New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-22
STOCK MARKET REVIEW
Early Strength Followed by De-.
ClineS-SpeCiaIS Weak.

| The apparent undertone of frmness
which has prevailed for several days
among the leading issues of the stock
market was in evidence yesterday at
the opening, and in the initial buying
there was a moderate degree of ac-
tivity. Reading, United States Steel
and Amalgamated Copper appeared TO
be well purchased, and for the first few
minutes of trading an impression was
| created that the market was destined
TO improve. The spirit of activity did
not remain, and while the underlying
strength continued TO a degree the
market relapsed into dulness, and, as
on other days, trading became merely
desultory.
| Toward the end of the morning ses-
sion the market turned reactionary and
weakness developed in a few special
ties, such as California Petroleum,
Mexican Petroleum and others. but the
standard list remained fairly firm.
| California Petroleum sold down TO 81
| in the early afternoon, which estab-
| lished a new low price for a > per cent
stock, and the preferred went TO 6S re-
| peating its low record of April %.
In the late afternoon there was
gradual decline in prices, and at the
close fractional losses in the leading
issues, with more pronounced declines
| in the specials. marked the result of the
days transactions. The news from
abroad reported that the Chinese loan
had been heavily oversubscribed, but
Notwithstanding this result irregularity
was exhibited in the movements Of Sc
curity prices on the foreign bourses.
The local money market was very
| quiet and call money ruled easy. with
renewals at "a per cent. There APP
peared 10 be no demand for time funds.
and as a result both rates and offerings
were slightly easier. No further gold
engagements were announced beyond
the 100000 for Paris account re-
ported late on Tuesday afternoon.
| The city bond sale was a distinct
! factor in the stock market yesterday,
and its effect was one of depression
rather than encouragement in view of
the price at which the bonds sold on
the curb. In a general way the Street
| had looked for a better result from the
| offering OF this issue. and the conserva-
| tive prediction had been that the bonds
would show an average price of 1902
or higher, and be several times over
| subscribed. Yesterday the city bonds
sold down 10 997s on the curb, and this
| did not help sentiment.
Reports from the trade centres ind-
Gated rather cheerful sentiment in the
! West due 10 the promise Of good crops,
but the industrial situation, especially
| in the steel and iron trade, was less
promising. There was a reported
| further decline in pig iron and les
sening of the rate of specifications.
while new contracts were said to be
! of comparatively small volume. THE
Iron Age" this week says that labor de-
mands are more numerous, and in Buff
| falo a number Of large plants have
been closed down. Reports are not
uniform az to the disappearance OF
premiums on early shipments OF plates,
shapes and bars. AS mills are cutting
down the accumulation of orders there
are some surprises here and there al
| the deliveries now promised on new
| business.
| "The Iron Trade Review" comments
\ on the tremendous consump tion OF
products OF furnaces. foundries and
finishing mills in contrast with a very
small volume of buying. In view Of
the present rate of consumption this
weeks review forecasts considerable
new business. although ordering may
be for present delivery until IL becomes
more apparent how much tariff and
other conditions will interfere with
business.