New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-09
STOCK MARKET REVIEW
Prices Irregular, with Leading
Issues Off at Close.

A restraint was eVluent III lIe O''
trading on the New York Stock Ex-
change yesterday, and prices moved III
an irregular way as the result or crop
news and political affairs. including the.
problem facing tie United States gov
eminent in tie Mexican situation. All
attempts at a sustained advance OF
env importance in prices during me
early trading and into the AFTERNOON
with a few exceptions In the list, were
met with selling of sufficient proper
ton TO check the upward trend and 10
cause declines in the leading issues.
The feeling prevailed, as 1t had on pre-
vious days recently, that prices had
gone sufficiently far in one direction
and were entitled to a reaction of sew
eral points.
The principal ~eason assigned for the
uncertaintJ during the forenoon was
that traders were waiting for the crop
report, and they attributed all the dis
position to refrain from active par
ticipation in transactions 10 the pos
The elements Of strength and weak
ness were so mixed that 1t was diff
cult to define the trend. but bearlsh
sentiment IN certain quarters. usually
having a decided influence on stock
market movements, was said TO be re-
sponsible for considerable selling OF
some Of the standard issues. The APP
pearance Of the government crop re-
port in the Afternoon varied little from
the estimates made in Wall Street dur
ing the last few days. but the actual
conditions based on weather reports
since August /, probably are worse
than the governments estimate
which showed the lowest condition for
the same period in many years.
The Copper Producers Association
report, which was made public during
the day for the month Of July, showed
a nominal increase Of 69O,339 POUNDS
in stocks on hand on August !. COM
nared with the A.. res published as or
July 1. The consumption OF domestic
copper decreased. but the gain in for
eign shipments was more than SUM-
cient to offset the domestic loss. Cop
per stocks displayed irregularity at the
close. Amalgamated and American
Smelling and Refining and Utah ex-
hibited fl actional gains. while Chino
Nevada Consolidated and Miami re-
corded fractional losses.
One Of the developments In the uao-
ing was a broad demand for Uniteu
States bonds, which was thought 70 De
the result of the conference of bankers
at Washington and the supposed neces-
sity for banks TO have 40 per cent CIR
culation outstanding in order to secure
some Of the $50 100000 or more when
the Secretary Of the Treasury proposes
TO distribute for crop moving pur-
poses. When the Secretary made his
frat announcement 1t carried the IN
Outstanding that banks must have the
necessary 40 per cent circulation, and
this had the effect Of stimulating the
market for United States IS and
checking the decline which had been
on ln6 way Ava SOii4C tAAA'N' -N'F
ulation Of the 40 per cent was hardly
in harmony with the governments
avowed purpose Of assisting the banks
during the crop moving period. as
many banks could not meet the re-
ouirements and would have been pre-
vented from sharing IN the govern
ment's offer.
1t is understood that the Secretary
has receded from his position, and that
banks will be allowed 10 share IN the
distribution according to their require
nents. Were II otherwise the Secre-
tary might be accused Of manipulating
the bond market for the purpose Of
boosting the rs. Whether the strength
Of the government issues will continue
Is a question some bankers are asking.
Local monetary conditions in The
main were unchanged, but sentiment
was more favorable toward time loans,
although local institutions gave no
signs Of increasing their offerings
Call money was in plentiful supply and
renewal rates were pa per cent.