New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-11
REVIEW OF THE
STOCK MARKET
Lower Prices Prevail at
Opening-Irregularity
at the Close.

The stock market yesterday, "HI'o
inclined to betterment in some issues
was more of a waiting affair than
session of important price movements
On Tuesday most of the news OF the
day contributed to adverse sentiment
in Wall Street, and an air of pesslfh-
ism prevailed throughout the day In
the forecast of events to follow was
possible reduction of dividends by ooth
New York Central and New York.
New Haven & Hartford, and the steel
report was expected TO show loss
ranging above 100000 tons in untitled
orders. At the opening of the market
yesterday morning the depression &C.
casioned by the foregoing discouraglng
deductions, together with other mani
festations of the previous day destined
10 unsettle stock market values, was
shown in the activity and weakness OF
a number of stocks as they came out
Canadian Pacific was down rs points,
and New York, New Haven * Hart
ford, after its initial sale at an I'M
changed price from Tuesdays closing
dropped to 11I2, a new low record. and
closed for the day at 12&a, an advance
of g. over yesterdays closing. New
York Central was off = on the first
transaction and increased its loss III
succeeding sales. Reading also started
at a decline and United States Steel
began the day fractionally below its
last quotation on Tuesday. The pass
ing Of the preferred dividend of MeXi-
can Petroleum resulted in a loss Of
several points in this stock during the
first few sales of the morning, and
Goodrich preferred also broke on COM
bined liquidation and short selling.
Following the activity and lower
prices in the morning a period Of dull
ness began which continued until the
early afternoon, when prices advanced
a little. The activity did not continue
and dulness again obtained. The only
incident OF note during the afternoon
was q raid made on Rock Island by
the bears in an attempt TO stampede
the whole market. The effect was not
successful so far as the general list
was concerned. and the Rock Island
recovered some Of it's losses after press
ure had ceased. The market was I'm a
waiting attitude at the close. APP
parently depending for its trend on the
result of the meeting of the New
Haven directors in their action on the
question Of future dividends.
The report Of untitled tonnage by the
United States Steel Corporation created
a favorable sentiment, which was re-
Elected in better price of Steel stock.
The figures were considerably better
than Wall Street had estimated, and
this, together with the rather encour-
aging iron and steel trade news OF the
day, stimulated hope among the bulls
that higher prices may soon prevail in
the stock market.
The Iron Trade Review" in its sum-
ming up Of the situation says: The
volume Of new business as yet shows
little, if any, expansion, but the more
attractive prices now ruling have
brought out this week some larger in
quries for equipment from the rail-
roads, and the prospects for some re-
vival in the general iron and steel mar
kets during the next sixty days are
more encouraging"
"The Iron Age" also takes a hopeful
view, as follows: ut Is beginning to be
realized that the 30 per cent operation
to which finishing mills have now come,
on the average, is below the wear-and-
tear line in consumption. and that
while buyers wait the country's needs
are accommodating, as they have before
in similar situations"
The declaration Of the regular divi-
dend by New York Central directors
at their meeting yesterday was helpful
in bringing support to Centrars stock,
which made good recovery from
Tuesdays low price. A statement by
the American Sugar Refining Com
pany, setting forth that the company
has good defence to offer against the
suits instituted in Louisiana, steadied
the market for the stock, which ended
the day with no change. The net re-
suit Of yesterdays transaction was a
mixed one, so far as defining the in
clined course Of prices, but there ap-
peared 10 be reasons for expecting a
healthier tone in trading on the con-