New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-22
STOCK MARKET REVIEW
Prices Improve and Good Gains
Are Recorded in Most Issues.

York Stock Exchange yesterday indi-
Gated that even an overburden OF bad
news and extren bearishness is pro-
ductive of a resentment which some
times eliminates in betterment The
overnight news was chiefly centred IN
the seven bills prohibiting incorpora-
ton Of future holding companies, en-
bodying President-elect Wilson's ideas
on antitrust legislation. which were
introduced in the New Jersey Legis-
lature. Under other circumstances
these would have afforded excellent
material for the bears TO bring on
further depression, but ii seemed to he
like the last straw. and in general re-
versal of form the market turned up
ward After initial transactions indl-
eating a more favorable undertone
stocks developed buHish tendency.
During the forenoon part Of the session
the volume Of trading was very light.
and suggestions of strength came from
the specially list rather than the
standard issues. Western Maryland
displayed very good form and advanced
easily. American Telephone and Teie-
graph and Western Union also showed
an Improvement. and there were some
transactions in Interborough Metro
poltan stocks recording fractional
gains. Around the noon hour trading
increased in activity and prices Of most
issues had advanced. Amalgamated
Copper assumed the leadership, while
the Tobacco issues were particularly
strong. Among the weak issues were
Lehigh Valley, American Cotton OIL
and International Paper. In the after
noon trading the improvement con-
tinued especially among the industrlais.
conspicuous among which were United
States Steel and the Coppers. with
Union Pacific, Reading and Northern
Pacific representing the better buying
among the rails. The advancement of
prices under conditions equally ad-
verse il not more so than during the
past days. when depression had been
so marked, still leaves the market in
debatable position as regards its real
trend. Naturally. a large short in
terest has accumulated, and any
change in sentiment due 10 tired out
condition resulting from too much
able factors would find a ready re-
spouse TO any buying movement which
might be started. 1t may be that after
a careful consideration Of all the po-
litical phases the corporate interests
and financial rulers believe that the
picture is not really dark, but is simply
resting under a shadow, which will dis
appear in the course OF a short time.
This, indeed, is the optimistic view. but
It is questionable whether the action OF
the stock market yesterday reflected
that Interpretation. An assumed
cheerfulness az least. was exhibited
on the hope that the troubles incident
TO the knotty problem of the Union
Southern Pacific dissolution will soon
be over. that the foreign political clouds
will soon pass away, and that business
and the prosperity Of 1912 as viewed by
James j. Hill will carry the coming
year successfully through the irrita-
tons resulting from tariff reform and
other Democratic legislation. All this
however. is looking into the future. and
the only facts presented are those deal
ing with the present. Conditions are
disturbed both at home and abroad
due almost entirely TO politics. There
is apprehension regarding the effect OF
all this on business. While money in
the local market is fairly easy. foreign
exchange remains high, indicating
further Withdrawals Of gold A great
deal Of financing must be done, and il
business continues at all active COM
mercial requirements will call for funds
in considerable volume. Everybody in
Wall Street is hopeful that the stock
market will see higher prices, and if
most Of the adverse influences disap-
pear the hope may be realized.