New-York tribune., 1913-05-08
STOCK MARKET REVIEW
Early Weakness Followed by
Better Tone in Afternoon.

There was little encouragement for
improvement in the action of the stock
market in yesterday mornings open
ing. The Hartman issues were very
heavy. and both Union and Southern
Pacific sold to new low figures on the
present decline. The market vas so
intensely bearish that in the early
prices all signs pointed to further SELL
ing movement, with no marked evi-
dences of support. Interborough-
Metropolitan preferred slid down the
scale very easily and an initial decline
was exhibited in Reading. while weak
other prominent issues.
United States Steel was given some
support under Tuesdays closing price,
but the impression among traders was
that the support lacked substantial
color and that Steel was doomed TO
lower levels. but at the close Steel was
firm. 1t seems to be an open secret
that at least one of the former largest
holders Of Steel unloaded his holdings
some time ago, but whether selling OF
large holdings is now in progress is a
question which is being asked In Wall
Street.
There was no vitality in the market
I'm the early afternoon and New York
Central sold down TO new low record
for the year. breaking through par in
an impressive volume of trading
American Wooden preferred was one
OF the weak specialties and Virginia
Carolina Chemical touched its lowest
price since the year 1908. The selling
OF Atchsor below par, both the pre-
ferred and common issues, made a
very unfavorable impression on the
Street as the common is a Il per cent
stock and the preferred Is on . per
cent basis. Seeking a reason for the
special weakness yesterday developed
in the news of the day to warrant the
pronounced pessimism shown most Of
the day in the financial district except
the reports of further curtailment in
some lines of business and a slight
falling off in the steel trade, which was
not unexpected, in view Of the de-
velopments politically during the last
few months.
In the late afternoon a better tone
prevailed, and recoveries were made in
some issues at the close that showed
good gains over Tuesdays final quota
tions. Amalgamated Copper, Ameri-
can Can preferred, Canadian Pacific.
Southern Pacific. Utah Copper. Read
ing and Chino Copper all advanced
more than a point, while Rumely was
very strong, both preferred and COM
mon. the former gaining IL points and
the latter Az points.
Europe's affairs were reported to be
in much better shape and the war
clouds at last seemed to be disappear
ing. The dispatches stated that the
Austrian War Minister had given or
ders for the dismissal of the south
eastern reservists, who will begin to
disband next week. AS these troops
occupied the strategic points on the
Servian and Montenegrin borders, the
move would indicate that Austria con-
siders that serious trouble has been
averted The betterment was also ex-
hibited in the weakness Of foreign eX-
change, which was off % points on the
day, while money in London was much
easier.
No radical change was shown in the
local money market. The quotation for
sixty-day maturities ruled slightly
higher than on Tuesday, and there was
an improved demand for longer periods
and some increase in the volume Of
business reported in the loans extend
ing beyond the year. The commercial
paper market was quiet. Call money
was dull, and ruled around 2A for re-
newals.