New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-17
STOCK MARKET REVIEW
Early Tone Firmer-IrreguIar,
ity at the Close.

Evidences Of stability in the stock mar
ket yesterday We're chiefly confined to the
efforts of the shorts i'm an cndeavor 10
play on the safe side should prices de-
velop pronounced improvement with IN
Creasing activity During the morning
session there We're signs which encour
aged the professionals in the belief iha'
possibly a real turn had come and tha'
an upward swing OF some proportion WAS
i'm progress. Al the end OF the first TWO
hours decreasing, energy left the marhe'
IN a state of inactivity, which was I"'-
lowed by a sagging tendency, accom-
panied by considerable bear pressure III
certain issues, so that the close OF me
session left the trend uncertain and SEN
t'ment much bewildered.
The opening yesterday was consistent
with the general Improvement begun On
Wednesday, and frmness prevailed Win
q moderate degree Of activity. Ihtre were
some spots which exhibited bear pressure
but stocks appeared TO be in sufn'leh'E
strong hands TO hold the Improvement
which had already got a good start filceN
continued To advance gradually, ana Wits
the bears were prone 10 stay away noih
bullish commitments they were fOrced 10
follow the sentiment which the optimistic
side OF the market had developed. Some
pressure was attempted on Southern "a
cihc IN the early morning session, out the
other issues displayed relative improve
ment and throughout the forenoon mo
market generally was strong An inter-
view with Charles NJ Schwao assisted inc
| bulls 20 mark up Bethlehem Steel pre-
/ ferred, and several OF the specials, Whloh
! had been sold heavily during the last Re"
days, made good advances. Sears-Noe-
buck wes a particularly strong feature
and moved up rapidly United states
Rubber was also popular on the buying
side, and at the close displayed the sec
ond best advance of the day. In volume
Of business the market WIS non important
totallng around $4,000 shares, AS COM
pared with over 10000 shares on Wednes-
day. Technical obsedvers believe that the
tendency is downward, although genera
conditions AT present do not rehect ols-
turbanCes in the business world Whioh
warrant such conclusions. What may -
accepted by some as an indication or
fiCient commercial paper 10 supply the
call Yesterday witnessed an increasing
demand for high-grade discounts owing
TO the continued easy tone of money
throughout the country. The financial sit
uation abroad was shown by the return
of the Bank OF England. which reported
an increase in its total reserve OF N2,O7O'-
600. while the proportion Of reserve to la
bilitiss was 1910 per cent, against 40 per
cent last week The Bank OF France,
however, reported decreases in both gold
and silver and evidenced weakness In
the Continental situation which is chiefly
due to the private retirement Of funds
brought about by the Balkan war scare.
Reports OF new financing in this market
and some improvement in investment
buying gave forecast OF encouragement
regarding the times as whole. The spec
ulative outlook is still overhung with
shadows which may or may not provo
TO be depressing but they must be recog-
y1i1