New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-21
STOCK MARKET REVIEW
ErraiiC Movements of Prices
False Decision RumOr.

Except for the movement due To a
false rumor, the stock market yesteV
day was void OF interest. The opening
was Of no consequence. but the ten
dency was bearish. although no 1ehnl'e
trend was established during the mrs,
hours transactions. The market was
waiting on the developments of the day,
which centred around the expected de-
cision from Washington, and up TO the
noon hour while prices displayed an VI
clination to sag. no fluctuations OF iii
portance were recorded. About the UNI
the Supreme Court was expected III
hand down a decision in the Mlnnesot
rate case a report was circulated tha'
decision had been rendered faVorabie
to the railroads. and this immediately
started the bears on rapid scramD'd
to cover and sent the market up from
one 10 three points. When 1t pecan'e
known that the rumor was unfounde1
a general reaction followed. and prices
sold lower than during the forenoon
session. he MAI h'l 10 Nii'iN y" -"
distinctly under the influence Of pro-
spective Democratic politics, empha-
sized by the position of Governor VIII
son in his reported bill which proposes
10 revolutionize the law regarding hold
ing companies in New Jersey. Con
siderable pressure was exhibited Ill
United States Steel. and the stock
yielded with little apparent support.
The copper stocks also sold of, due
TO a severe break in the London market
for copper metal. The bearish senti-
ment inspired by the indicated policy
of trust busting" extended to Rock
Island issues, which became notably
weak. Irreglilarity marked the course
Of trading in the late afternoon, and
near the close support rendered TO the
Rock Island issues. Steel, Reading,
Union Pacific and other standards gave
list of final quotations above the
lowest points of the day. In addition
to the rather discouraging political
prospect here was an unfavorable Sit
uation abroad which gave faint hope
OF any near settlement of the CONT
mental political dispute. Rejecting
this foreign disappointment, london
was a seller In this market Of about
10000 shares, which fact did not re-
lieve the gloom Of the day and offered
no basis for predicting improvement in
the near future. More gold for export
was announced. amounting to 5000
600 for Paris and S2.OOO0O0 for South
America. This brings the total ship
ment TO Paris so far up to S9OOO,OO.
and for South America the total is
SO, 100000. SO long as the strain
abroad is continued by the fear Of
fresh hostilities no relief may be ex-
pected in the foreign money market.
The outlook locally is debatable. The
continued trend Of cash from the into
rior to this market at the present time
presents an easy appearance to the
money situation here. but any activity
on the bull side Of the stock market
would cause demand for call loans
and undoubtedly bring a hardening Of
rates, in view Of other increasing re-
quirements for commerce and new Sc
curity financing. II is generally con-
coded that the market among some Is
sues particularly is in an oversold con-
dtion, but such an argument usually
is only effective for an upward turn
when such an Improvement is inspired
by favorable factors.