New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-15
STOCK MARKET REVIEW
Early Weakness, Followed by
Late ReCoverieS.

The Interpretation which tne SUM
market appeared to give in the ia'e
trading on Thursday of the repor'
new plan for the settlement OF the
Union Southern Pacific tangle ala NOT
find the same reception in the carry
transactions yesterday. The hrst III
pulse Of Union Pacific was toWain
higher prices. and during the Few min
utes OF trading after initial sales trans
ac,ions were active and a considerao ole
volume Of this stock was translerreu'
The rank and Ale Of speculative trau-
ers. however, were bearish, ana the
advance did not hold. the price soon
dropping. with no support in evidence.
Southern Pacific. contrary 10 the carry
action of Union Pacific. was weak 70
greater degree than Union Paci1c was
strong. The standard issues generally
were of in their opening prices. ana
trading was decidedly duh. Southern
Pacific touched a new low point for the
,.esr. and New York, New Haven y
Hartford was among the weak stocks
on the list. The fact that the New
Haven, an 8 per cent stock, was so
heavy gave rise TO rumors that the
road would cut its dividend TO Il per
cent. In the late afternoon there was
an entire change in sentiment. and IL
buying movement was started, which
sent some Of the shorts TO cover ana
made good recoveries in several issues.
Union Pacific regained its losses ana
closed with q net advance over Thurs
days final quotation. United states
steel was also firm at the close and ois-
PLAYED a gain. Southern Pacific. on the
contrary, was weak and showed loss
along with New Haven. Northern Pa
ciffc and Reading American SuSor
WAS quite arm. Liggett & Myers made
a gain Of more than four points, but
the American Tobacco Company did
not make its appearance on the board
during the day. The volume Of busi-
ness was smaller than on Thursday,
with Reading as the most active stock
IN the list of transactions No news
was circulated during the stock mar
ket's session 10 which could be attrib-
uted the reason for the showing OF
strength near the close Of the market.
Probably the sold-out condition made
il feasible for professional traders 10
change their positions and 10 create
new technical basis for operations. Inc
foreign stock markets were largely n
different to the issues of money anu
politics. except in Berlin. where an im-
provement was said 10 have taken
place. The question of most impor-
lance in the local market was the gold
movement. as this weeks shipments
will bring the aggregate of gold taken
out of this country since the first OF
the wear to around S4O0OO.000 and it
may he said without fear of contradlc-
ton that this country cannot afford 10
spare SO much gold. The indications
are now that next week will see a fur
Their outflow, irrespective of the fact
that foreign exchange is below 49, for
demand sterling. Such situation ds
this calls attention to our inadequate
banking and currency system, when
affords us no protection when Europe
decides TO take the yellow metal away
from us. Were the positions reversed
and were the United States taking gold
from Europe foreign bankers would
employ all means to prevent il by put
ting rates up and adopting other meas
ures which they have for protecting
themselves. Call money rates ranged
around : per cent at which most OF
the loans Of the day were renewed. In
view Of the money movements during
the week the bank statement to-day
will be OF special interest.