New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-29
STOCK MARKET REVIEW
Prices Advance in Nearly All
ISSueS-Market Factors.

The threatened drastic recommends
TO he made by Governor Sulzer TO the
state Legislature FOR the purpose OF re-
forming the New York Stock Exchange
were made public yesterday. Contrary
TO what might have been and probably
was expected by the public, the sug-
gestions Of the Governor were along
conservative lines. and the effect on
the New York stock market was more
favorable than otherwise. The reason
able view which the Governor mas
taken in his message allows the gov
ernors of the stock exchange TO put the
house in order by correcting methods
that have resulted from their lack or
vigilance without interference from
legislative bodies. either state or ma
tional. Technically. the stock market
was due for an improvement owing TO
its seemingly oversold condition and
the continuous depression which had
been apparent as result OF nvestisa-
tion committees and reform agitations.
Following an indicated natural trend.
initial transactions on the New York
Stock Exchange yesterday evinced
more activity with fractional gains in
all the leading stocks. Union Pacific.
Reading and United States Steel were
conSpicuously firm. Prices rose easily
and continued on the advance during
the first hour with no setback which
could he interpreted as bearish de-
velopment. A slight checking Of the
advance was natural in the second
hour. hut the Improvement continued
until late in the afternoon, when profit
taking brought on some reaction. One
of the REVEALS of activity in the special
line was American Can. which repeated
some of its performances of 1917 and
climbed several points. involving the
heaviest transactions on the list in both
the common and preferred issues.
Weakness was shown in American Beet
Sugar preferred George w. Helme.
Liggett & Meyers. the ,. Lorillard
Company. Rumely and the Texas
stocks. Aside from these issues and
very few minor fractional declines
every share on the list advanced from
fractions TO several points.
The Improvement in the stock mar
ket aside from the exhibition by
American Can may he accepted az
reasonable performance. but II is ques-
sionable whether skyrocket perform
ances which have the appearance Of
manipulation are advisable at this
time. particularly when the Stock Ex-
change is being subjected TO adverse
criticism by reason Of methods which.
if not the same. bear close resemblance
in the results achieved. After the close
Of the exchange a copy Of statement
sent to Governor SulZer by the board
of governors was made public. In this
statement exceptions were taken to the
Governors message and his character
zation of the government OF the ex-
change. Among many leading Stock
Exchange members, however, the tone
of the Governors message was con-
sidered to be very conservative and his
suggestions as warranted b. the re-
peated violations in the past OF Stock
Exchange rules.
The most important news OF the day
having an industrial influence was the
quarterly report OF the United States
Steel Corpora ton. which showed earn
ings Of $50 1895 as compared with
$50. 063. 600 shown in the last quar-
terly statement. The statement yes
terday did not appear until after the
close Of the stock market: consequently,
its effect on price movements will be
shown in the quotations to-day. The
foreign markets did not contribute to
the improvement here. as the Balkan
situation apparently was no nearer a
conclusion than IL has been for the last
several weeks.