New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-26
STOCK MARKET REVIEW
Weakness Prevailed, Many Fur.
Their Declines Being Recorded.

The heaviest trading yesterday was
in Reading, Union Pacific and United
States Steel and the tendency Of prices
from the opening of the stock market
was downward Developments over
night had not offered any strong sup
port to the hope for bctterment in mar
ket conditions, and the gloomincss
which prevailed on previous days was
still lingering over the Street. For a
while after the initial transactions Of
the morning there was some covering
by the shorts. which gave TO prices a
superficial evidence of recovering
strength. But failure TO follow the
slight rallies with any indication Of
vigorous support allowed values TO set
tie. and weakness in leading issues and
specials became pronounced. Louis
vile & Nashville. Baltimore & Ohio
Atchison. Union Pacific. Reading and
United States Steel were especially af-
fected. Union Pacific touched a new
low for the year. Atchison sold down
TO par. Baltimore & Ohio declined to
9gIs. while Steel broke 60. Weakness
was very general throughout the list,
ranging from fractions to 9 points. the
latter loss being shown by Shelf
field on transactions amounting 10
three hundred shares. Following Il
strong undertone exhibited on Mon
day. Southern Pacific resisted compare
lively heavy selling, and at the close
displayed a gain over Mondays closing
quotation. The largest volume Of trad
ing was in United States Steel, and on
transactions approximating 10000
shares this stock closed with only a
fractional loss, which was considered
favorable in view Of other declines.
The unsettled feeling in the market
was aggravated by reports from Cali
fornia that the ruling of the State
Railroad Commission was unfavorable
TO the plan Of separation of Union and
the underwriting for the sale Of South
crn Pacific stock in Union Pacifics
treasury. However, even adverse in
formation Of this sort, while carrying
an influence OF a decidedly depressing
nature, could hardly be accepted as
sufficient to cause marked declines in
such strong stocks as Louisville &
Nashville, which at the close yesterday
was ~ points below its final price on
Monday. The action not only of Louis
Vile & Nashville, but Lackawanna.
General Eclectic. Consolidated Gas and
others was a result Of liquidation in
spired by the combination of discour-
agements which the stock market is
now encountering. American Can
stocks continue to lose ground and TO
act directly opposite 10 the expectations
of the speculative interests. who had
ordained in their earlier campaign con-
siderably higher prices than those
reached before the turn in the down
ward direction began. The prominent
role to be played by the state Legis
lature at Albany in the consideration
of exchange regulative measures was
mpressively discussed yesterday, and
the course being pursued by the Stock
Exchange Of setting forth through
statements the reasonable side TO this
serious question was commented on
favorably. The part assumed by the
foreign exchanges In local market
transactions was Of slight Importance,
as orders were about evenly divided on
the buying and selling sides. The local
money market ar call loans was prac-
tically unchanged, but there was
slight hardening in the tone Of time
money.