New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-24
STOCK MARKET REVIEW
Prices Irregular, with Moderate
Activity.

| IldIh Net 1tSDoiluNu Nt~bNihoS ~
able foreign conditions reported on
| Wednesday. it would seem that eoou
news reflects uncertainty rather IMAM
optimism in the minds OF the big mar
ket operators. However, ii is not nope
| less for the optimsts If the news turns
out TO be really good, as yer! lre
quently prices have failed TO RESPOND
| TO Improvement until after SITUATION
| has been pretty thoroughly digesteu'
| and yesterday the stock markets vi
| Europe were reported 10 be "al'ihs
| for the full text of Turkeys reply 10
the powers, So for want of better
| solution, the same reason may he as
| cribed for the action on the New forA
Stock Market. There are yet seVerai
knotty problems In. the Balkan situa'
| ton which must be settled before COM
plete restoration to a peaceful UNDER
| standing can be expected. Inc direct
influences which have been acting az
a burden on improvement in this mar
ket yesterday were no nearer apPar-
emily to a solution than they have been
The Union Southern Pacific tsngle was
still unravelled, the Pujo committee
continued to be in the limelght and
| Governor Sulzer was reported to be
considering Stock Exchange reforms
The Minnesota rate case still was sus-
pended as a market scarecrow ana
President- elect Wilson's attitude tow
ard corporations had undergone no
change. 90 altogether. with a rainy
dismal day thrown in, II does not seem
TO be unreasonable that the action OF
stocks should be on the side of depres-
sion rather than advancement. Inc
opening Of the morning session dis
played both activity and irregularity.
The closing advance Of Wednesdays
market was not maintained and Unlteo
States Steel Union Pacific and Anal
gamated Copper on their initial sales
showed fractional declines. Through
out the forenoon the market was dull.
with the exception OF few specials
A great deal of bearish sentiment was
generated by reason Of the failure OF
stocks to exhibit more OF a favorable
response TO the foreign peace outlook.
Near the noon hour the bears made
raid which caused sharp declines.
Union Pacific was the centre Of at
tack and its price fell without calling
forth any notable support. Following
the downward move was a relapse into
dulness which continued until the af
I ternoon session, when some improve
ment began to appear and prices as
sumed q f1rmer tone. AS the afternoon
wore on the betterment was more pro-
nounced, and the covering by some of
tho shorts brought Union Pacific up,
along with United States Steel and
other Issues. 4 feature Of the foreign
news Yesterday was the financial sit
uation. Tho return Of the Bank OF
England indicated that the bank IL
while It's reserve Is still below some
previous years the bank made a gain
and its proportion Of reserve to iabili-
| ties was very favorable, being 1880
per cent. The Bank Of France had
more favorable statement than last
week. showing an increase in gold re-
serve and reduction Of loans In circu-
lation. In the local money market an
other engagement Of S1,OOOOOO in gold
was made for South America. This
export movement Of gold so far has
shown no appreciable effect on the posi-
ton Of money here. The rates for both
time and call money remain easy. While
| the banks lost more cash TO the Sub
Treasury. due to the gold export trans
| actions. they gained. however on the
direct movement which allowed this
market an ample supply of call money.