New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-24
STOCK MARKET REVIEW
After Lower Opening Irregular
Prices Follow, Closing Weak.

Inc appearance Oh tIc SNV'"
at the opening yesterday was discou'
aging to optimism, as lower prices pre-
vailed and trading was active. Oh'l'"
States Steel. which was an important
leader in the rapid rise in the early
days Of the week. appeared to be weak
and its lower tendency was accom-
panied by pessimistic reports affecting
the steel trade. Reading sold off In us
opening price and Union Pacific opened
* down, while Southern Pacihc was
full point off, and New York New
Haven &. Hartford during the first few
sales at the opening showed a loss OIL
pa points. There seemed 10 be IN
abundance Of material for bearish
rumors and deductions. In the hrst
place, the Mexican situation was seized
upon and enlarged until imaginative
traders had the United States ana
| Great Britain on the verge or seNerlng
international friendly relations, and
they drew pictures Of a consequent
smash in security prices. Weakness IN
the foreign stock market was also
| factor.
Another fact in the depression was
the New York, New Haven & Hartford
meeting on Wednesday, when 1t was
revealed that the dividend probably
will be cut to per cent. with pro-
| fessional group ready 10 break prices
in order to scalp profits, rumors were
useful, and so long as there was On
! absence Of good support and prices
gave no impressive signs Of rally the
pressure was continued and the market
was decidedly unsettled during the
| greater part OF the first hours bust
ness.
In the early part Of the second hour
there was rally which recovered part
of the losses of the early decline, fol-
| lowing which the market relapsed into
dulness, with n tendency toward i'm
provement. There was little interest
| in the trading in the early afternoon
and price changes were unimportant.
| The undertone, however. appeared TO
| be moderately firm, with Reading a
feature of the active issues in point Of
strength. Near the closing hour a SELL
! ing movement began which again car
ried prices down and the last quotations
showed declines ranging from fractions
stocks, while in the specials greater
| losses were recorded.
! AS the market became quiet around
| the noon hour the Street was given
! time to note some of the favorable
returns Of the day. The statement Of
the Bank of England for the week was
most reassuring one on the money
situation abroad, as the proportion Of
reserve to liabilities at 56.25 per cent
was an advance of nearly points
above the week previous and over 9
| points higher than the ten year aver
age of 1875 per cent. In addition 10
this excellent showing a material i'm
provement was indicated in the other
items Of the statement. III the news
directly affecting the United States the
! shortage Of freight cars reported in the
fortnightly bulletin of the American
| Railways Association was of interest,
particularly as this was the first report
showing a net shortage for the present
season. The continued easier tendency
in the local money market for time
rates prevented any apprehension in
that direction, and in call loans the
| renewal rate was 3 per cent, with an
abundant supply Of funds. Although
President Ripley Of the Atchison gave
one Of his characteristic interviews,
which had an indigo hue, the feeling in
the Street appeared to be most helpful
that the Eastern roads will be granted
an advance in freight rates.