New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-08
REVIEW OF THE
STOCK MARKET
Course of Prices Irregular
Money Easier and For
eign Exchange Higher.

on a volume of business only about
three-Quarters as large as that OF tues
day the stock market moved irresu-
larry yesterday. the close showing net
gains about half as many again as net
losses. Initial prices were in many IN
stances little under the closing hg-
ures Of the preceding day, but an ehort
10y the bears to deliver a general at
tack had small effect, and the market
soon relapsed into dulness. although
the undertone was fairly good. In the
last half hour there was revival OF
activity. with advancing prices.
The Union Pacific's action in dis
tributing its Baltimore e Ohio hold
ings still played a considerable part
among the market influences, New
York Central and st. Paul being sold
on the rumor that the Union PACING
would soon sell its holdings in those
roads, while Norfolk & Western was
offered on the assumption that the
Pennsylvania would not much longer
retain its holdings in that property.
Baltimore & Ohio was heavily SOLD
abroad. and went off about point In
the early trading here, more than re-
covering its loss before the close.
Union Pacific also lost about point, on
selling accompanied by rumors of legal
action planned by the preferred stock
holders for participating in the Baltl-
more e. Ohio distribution, but ended
the day well above its low, although
fractionally under the preceding day.
The movement of the preferred did
not indicate any very lively expecta-
ton on the part of its holders that they
were to receive any share in the dis
tribution under which the common
stock is to have y per cent Of its an
nual dividend transformed from cash
into shares of Baltimore & Ohio, as the
sales were only three hundred shares
and the net advance was only one
fourth of a point. Dealings in the
Union Pacific convertible is were again
the feature Of the bond department,
the price moving in general conformity
with that of the common stock and the
closing price being practically at the
conversion level
The largest price advances were the
specialties notably the Harvester issues,
International Harvester common gain
ing more than points on reports OF a
settlement between the government
and the company, and Rumely advanc-
ing in sympathy, while United Cigar
Stores preferred advanced Ga on ru-
mors Of a coming melon" Missouri
Pacific was firm on the announcement
that arrangements had been made to
take care of its $25,OOO,O00 3 per cent
notes maturing in June, although there
had been little doubt that this obliga-
ton would be met. Encouraging re-
ports from the organs of the iron and
steel trade helped market sentiment.
Pig iron production in December, it
was shown, was materially less than
in November, and heavy buying of the
product had set in, with the expecta-
many weeks, while a resumption OF ex-
tensive purchases of steel rails and
other finished products before long is
commonly looked for.
The London advices foreshadowed the
reduction Of the bank rate to-day to
Az per cent as highly probable. The
local money market showed continuing
case, the call rate not exceeding 3 per
cent and standing at "a at the close,
while time funds for nearby maturities
were quoted 4 per cent down. Foreign
exchange again rose sharply, the de-
mand sterling rate closing 80 points up,
and now ruling close to parity, with
gold exports predicted by some of the
leading foreign exchange experts as a
probable development of the near fut