New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-06
STOCK MARKET REVIEW
Traders Gloomy and Prices De-
cIine-LondOn Sells Stocks.

Laboring under great disadvantage
the stock market yesterday simply
nlodded along. carrying a burden OF
nolitics and bearish sentiment engen-
dered by many rumors. the result "a
which was general decline in prices.
The opening Of the market presented
heavy tone. and there was slight d's-
nosition Ia trade i'm -ecurities evidenced
amo.s the brokers. Sentiment was de-
pressed. and among the commerclai
houses a belief prevailed that stocks
were due to sell at lower prices IN
,orhoroucb- METROPOLITAN preferred was
influenced by the delay in the supwa!
situation and sold down easily. Inc
failure OF American Can directors ~
their meeting on Tuesday to provide
for the pay of back DIVIDENDS Oh INC
nreferred shares caused oecline vi
that stock Of more than two points IN
the initial transaction compared Win
Tuesdays closing. Amalgamated cop
per. Steel and Canadian Pacihc al!
showed losses in their opening prices.
Both Union and Southern Pacific DIS
plaved slight tendency toward strength,
and during the first half hour buvinS
orders In some issues sustained Tn"
market, particularly in Southern Pa
cific: but the pessimists cOntended that
the market was q sale and made fresh
commitments on the short side. 1t was
only natural that with so much material
10 work on the bears should raid the
market. which they did, and while toi-
lowing this raid there was a slight
rally il was not sufficiently important
TO induce a following on the bull side,
and the market began descent by
easy stages which continued, with oc-
casional variations. to the close Of the
days session. One of the factors in
the market which exercised an unfa-
vorable influence was Pennsylvania,
which developed a heaViness. and as a
standard issue so strong fundamentally
il was argued that the stock market
must be losing its undertone Of vital
ity when such stock as Pennsylvania
began TO show signs of weakness. The
depresse condition Of the copper metal
market was also an element of weak
ness affecting the copper stocks par
ticularly, but adding another weight 10
the market as a whole. The announced
distribution 10 the common stock hold
ers of the American Tobacco Company
in the form of a quarterly declaration
of - per cent as against 2l2 per cent
the previous declaration. which places
the stock on 20 per cent dividend
basis, and an extra distribution of Il
per cent as bonus, did not stimulate
any strength in Tobacco issues. As
American Tobacco and Liggett & Myers
common showed losses at the close.
while +. Lorillard remained unchanged
from Tuesdays quotation. The an
nouncement from Albany that Gov
ernOr Suffers bills relating to the Stock
Exchange. seven in number had BEEN
introduced called forth no special com
ment, as the bills have already been
discussed and Wall Street was EXPECT
ing them. Nevertheless, the news add
ed TO the gloom Of the Street and CON
tributed 10 the apathy of traders tow
ard stock market movements. The dull
ness which prevailed in foreign stock
markets and the fact that London was
a seller in this market offered no en-
cOuragement To traders here and re
fiected the uncertainty with which the
foreigners view near future events on
the Continent. In the local money
market suggestion OF hardening WAS
shown in rates, although no special de-
velopments Of the day materially
changed the money situation except
that 100000 in gold was engaged for
further shipment to Argentina. The
prospect continues that more gold will
be exported and that the demand for
commercial loans will increase.