New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-02-12
REVIEW OF THE
STOCK MARKET
Prices Generally Firm on
a Small Volume of
Dull Trading.

in tho smallest volume Of business
since January began the years trans
actions. only about 10000 shares
changed hands While weak in spots,
the market was generally above the
levels Of Tuesday. Interest was
largely professional Short covering
gave some strength early in the day,
but prices sagged in the last hour
The London market was also quiet.
possibly waiting for results from the
rather momentous meeting Of Psrlia-
ment. American shares in London had
little movement in the early trading,
and stocks here opened irregular not
far from Tuesdays close. The tone OF
the early trading was fairly strong,
though advances were mainly in spe-
cialties and low priced securities.
Toward noon the market was almost
at a standstil. \ little final upturn
resulted in closing prices n shade better
than the low for the day. Bonds were
irregular on a good volume OF trading.
New York Central was again a dis
couraging feature, touching $50
within * Of the low record for over
fifteen years. made last month. New
Haven also was weak. Rock Island
shares, despite word of probable as
sessment. showed carly strength,
sagged and recovered, finishing the
day with the preferred gaining over
point and the common fraction. The
collateral As broke to ~ on continued
heavy dealings and closed at 4o's,
fraction down on the day. Interna-
tional Mercantile Marine bonds re-
acted ard then gained about . points.
Standard issues continued within
narrow range Of prices.
United States Steel gained quar-
ter Of a point Authorities on the Steel
industry reported fair operation Of
plants now in sight for from two TO
four months. With limitation OF
railroad purchases. however operations
are vet far from being conducted at
healthy rate. The Pittsburgh district
shows orders for the last week above
the average OF January, but this is not
true throughout the trade.
The decision OF the Department Of
Justice to proceed with the suit 10 sep
arate the Central Pacific from the
Southern Pacific was not great sur
prise, although California business men
had some hope that It might have been
deferred # not abandoned. Prices Of
the stock showed practically no effect.
The government contended that the re-
lations between the Southern and Cen
trail Pacific were q violation not only
Of the Sherman law but also OF the law
under which the government had aided
in the construction OF the Union Pa
cifc. The suit was of the drastic
nature characteristic OF actions brought
by the present Attorney General. II
asks that the separation be go complete
that stockholders Of the Southern Pa
cifc cannot purchase any Of the Cen
trail Pacific stock now owned by the
| Southern Pacific company. The Bos-
ton & Maine notes have at last been
! taken into the courts. An attachment
has been granted by the Supreme Court
! Of this state against the railroad in be-
| half Of the note holder who had de-
cllned to consent TO the extension OF
time on his security.
Money here continued in ample vol
ume for market purposes. Call loans
were a shade lower, renewals being
made at 1% per cent Time accom-
mediation held steady through refusal
OF lenders 10 make further conces-
slons. Commercial paper generally was
placed at per cent. though again
some exceptionally choice names passed
at 3l2 Banks have now lost over 81
0O0O 900 TO the Sub-Treasury, including
payment for the $1,000 600 gold shipped
to France