New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-06
STOCK MARKET REVIEW
Firmness in Most Prices Fol.
lows an Irregular Opening.

Rejecting diverse influences, the stock
market yesterday during a large part
of the days trading displayed en- er-
ratio tendency. Excepting among the
specials there were no sensational ex-
hibitions, and the attitude of traders
indicated desire to await more de-
fined position In Washington before as
Stunning large commitments on either
side. Sentiment was not assisted by
the tons abroad, which was reflected
in balance on the selling side amount
ing to about 10000 shares offered in
this market, but which were easily alb
sorbed without lowering levels to any
appreciable extent. At the opening
yesterday prices moved with some un-
certainty, but the immediate trend
after the initial transactions had been
recorded was toward a lower level. A
raid was attempted by the bears. which
failed to bring out very liberal offer
| ings, and the position was soon changed
to firm tone, resulting in pronounced
recoveries, particularly in Reading,
United States Steel, the coppers and
other issues. Considerable buying was
reported to come from the West, where
90 la NfNfyY 1tcfi o.
garding the future, especially in the
high class industrials. One Of the
weak stocks was American Tobacco.
which sold on the theory that the new
Attorney General may attempt 10 re-
open the case against that corporation,
assuming that competitive conditions
have not been restored according to the
requirements Of the dissolution plan.
Differing from the tone of American
Tobacco. Liggett & Myers was notably
strong, and at a price of 232 recorded
a gain of points and new high rec
ord. American Can took a turn up
ward and showed some supporting
strength, assisted by short covering,
and the independent steel stocks, par
ticularly Republic preferred, were given
aggressive support. During the early
part of the afternoon Union Pacific.
Southern Pacific and stocks that were
somewhat depressed in the early part
Of the morning. became actively strong
and rose above their closing prices on
Tuesday. The trade news OF the day
was especially encouraging. The Iron
that specifications in February were
in excess of shipments in both the
Pittsburgh and Chicago districts, and
that at the same time the output Of the
steel mills is at the highest rate ever
reached. 1.-THE Iron Trade Review"
was equally optimistic and reported
that important producers Of. plates,
shapes and bars and some other mate
rails are fighting off business. AS the
order books Of these makers, especially
in the Pittsburgh and Chicago districts,
are so filled that sales managers are
refusing to yield to the opportunities
of buyers who wish to contract for de-
livery as far ahead as the third and
fourth quarters Of this year, and IN
some instances the first half Of 1914.
Taking the stimulus offered by the
strength in the steel and iron trade,
which seems to be showing fresh
spirit Of increased energy. there IL
basis for hopefuiness regarding the
business situation during the present
year. To forecast developments, in
view of other conflicting world factors
requires a speculative daring. 1t may
be reasonably assumed, however, that
business in this country will improve
under the better money conditions
which a settlement Of foreign affairs
will bring about and when some sensi-
BILE programme shall have been accept
ed by the new administration and Con-
gress regarding the tariff and corpo-
rate interests. II the stock market has
begun to discount business improve
ment a gradual betterment may de-
velop.