New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-11
STOCK MARKET REVIEW
Prices Irregular and Sentiment
Uncertain.


during most Of the days trading. The
beginning of business gave a favorable
impression regarding the DAYS outlook
as prices were firm and there was con-
siderable activity. in sympathy with
the foreign markets. which displayed
buoyancy and marked upward ten
dency. In this market, however, there
was "A decided bear element which was
opposed to betterment, and pessimists
proceeded TO sell stocks. particularly
Pennsylvania and St Paul, on the
theory that the remainder of the list
would follow the direction of such
leaders.
The effect was not all that the bears
desired, as some stocks remained firm,
dividing the list and restoring conf
dence in certain quarters, which gave
10 the market an undertone of resist
ance and discouraged heavy short conf
mitments. Reading was the notable
leader on the bull side, and had as as
scciates Lehigh Valley. American Can,
Union Pacific and a few others. There
was an exhibition Of bullish activity
around the noon hour, but it did not
hold long, and in the afternoon the
market was given another attack by
the professional operators on the SELL
ing side. which kept the list depressed
until toward the close, when support
was displayed in the leading issues. and
recoveries from the low point of the
day were shown in a number of the
stocks. including Pennsylvania. ANAL
camated Copper and United states
Steel. New York Central was selected
as vulnerable issue in the trading,
and il sold to a new low for the present
year. \ report was circulated That
SO. 900 600 Of the company's notes had
been disposed Of in London on about a
q per cent basis, and it was also ru-
mored that the company had ahead Of
it some further financing which would
occur in the near future.
Another stock TO touch new low
point was Baltimore d Ohio There
was nothing unusual in the way of
news circulated as a basis for the con-
tinued downward tendency of this stock
except that traders have been bearish
on il since the dissolution Of the under
writing syndicate. Southern Paciflc
was another of the favorite targets for
the bears. and the Street was fun Of
predictions that this stock would show
decline of several points.
Conservative traders did not view the
situation through pessimistic eyes, as
they saw few signs of any selling which
could be accepted as real liquidation,
transactions being almost entirely pro-
fessional. thereby affording technical
position of strength to the market. II
was said that following the financing
announcement of ST. Paul other new
bond issues would soon be made public.
although no definite statements were
forthcoming from the bankers.
The better tone of money abroad
seemed TO lend encouragement TO an
improvement here which may make
possible in the future financing on a
more liberal scale than has been APP
parent this year The weekly return OF
the Bank Of England exhibited much
strengthened position, its percentage OF
reserve to liabilities being increased 10
- per cent, as compared with 4lSo
per cent last week. and with decline
from ~ to 43 per cent for the same
period in 1912. There was an increase
in total reserve and a decrease in circu-
lation. The Bank of France also had a
better showing than the previous week.
and, with the improvement shown In
the stock markets. the foreign situa-
ton for the period may be said 10 be
considerably improved.