New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-01
STOCK MARKET REVIEW
After Firm Opening Selling
Pressure Causes Declines.


London continued to be a purchaser
of securities in this market, and sent
over for the opening here an array OF
gains which included every stock in
the list except Anaconda Copper, which
issue was off u of point. When bust
ness began Oh the New York Stock Ex-
change there were signs of an improv-
ing tendency. but it was chiefly short
covering, and after a limited period OF
bullish activity a dull tone spread over
the market which continued through
out the first hour. Around IL o'clock
a sharp break occurred as the result or
a drive by the bears. and the special
list particularly responded to the at
tack. and losses were shown In such
stocks as Hide and Leather preferred,
Linseed preferred. New York Air Brake
Virginia Iron, Coal and Coke, Sloss-
Sheffield and Interborough-M etropoli-
tan issues.
In the early afternoon New YORK,
New Haven & Hartford was subjected
to considerable pressure, which con-
tinued to the close of the market and
left a trail behind 1t in the form of a
loss on the days trading in excess OF
4 points. Accompanying the profess
sional selling, notable throughout the
list. there was considerable liquidation
in issues ordinarily not traded in, but
in volume OF business yesterday trans
actions were not so heavy as on Tues
day. on the whole there appeared to
be a disagreement in the expressed sem
timent among the commission houses,
and some buying Of stability was ex-
hibited in the coppers. United States
Steel and few other stocks. The pre-
vailing influence, however, was on the
downward side, and there were few
who ventured a prediction that the
market had reached bottom.
ne OHlleu states cbtti itPOi
appeared after the close of the market
on Tuesday received both favorable
and unfavorable comment, as II was
the best first quarterly report in the
last few years. There have been ru-
mors current for some time that In
siders were unloading Steel common,
due to the gradually diminishing vol
ume of orders and some cancellation as
a result of business restrictions. The
advance editorial comments of the iron
trade journals, received yesterday. IN
view Of this report are interesting.
1.-The Iron Age" says that the greater
caution Of buyers Of iron and steel is
more a matter Of comment as the sea-
son of active outdoor operations ad-
vances. In respect to steel products
this is not surprising, seeing how far
ahead many consumers are committed;
but II signifies that the remarkable for
ward buying of 1912 will probably not
be repeated AS applied to pig iron, 1t
is construed in some quarters to mean
that when contracting is resumed 1t
will not e for as long periods as were
covered by purchases in the second half
Of last year.
"The Iron Trade Review remarks
that the insistent demand for delivery
of pig iron and finished materials
brighters what would otherwise be a
rather gloomy picture Of market condi-
tions. Everywhere are indications of
activity in consumption. Another
factor which is counted upon to keep
most mills busy during the next six
months is the extraordinarily large vol
ume Of specifications now on hand as
compared with other periods Of pros
perity. Leading steel makers state
that from 80 to 30 per cent Of finished
material tonnage contracted for has
been specified.
The foreign situation continued TO
offer the same uncertainty regarding
movements toward a settlement Of the
Austria Montenegro dispute. and kept
foreign securities depressed on the
Continental bourses and in the London
stock market, the exceptions being in
the American list. Wall Street was in
terested in the attempt of the railroads
to procure an advance Of per cent in
freight rates. In fact. this was the
most discussed topic during the day.
In the money market time loans had a
frmer appearance, but there was prac-
| tically no change in call money rates.