New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-16
STOCK MARKET REVIEW
Prices Improve and Closing
Shows Steady Tone
London Cheerful.


American shares reported from Lon
don, the opening on the New York
Stock Exchange yesterday was slight
improvement over the closing prices OF
Tuesday. Not that the situation over
night had developed any news which
could be construed as being beneficial
to stock market transactions, but
rather as following the rule of the
any one direction so pronounced as the
decline during the last few days. The
initial gains were fractional, and in
the early trading Reading was the
strongest feature. Amalgamated Cop
per also exhibited some good buying
but heaviness in the early part OF the
session was shown in American Smelt-
| ing and Refining At different times
| throughout the day pressure was
brought to bear by selling movements.
! but the market seemed to have reached
sold-out condition, and the tendency
was toward recovery rather than de-
preston. No substantial signs Of lib
eral buying were shown, but the sup
port accorded the market was sufficient
to drive some OF the shorts TO cover,
resulting in an improvement quite
marked in the afternoon and at the
close On the whole the market was
not as active yesterday as on Tuesday;
number of stocks were not dealt in,
except in one or two transactions, in
which no change in prices were re-
corded for the day. The closing quota
tons revealed that Amalgamated Cop
per, American Smelling, ST. Paul,
Louisville & Nashville, Pittsburgh
Coal preferred and United States Steel
were among the strongest issues. On
the other side, there was an evidence of
considerable weakness in American
Telephone and Telegraph, P. Lorillard
e. Co., Rock Island preferred, Under
wood Typewriter and Western Union
Telegraph. The declines noted were
! important enough to give an appear
ance of irregularity to the list, AL
/
cheerful. Very little in the news of the
day contributed to the better market
sentiment. The announcement OF an
engagement Of S2,000,O00 in gold for
export to Paris called for no special
comment, and no other local news OF
importance was apparent. The same
influences that assisted materially in
creating severe pessimism on Monday
and Tuesday were in evidence yester-
day so far as the investigation OF the
money trust" was concerned, and the
calling to Washington Of new witnesses
representing prominent Wall Street in
terests, II anything. intensified the stu
alton. Such effect politically as seemed
TO be evident before as result Of the
utterances of President-elect Wilson
seemed to have lost some Of its sting
yesterday, although it was not shown
that any change had come over the
spirit Of his dreams OF Democratic re-
form in the methods Of corporations.
One Stock Exchange house was active
! In circulating an extract from re-
ported conversation with the Presi-
dent-elect which placed the blame for
the adverse criticism attributed TO him
on the newspapers and gave indefinite
assurances that nothing would be done
detrimental TO business interests, etc.
| There was no special change in the
| local Tnonev situation so far as rates
were concerned, and the banks con-
tinued TO enlarge their cash holdings.
while very little money was put out by
| lending institutions. Conclusions drawn
from actual conditions did not reveal
any important change In the status Of
affairs affecting the stock market, aside
| from the attitude of professional mar
! ket operators.