have been had they not been treated
TO so severe a disappointment.
The favorable local bank statement
on Saturday counted for little yester-
day, as the publicity given 10 the ques-
ton of relief for the railroads in Com
missioner Prouty's talk at the LotOs
Club dispelled the cheerfulness that
prevailed during the closing days Of
last week and the prospect of an early
period when the railroads would be
granted an increase in freight rates.
How much Mr.. Prouty's views may be
accepted as forecast Of the probable
attitude of the commission toward the
railroads is a question he attempted
to define in a published explanation
later, in which he disclaimed any at
tempt at speaking officially or express
ing the sentiments of the commission
as a whole but his close connection
with interstate commerce matters
made il difficult to disassociate his re-
marks from semi-official utterances,
and necessarily created an unfavorable
impression.
Throughout the day the tendency
was toward lower prices in the major
ity of the stocks on the list. Notwlth
standing all the weakness exhibited
there was tone Of underlying strength
in the leading standard issues, such as
Union Pacific, United States Steel and
Southern Pacific, in the buying evident
on the declines. New York, New Haven
& Hartford was conspicuous for its ag-
gressive upward trend, and closed at
its highest point for the day, recording
net gain Of IL points. Very little in
the days news reflected on the favOra
BILE side of Wall Street affairs, and in
the discussion Of topics the currency
measure and Senator Roots speech
came in for special attention. 1t is
very doubtful whether further aglta-
ton concerning objections TO the owen
measure will have any appreciable re-
suits, and the prospect is that the bill
practically in it's present form will be
enacted into law. In the meantime
the stock market probably will have
periods Of revival and depression, fol-
lowing a course similar to the one
shown during previous weeks.