New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-03
STOCK MARKET REVIEW
Several Adverse Factors Were
RESPONSIBLE for Declines.

freshed as @ result Of its three nom
days, and lost its energy soon AFTER an
opening which seemed destined 10
show a higher range Of prices among
the standard issues. Activity ana
strength were pronounced in the Initial
transactions, except in New YORK. Ne"
Haven & Hartford. which recorded
loss of 1Ss points. Southern Paclhc
was a feature on the strong side ana
the first dealings in Union Pacinc dls-
played gains over Fridays closing
quotation. United States Steel opened
at GAS ex-dividend. which was equiv
alent to an advance Of IL over Fridays
final price.
Amalgamated Copper made its ap-
pearance at 771s, which was rs points
above its price on Friday, and Cana
dian Pacific was benefited by It's rise
abroad during the close here, ana
opened at 3A points higher than
its last figure on Friday. Too many
discouragng elements combined 10
take the spirit out Of trading. however,
and business became very dull during
the late morning, while prices SOLD OH
and the bears grew more numerous
The wreck on the New YORK, New
Haven & Hartford. following other
serious wrecks during former months
in conjunction with adverse sentiment
caused by the roads mismanagement
lot
caused the stock to decline to the low
est point at which IT had sold prior 10
yesterday during a career of forty
years.
pressure, partly as a result of the gen
orally depressing atmosphere in the
market, but chiefly on account or the
outlook for the system In complying
with the full crew law. which will mean
adding a large list Of employees VINO
Will not contribute TO the earning
capacity of the road, but will increase
expenses of operation. The govern
ment crop report, showing a condition
Of cotton of $50 on August %, as COM
pared with 100 on July % of the pres
ent year. and in comparison with '4.o
on August %, 1912. and the ten-year
average Of 74.7. was a factor in the
bearish sentiment displayed.
A dispatch from Washington an
nouncing that Attorney General Nc
Reynolds had filed suit in the United
States Court at Philadelphia against
the Reading company, under both the
antitrust act and the commodities
clause, attracted attention. In the
citations against the road given out
by the Department Of Justice IL was
outlined that the combination is the
backbone Of the alleged monopoly OF
anthracite and controls about two
thirds Of the entire deposits. The
statement refers TO the road as an UNI
lawful combination that will be re-
CURED to dispose OF the stock Of the
Reading Coal Company, the Central
Railroad of New Jersey, the Whining
ton e. Northern Railroad Company and
the Schuylkil Navigation Company.
The petition. II is stated. is based on
the principle established for the first
time in a decree entered for the dis
solution Of the Union and Southern Pa
cifc merger. The suit was especially
interesting on account Of its commod-
tiles clause, as II has been contended
that, due to the threefold nature Of the
Reading organization, II was immune
from attack on that score. Reading
stock at the close did not disclose much
unfavorable effect, as the loss for the
day was fractional only. In addition
to the several other developments dur
ing the session which contributed to
adversely July earning statements of
Pennsylvania and New York Central
made public showed losses in Let, and
the announcement. although 1t had
generally been expected. of default in
the interest Of $2S.500.OOO first mort
gage bonds Of the New Orleans, Texas
e. Mexico division OF the Frisco did
not help the situation.
Finally the continued drain on the
banks as result of SubTreasury OPP
erations and the less favorable bank
statement Of Saturday were respon-
sible for a slightly firmer tone in call
money that was renewed at 2$ per
cent. but loaned at "a per cent Time
leans were dull. with no reported
change in rates. Among the specials
dealt in there were instances of gains
with more or less activity. Except in
few issues, where features of losses
were established, the declines at the
close were fractional