New-York tribune., 1913-12-23
REVIEW OF THE
STOCK MARKET
Profit Taking Sales Fail to
Disturb Trading Tone
at Close.

Activity marked the opening Or OusI-
noes on the NeW York Stock Exchange
Yesterday, and as a rule prices we're
fraction2,!y higher than Saturdays $
closing quotations. Not unnaturally
traders were inclined TO realize profits
from their last weeks commitments,
but q fairly strong buying movemen;
Eeiucd 10 absorb the heavy volume OF
selling during the first half hour. a
feature OF the strength in the list was
Lehigh Valley, but in some Of the spe-
cials there also vas 2 pronounced ole
mcnt Of vitality Western Union con-
tinued i,s downward trend evidenced
on Saturday, after the announced sepa-
ration OF The Telephone and Telegraph
interests, bat on the whole most ~
vora ble impress n was gained or tAe
way the market acted, facing as 1t d!G
combined liquidation and profit taking
Traders in the commission houses and
on the floor took special note OF the
ease with which selling orders found
ready buyers; particularly the fact that
YESTERDAY morning was the first time
lately that the long side had been given
an onnortunitv TO realize substantial
profits from their holdings The market
was not without its weak spots at the
opening. and Canadian Pacific, infu-
enced by lower prices in London, vas
2ib points down on its initial sale. The
bear interests appeared TO be less con-
cerned about covering during the fore
noon than on Saturday as, while the
market was vivacious at times, there
was no wild scramble TO cover, not
withstanding a large short interest that
had been created at the high prices on
Saturday.
During the second hour and In the
early afternoon trading assumed a
ouieter tone. and there was an inclina-
ton toward sluggishness by Pennsyl-
vania. Erie. New York Central ana
others Of the trunk line stocks South
ern Pacific appeared to be one Of the
favorites, and Reading was notably
strong issue. the transactions in IT sug-
gesting the stimulation of former DAYS
when bull campaigns were in prog
ress. In the late afternoon strength
and activity ruled. Notwithstanding
that stocks were supplied on the strong
spots. rejecting a desire by important
T. r1 -
ment. Earnings of the Baltimore
Ohio made public, being the first OF the
reports Of the important railroads TO
appear for the month Of November,
naturally attracted much attention. \
decrease OF Sl,l1+,101 in gross was
shown, while a falling off in net OF 81
1926 was reported. The effect was
not noticeable adversely in the action
of the Baltimore & Ohio stock, as II re
mained firm during the day, while the
bears argued that the report should
have a depressing effect on the whole
market for railroad issues.
The news from Washington that the
currency bill would probably be sent TO
the President and signed last night
stimulated a good feeling in the Street,
and the adjournment of the Supreme
Court until January without handing
down any important decisions helped
10 clear the atmosphere Of any linger
ing signs of irritating reports from the
national capital for the present News
from abroad was fairly well balanced
both for and against improvement. The
London market was unsettled by the
extreme weakness in Canadian Pacific,
but the news from Paris had favor
able color in the outlook for an issue
Of Treasury bills by the French gov
ernment, which will permit the fiotd-
tion Of the Balkan loans that have been
hanging over the Paris money situa-
ton.
| The local money market exhibited 40
change, and call money was renewed at
312 per cent.