New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-19
STOCK MARKET REVIEW
Most Prices Recorded Fractional
DeCIines-0iI Stocks Strong.

Renorting the results of market
changes these days is simply recording
the changes overnight in the tempera-
ment Of professional traders, ana the
outcome is of no practical value 10 the
investing public, as far S indicating
,alues or representing the present con-
dition Of the countrys general busl-
ness. Every days transactions oiier
10 the trader an opportunity for max
ing deductions regarding the move
ments of prices. and in that respect Tie
speculators benefit 10y operations of the
sort which yesterday made up the total
Of security trading.
Following the suggestion of hrm
undertone i'm Thursdays market there
was a feeling in the Street that the
market was destined TO show an I'M
provement but the opening yesterday
morning exhibited a dull tone, with
fractional declines in the leading IS
sues. Union Pacific. Reading, Amerl-
can Telephone and Telegraph, Amerl-
showed losses. while Amalgamateo
Copper opened unchanged. Trading
was confined to comparatively Few
issues during the first half hour, and
with the exception Of Reading steel
and Mexican Petroleum there was lii
tie activity in the list throughout the
day. Mexican Petroleum was one oil
the issues selected for an advance. and
The buying through certain houses iden-
tilted with that issue. accompanied by
"a report that the company will show
around - per cent earned in 1913 a"d
that the dividend rate may be ad-
vanccd TO Is per cent, had stimulat-
ing effect on operations. so at the close
of the market gain of more than I'VE
points was recorded in that stock.
In sympathy with the rise IN MeXi-
can Petroleum both the common and
the preferred stocks Of California Pc
troIeum rose also, the preferred adj
vancing over three points. The activ-
ity in the petroleum issues was about
the only indication of real interest IN
the stock market throughout the fore
noon session. Reading was sold At
times during the day in good lots, but
the buying was sufficiently supporting
to confine its loss to fractional de-
cline for the Gay. Baltimore * ono
was weak. as were also Chino Copper.
New York Air Brake Northern Pacific.
Rumely. both the preferred and COM
mon: Studebaker, Western Union Tele-
graph and some others, which de-
clincd a point or more. but i'm the main
only fractional losses were shown in
the list
Traders were interested in the action
Of bonds. especially the 81. Paul 4izs
i'm an endeaVor to form some conclu-
sions regarding the trend of prices and
the interest of investment buyers
Movements of prices. however. offered
only slight foundation for estimating
the trend. but there appeared TO he no
disturbing liquidation in progress. the
chief point of disconcerting nature
was that the original offering Of the
$50 100000 st. Paul bonds had not
been subscribed in full. Circumstances
such as the present suggest that posi-
bly, even more advantageous terms
may he made in other new offerings
that are planned TO come out later.
The local news OF the day developed
nothing Of importance having a direct
bearing on security markets. and po-
litical affairs abroad appeared TO he
practically in status quo, while the
foreign stock markets moved along
similar TO our own without public par
ticipation. governed wholly by profess
sonal direction.
The local money market was inhu-
enced by a further decline of foreign
discounts. and an easier tendency was
exhibited in time loans. the rates he
ing reduced for mixed collateral loans
aud in the commercial paper market.
Call loans were renewed at 2sa per
cent.