New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-18
REVIEW OF THE
STOCK MARKET
Some Improvement in the
List During Forenoon
Closing Quiet.

An Improvement in London prices Oh
international securities rel orted IL 'le
opening of the New York Stock LIZ
change yesterday morning stimdia'eu
activity and higher prices gehcrally III
the local list at tie start. During Tie
proeress OF trading in the first half
hour there was not a continued dispia!
of activity, but the tone of prices re-
NAMED firm. In the beginning OF ousl-
ress Union Pacific. United States Stee"
Reading and a few other of the more
prominent stocks were numpereu
among the issues showing overnight
gains Special strength was recorder
in Canadian Pacific. which was l's
points higher than its closing price on
Tuesday, and in American Telephone
and Telegraph, which opened 1ul
point in advance Following the inltlai
impulse on the bull side around the END
of the first hour, the market sank into
dull spell, and there was slght IN
clination to easier prices among the
standard issues.
In the main, however, prices held
very well. and In some Of the special
ties considerable bullish activity was
noted. Central Leather was advanced
| on a rumor that common stockholders
would receive a holiday gift in the
form Of a . or 2t9 per cent share diVi-
dend which might be announced at the
meeting TO be held on Tuesday, De-
cember %. g. f. Goodrich was also
one Of the favorite specialties pur-
chased, and American Can came in for
| few buying orders. Most Of the trad
| ing interest in the early afternoon was
IN American Telephone and Telegraph,
which advanced substantially not only
| in the company's shares. but the con-
/ vertible bonds also rose sympathet-
caliy.
The usual market leaders, such as
Reading, Union Pacific and United
States Steel, were quiet, and weakness
was evidenced in the Wabash stocks,
Mexican National Railways and a few
other issues. The industrial news OF
the day included the weekly reviews by
iron and steel trade journals, in which
note Of slight encouragement was
manifested. The Iron Age" says that,
though new business is at substan-
TALLY the rate of the last two weeks
steel companies are less inclined TO be-
lieve serious or prolonged depression Is
ahead. The companies are eager to get
orders for early rolling, but are show
ing more frmness than buyers APP
parently expected in declining to dupli-
cate low contract prices Of two years
ago An announcement that the Lee
high Valley Railroad had sold So
O00,OOO general mortgage bonds was an
item OF the day that attracted special
interest. as this is the first financing
that the Lehigh Valley has done since
the early part Of 1910. when S2O,22O,-
$50 Of new stock was offered to the
stockholders of the company at par.
The government crop report was
commented on favorably, owing 10 the
condition being we'll above the ten
Of previous records. While the market |
in the late trading did not retain as
much vitality as had been shown !
earlier traders who were disposed to
adhere to the bull side discovered few |
fresh signs Of adversely to warrant a
change in their market position. On !
the other hand, aside from the oversold !
state in which some Of the securities
seemed TO be, there remained consid-
cradle uncertainty, and it was evident
that the professionals were still the
controlling force. and that the market,
like a good rule, would work both
ways
Monetary affairs presented no change
and time loans were quiet, while call
money was easy and renewed at 81
per cent