New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-13
REVIEW OF THE
STOCK MARKET
Early Firmness in Prices
Followed by Weakness
Many Losses.

New Haven continued TO be the SUD-
iect Of ruling interest in the STOCK Iidl
ket Yesterday, and its action was ue-
pended upon by traders on both siuee
as an influence in changing the rehd
OF prices Business at the opening Vi
the New York stock Exchange Nd'
light in volume, and although room
traders entertained bearish sentiments
initial transactions revealed firm tone
and there was no disposition displa9eu
to buy or sell stocks in large lots Inc
first transaction in New Haven was dt
decline of five-eighths, but this loss
was Quickly recovered on what was re-
ported to he buying orders from OUTSIDE
cities. Union Pacific, Reading, Uhiteu
States Steel. Amalgamated Copper ana
New York Central opened with al
vances over their final quotations OF
Thursday.
An impression prevailed that the eie-
ment of strength exhibited in the carry
trading was due TO the reported reduc-
| ton of the Berlin Bank rate from 1l2 TO
> per cent. This announcement was
| not a surprise, as not only had 1t been
predicted but was prematurely reported
as having occurred earlier in the week
The action Of the Reichsbank on Octo-
Der 81, when the rate was reduced from
& TO 5I2 per cent, was an unmistakable
signal that further reductions might be
expected. While the reduction is out
| Of line with the usual course at this
| season Of the year, it points TO de-
| cidedly better state Of the foreign
money market, especially as the year
end requirements must necessarily ne
| heavy, and to reduce the rate on the
eve Of these demands implies a We'll
fortified monetary position of the I'm
perlal Bank.
| In the early afternoon the stock mar
| ket lost its appearance Of underlying
resistance TO bear attacks and devel-
oped signs OF weakness with increas-
ing activity. Naturally, New Haven
was the taget for the bears, and the
| Washington report Of probable Con-
gressional inquiry into the management
Of the affairs of the company was used
as the cudgel for knocking down prices.
Stop orders were caught in leading is
sues, such as Reading and Union Pa
cifc United States Steel and others,
and during the remainder Of the session
there were no effective rallies under
taken. At the close losses were re-
corded in practically the whole list
News of the day bearing on security
values under ordinary circumstances
probably would have stimulated steadi
ness rather than depression, but trad
ers were not inclined to give heed 10
any passing events Of a favorable char
acter in the late trading. The annual
cotton crop estimate Of the government
which was made public in the after
bales, was not far away from general
predictions, although in some quarters
slightly higher figures had been anticl-
pated among cotton men.
Some interest was taken in the sale
of S1O,0OO,OO0 of ) per cent bonds by
the Illinois Central Railroad, part Of
which, II was said, would be placed
abroad. The local money market was
comparatively quiet, with a decreasing
demand for call loans. Preliminary es-
Inmates, based on the weeks currency
| movements, pointed 10 a gain in cash
for the banks this week, and the indi-
cations seemed to be that to-day's local
bank statement would reveal a more
| favorable banking position.