New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-09
STOCK MARKET REVIEW
Small Volume of Business,
with SIiqht Price Changes.

The forces that have q controlling in
huence over affairs in Wall Street
seemed favorable to the stock market
yesterday. in view of the disturbing
element created by the Pittsburgh sit
uation growing out Of the failure of
the First Second National Bank of that
city. Whatever else may be said, it is
a fairly accurate deduction that the
market was given substantial support
without any aggressive movement tow
ard price betterment.
Conditions at the opening yesterday
seemed favorable for general decline
in values, as London reported quota
tions from one-fourth to three-fourths
off from Mondays closing before the
opening here. Initial transactions in
this market i'm the majority of IN
stances presented either unchanged or
fractionally better prices. Reading
opened at an advance, while Southern
Pacific and United States Steel opened
unchanged. Union Pacific was an eX-
ception and displayed a slight loss.
The strength exhibited at the beginning
did not continue, and soon after the
first business of the day was recorded
a tone of weakness became apparent,
which was not dangerous, but the mar
ket resolved itself into a dull, listless
affair that continued throughout most
of the session, with a sagging tendency
TO prices at the close.
The extent of the damage which will
result from the Pittsburgh bank diff
Guilty cannot be estimated at this time.
Generally speaking, financial interests
of Importance had been cognizant Of
possible trouble and had prepared
themselves for exigencies by severing
any connection of a responsible char
acter which might involve them should
the worst be realized. The chief effect
later of an adverse nature may be
among the banks in the smaller towns
identified with the public service inter-
ests of the American Water Works and
Guarantee Company. This concern has
been conducted along such extended
lines and the securities of subsidiary
companies have been used so literally
as collateral for note issues by the
American Water Works and Guarantee
Company that trouble may follow IN
some of the sections among the con-
Germs carrying these securities. New
York bankers as we'll as Pittsburgh in.
situations not identified with the fail
ure, are inclined TO pass over the affair
as incidental, and do not think the
prospect alarming beyond the harm al
ready reported.
The Street was much interested in
the turn taken in the strike vote and
the announcement that negotiations be-
tween the trainmen and conductors of
the Eastern railroads and the confer
ence committee of managers had been
broken off and a deadlock had been
reached without signs from either side
of a possible recession from the posi-
tons assumed. A further engagement
of gold, amounting to S2,OoO,0OO, for
Paris was announced, and this, TO-
gether with advices from the Balkans,
which carried the information that Il
general war in which Turkey would re-
new hostilities against Bulgaria seemed
did not inspire any predic-
tion of stock market improvement.
The local money market was un-
changed from previous days except the
evidence of a slightly firmer tone to
time money as a result Of gold exports.
Call funds were available in plentiful
supply, and renewals for the day
ranged around per cent. New York
continued TO add TO the
governments exchequer and Sub
Treasury operations displayed a with
drawal from the banks Of SJ,JO0OOO
and a gain by the government Of SILL
100000 since last Friday.