New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-03
STOCK MARKET REVIEW
Profit Taking Caused |rregu-
Iarity-Undertone Firm.


Following the emphasized strength IN
stocks xhibited in Mondays and Tues
days transactions, the display of ir-
regularity at the opening yesterday
was not unexpected. The professional
bears were out in numbers, and senti-
ment generally seemed to favor a re-
action. Union Pacific opened at de-
cline, as did United States Steel, Anal
gated Copper and Canadian Pacific
The issues which presented firmness
were Lehigh Valley, Reading and the
local fractions. During the first half
hour profit taking was the order of
procedure, accompanied by some COM
mitments on the short side, but offer
ings were absorbed and there appeared
to be a good undertone in the market.
one of the encouraging views taken by
traders was the Improvement in the
price of Stock Exchange seats shown
in the reported sale of one at S4o,Wo,
an advance Of $1,000 since the last pre-
vious sale.
Matters which seemed to disturb the
thoughts of Wall Street had political
bearing especially. and concerned the
attitude OF Governor Sulzcr and his
o1 ivn
Untermyer, which some traders thought
predicted legislation which would be
annoying If not really harmful. The
tariff question and affairs at Washing
ton were also discussed, and there was
tendency downward until the begih-
ming Of the second hour, when the buy
ing improved and prices began hard
ening pr ocess. The volume Of trading
was not as heavy as on Tuesday, and
the weakness shown in such stocks as
Rumely and American Can and others
in the early part of the day was con-
fined to comparatively small lots.
During the afternoon stocks devei-
oped firmness and there was rally Ill
American Can, which discouraged the
shorts and gave to some of the weak
specials a steadiness that was helpful.
4 rumor was current that a Union
Southern Pacific plan had been agreed
upon and that the S126,oOo,ED OF
Southern Pacific stock held by the
Union Pacific would be disposed OF
through a liQuidating committee. AZ :
o'clock. however, Judge Lovett dlssi-
pated this rumor by announcing that
no plan had so far been settled on, ara
that for the present the question was
being studied by the Attorney General
at Washington. This report had little
appreciable effect on the general mar
ket. which continued to be dull, put
Union Pacific closed at a loss and its
low point for the day. Some bullisn
tendencies were shown in Consolidated
Gas, United States Rubber. United
States Steel and others, but the activ-
ity was too limited 10 suggest moro
than a moderate improvement
The news of the day included the
advance weekly reviews Of the iron aud
steel trade affected by the flood. THE
Iron Age" editorial says that the Hood
will cause loss of 10000 TO 3OO,OoO
tons In steel output and brings down
upon the mills emergency calls that
will only add to the difficulties in de-
liveries. One railroad system will need
one hundred bridges, large and small.
In addition TO structural steel and bars
some railroads are placing new orders
for rails.
Property loss to iron and steel works
by the floods is not yet heavy, when
compared with the loss Of business.
At Sharon, Penn, and Youngstown,
Ohio. a number Of open hearth fur
naces which were hot when the water
reached them arc seriously damaged.
A heavy loss, which will be accumulat-
ing for many days, is in the dislocation
Of railroad operations over wide area.
The news from Europe contributed
little toward aiding an improvement in
this market, although it was said that
foreign buying represented several
thousand shares here. The attitude of
the Balkan allies toward the powers,
while possibly only Of a temporary
nature, still leaves the situation unset
, tied and open TO question.
Money appeared to be easy in the To-
cal market: call loans were renewed at
Az per cent. but the undertone of the
money market continues to be firm, as
shown by the discount rates for COM
mercial paper, which were reported
around 6 per cent as the minimum.