New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-19
REVIEW OF THE
STOCK MARKET
Opening Prices Depressed
Improve Later-Close
Is Irregular.

The irregular character VI uaH w w.
sentiment was manifested yesterday at
the opening of the stock market, wheh
lower prices ranged generally In the
records of initial sales, as compared
with Wednesdays opening prices, with
an average overnight gain. During
these days Of shifting positions of trad
ing while the market is left entirely in
the hands of professionals, various
causes are attributed for the daily
weakness or strength in the list ana
while on Wednesday the better sentl-
ment in the morning was due to a
favorable tone in London, yesterday
the lower opening all around was SAID
to be the result of weakness in Paris
and generally disturbed conditions on
the French Bourse. The pessimisuc
interview reported with Chairman Top
ping. of the Republic Iron and steel
Company, contributed toward feeling
of depression, so altogether Wall Street
started the day in a state OF semi
gloom temperamentally. although the
real factors governing security markets
were unchanged practically, compared
with previous days.
An attempt was made TO interpret
the Bank of England statement made
public yesterday as bear factor sim
ply because the returns showed a re-
duction in gold holdings. not unnat-
ural condition at this season OF the
year The proportion of reserve to Ii
abilities Of $50 per cent reported by
the bank yesterday is exceedingly high
for this period, as may be appreciated
when compared with the ten-year
average of 1870 per cent, nearly l.
points below. Notwithstanding the
heavy reduction in reserve, the banks
figures for this week show an increase
OF nearly S15,OO0,0O0 over the same
period in 1912, when the bank rate was
per cent. the same as at present.
There can be no question that the Bank
Of England technically is in a strong
position, but, Of course, ii must be real
lied that sudden changes are possible
after the first Of the year, provided
Continental cloudiness does not show
signs Of clearing.
The weakest stock at the opening
Yesterday was Canadian Pacific, which
had a loss of AZ points from Wednes-
days closing. Amalgamated Copper
was also inclined to heaviness, and as
both these issues are classed as Con-
tinental European favorites, the sell
ing was supposed to come from abroad.
The effect of the decline in these is
sues kept the whole market under con
siderable strain during the first half
hour, but the pressure on the remain
der Of the list was met with sufficient
support TO be fairly reassuring, and as
the morning wore on a gradual dispo-
sition toward a recovery was I'm evil
dence. The early afternoon witnessed
an active and strong tone in the list.
The decided change from weakness al
the opening TO firmness around the noon
hour was due TO an unconflrmed rumor
that James ]. Hill was slated 70 be
chairman Of the Federal Reserve Board
and a little later by the appearance Of
the annual report Of the Union Pacific
Railroad.
The showing of earnings equal to
1914 per cent on its common stock,
compared with 1887 per cent during
1912, and a reserve fund Of $J0OO0,oOO
set aside TO provide for depreciation Of
securities were accepted as favorable
indications by the Street, and assisted
in keeping the market steady. Rail
road reports also included the Texas &,
Pacific Railway Company, which
showed an increase in operating rev.
enue Of 81. l05 $50, but net corporate
loss OF S375,573 for the year. The bet
terment exhibited in the early after
noon was not maintained in the late
trading, and at the close some irregu-
larity prevailed. The heaviest losses
for the day were in Canadian Pacific,
63s points; American Express, Ji2
points; Wells Fargo Express, 2%
points, and Illinois Central, ~ points.
American Express sold AT its lowest
point since 1885. on the other hand
gains were recorded in most Of the
standard issues, a favorable sign in
view Of the mixed nature of the days
news, and the unfavorable political
complexion in foreign affairs as re-
ported.
No material change was reported
in the local money market and call
money was renewed at 81 per cent.