New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-26
STOCK MARKET REVIEW
Comparatively Small Volume of
BuSineSS-MeW Haven Weak.

DECIDEDLY the feature of the stock
market yesterday was the weakness Of
New York. New Haven & Hartford,
while the remainder of the list with
very few exceptions displayed a firm
tone and at the close recorded gains.
The total volume of business was the
smallest for some time, but with a ner-
YOU ness resulting from uncertainty re-
garding possible developments in MeXi-
can affairs. and on the eve of President
| Wilson's message to Congress covering
the situation in Mexico, it was only
natural that trading should be re-
stricted and that followers Of the stock
market should refrain from extensive
| commitments on either side.
The weight of opinion seemed to be
that the outlook for a rather peaceable
arrangement between the United States
and Mexico. including the retirement OF
| Huerta from his official position, was
factor on the favorable side of i'm
provement, and prices, while not active
and aggressively strong, preserved a
| firm undertone, which prevented in the
main the development Of a declining
| tendency. The rise seemed 10 result
from a lack of selling pressure instead
of bullish optimism, however, except In
few stocks such as American Can.
! Rock Island preferred and United
! States Steel. The cause for the decline
| -, G.
appeared to be the fear that further
reduction in It's dividend may occur.
based on the showing made in the
annual statement. which reported
deficit of 81 100000 for the year, to-
gether with a decrease of 81 463,31S In
the companys surplus.
The apprehension regarding any
! change in the dividend rate was not
shared by those closely associated with
New Haven, and it was pointed out
that the issuing Of SCI, 552, 400 Of 6 per
cent debentures will not greatly in
crease the roads charges over those or
| the last fiscal year. as they Will refund
| $40. 900, 900 of maturing notes and re-
|
a reduction in interest. Sentiment In
this market was bolstered up by the
| comparatively favorable reports OF the
| feeling abroad. While not especially
active, prices on the London Stock EN-
change and the Continental bourses
exhibited a firm tone, and no important
pressure was placed on American Sc
curities in the dealings of the day
Wall Street gave considerable atten-
ton during the day TO figuring out the
net results of the bankers convention
| at Chicago as affecting probable
changes in the administration currency
measure. Positive statements were not
numerous, but there was hopefulness
in the tenor Of the discussions, not
withstandng information purporting TO
be semi official that President Wilson
will adhere closely TO the main feat-
ures of the measure as IL now STANDS.
Among the local bankers the impress
sion prevailed that the convention
would reap good results and that due
consideration would be given to the
| findings of the bankers. as outlined III
the recommendations adopted.
In the investment market the an
nouncement Of q sale Of 100000 Az
per cent bonds Of the Pittsburgh, Gin
cinnati, Chicago & st. Louis Railway
had a favorable influence, and furth-
! or softening of time money rates
strengthened the belief that the outlook
for money is improving. Activity IN
the mercantile paper market due 10
better demand from the interior was
the chief item Of interest in the local
money situation. and carried conVic-
tion that larger sums of money are
available among the country BANKS
than were possible a few months ago,
CAN money was plentiful and renewed
at "a per cent