New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-07
STOCK MARKET REVIEW
Dull Tone in Trading During
Day-IrreguIarity of Prices.

| Following the downward tendency
which the stock market had exhibited
/ for several days. prices yesterday
| touched lower levels in various issues,
although some strength was shown III
others. AS a whole it was a dull day
with few manifestations Of activity to
| relieve the tedium OF sluggish business.
From every point, distributing an in
huence over stock market movements,
there was radiated a sentiment of de-
preston or hesitation. The fractions
were heavy, owing TO the delay In con-
summating the subway contracts cop
per stocks sagged under the indisposi-
ton Of the copper metal market, South
ern Pacific reflected the uncertainty re-
garding the final effect on that issue Of
the segregation Of the Union-Southern
Pacific holdings, and most securities
| having an international interest were
held in state OF apprehension by the
continued doubt regarding the settle
ment of the Balkan hostilities and the
foreign financial situation. SO many
adverse factors were crowded together
that the force of Stock Exchange regu-
lation as inspired by Governor Sulzer' Is
bills recommended TO the Legislature
seemed to have slight effect on stock
market sentiment, as traders displayed
an apathy IN their treatment Of the
subject. The chief interest Of the day
was shown In the announcement that a
plan OF dissolution in the Union and
Southern Pacific tangle had been sub
by Attorney General Wickersham.
Throughout the session of the stock
market the statement Of the plan which
1t was said was to be given out from
the offices of the Union Pacific Rail-
road In the late evening after the mar
ket's closing hour was discounted In
various ways. Among some traders
the thought expressed was that plan
had been 30 carefully formulated that
its publication would be the signal for
an improvement in prices, while others
could see nothing but lower levels. par
ticularly for Southern Pacific in the
sale Of the Unions holdings. even
though It were accomplished through a
syndicate covering long period. The
money market presented some increas-
| ing interest, as engagements OF about
100000 more gold were announced
for Argentina. and the prospect APP
peared to be that gold shipments viii
continue for some time. The position
abroad IS such that until some relief is
given by a decided Improvement IN the
| Balkan situation the money strain
there will not decrease. The weekly re-
turn OF the Bank Of England, which
appeared yesterday, reflected less
favorable position Of that institution In
@ considerable reduction in gold hold
ings and a decrease in the ratio Of re-
serve to liabilities touching 47 per cent.
as compared with an advance from A. to
SO per cent in the same week in 1917
In the weekly statement OF the Bank
of France comparatively a small In
crease was shown IN gold I'm hand and
about the same IN silver holdings The
local money market here developed u
slightly harder tendency, and renewal
rates averaged Pa and 3 per cent
Very few time loans were reported, and
nothing transpired to indicate any UNI
usual developments. Railroad reports
for the fourth week In January made
public were encouraging Of a continued
improvement In gross and net earnings