New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-08
STOCK MARKET REVIEW
Firm Opening, Followed Later
by DuIneSs and lrregularity.

II Indifference and indecision as ex-
lhibited in yesterdays stock market be
continued for a sufficient length OF
time the hopes of pessimists may be
realized and much lower prices may
result. Such a course is possible IN
view OF the many baleful influences
which are now apparently vieing Win
one another for public consideration
Those who expected an improvement in
prices to follow the announcement OF
dissolution plan in the Union-SOuthern
Pacific merger were doomed to di5ap-
pointment, and apathy toward transac-
lions in general and the lack OF any
bullish enthusiasm except in very few
issues were the order throughout mos'
of the days trading. The exceptions
81 on the buying side were In Harvester
which made q gain OF several points;
Brooklyn Rapid Transit. Interborough-
METROPOLITAN preferred and common,
Tennessee Copper, Third Avenue and
Utah Copper. Some fractional i'm
lprovement was shown among rev
other stocks, but the minus signs were
.isufficiently numerous and the declines
large enough to give the market an ap-
tpearance OF heaviness, although the
CLOSE presented an Irregular array OF
splus and minus signs, which left the
trend rather doubtful. The stock mar
lket opened yesterday with quiet tone
hut prices were slightly better than on
T'hursday. Union Pacific. Southern Pa
bc,fio. Pennsylvania, Amalgamated Cop
tDer and Canadian Pacific all displayed
gains in their initial transactions
kStocks were strong during the first
hour and buyers were hopeful that g
turn for the better had arrived. United
States Steel became rather active, and
xraders were inclined TO believe that
interests were coming into the market
hor the purpose Of supporting 1t and
bringing on an advance among the
sstandard issues, but in the second hour
1.-THE rally subsidized and dnlness set In.
In the afternoon no relief was shown
IRON the dragging movements OF prices,
hand, with the exception OF the copper
tsssues and a few others. there seemed
Aittle inclination among traders to pur-
achase securities, although comments
kwere numerous that the market was
Null of bargains. The Street was dlled
with bear tips on Southern Pacific, and
Dar was unhesitating1y given as the
level this stock would reach In its
downward glide. Many traders We're
dubious about this inside information
given out SO publicly. and thought they
saw evidences Of accumulation going
on while heavy short selling was en-
couraged. Southern Pacific has had
considerable f1uctuation since January
16. when II sold down to 1O4k. At that
time good buying orders appeared and
the stock recovered. Then predictions
were freely made that It was due for
big rise. At the present time 1t Is
being watched with special interest
In the light Of so many adverse factors
in the world at large the stock market
is conducting itself with remarkable
fortitude and seems to show an under
living strength which must be recog-
nized, as the weight IL is carrying
should be sufficient to send 1t plunging
downward. In view Of this strong
undertone 1t is possible that danger lies
In wait for those who continue to sell
short irrespective Of the natural law OF
return which follows any movement
continued in one direction for con-
siderable length of time. OF course, il
is true there is no Improvement indi-
.cated in either the foreign or home
situation to inspire optimism, but some
times good news comes Unexpectedly
and when II does the overventuresoms
on the bear side OF a stock market are
caught mapping. The present time sug
gests that degree Of caution should
ne exercised in speculative commit
snents, but in high class investment
there are many attractive offers.