New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-02
STOCK MARKET REVIEW
Dull Trading and Lower Prices
Prevail Most of the Day.

Interest yesterday was largely CEN
tired in Secretary McAdoo's announce
ment that the Treasury of the United
States will be open 20 supply S'o'oV'-
900 TO Southern and Western bankers
10 facilitate the crop movement
Among the New York institutions sur
Prise was expressed that public funds
should be put out except in the event
Of an extraordinary strain in money
channels. Considering the fact that
the tendency toward restriction OF
financial matters has been growing
gradually less, it does not seem that at
this time there is any necessity for
the action Of the Secretary, especially
in so far as he departed from estab-
lished precedent
The final effect of this departure
cannot be estimated as new rule is
being established by the Secretary in
the administration of government
funds and II will require time 10 learn
the result The general view here In
the matter is that the announcement
will have the effect of stimulating the
value Of government per cents. Nee
cssarily the demand for these securi-
ties will be increased. and in this par
ticular the Secretary's action seems
reasonable The wisdom Of Secretary
McAdoos policy is open TO question as
II has afforded an opening for radicals
10 direct fresh attacks against New
York institutions at time when
more conservative course would nave
seemed TO be desirable. II the question
Of relief were a critical one the gov
ernment's aid would be accepted with
gratitude by bankers and business in
terests everywhere, but a suggestion
Of so much money available for the
mere asking may have the effect OF
creating undue activity in various
channels. the consequences Of which
may be detrimental to the country at
a later period.
The opening Of the local stock mar
ket did not touch the high point sent
over from London, although fractional
gains were recorded in all the leading
issues. The tone Of the market was
dull and the tendency was toward In
different trading during a large part OF
the forenoon.
Later. during the morning session, an
effort was made TO bring on rally
but II failed 10 stimulate any &C
tive participation in a buying move
ment. Stock was supplied on ad-
vances, but, on the other hand. when
ever selling movement began no
stock Of Importance was In evidence
and the market became desultory az
fair. which indicated backing and
filling. with no decided trend in view.
Chesapeake & Ohio developed some
reaviness. and a revival Of the rumors
that the dividend would be reduced as
sisted the depression, which failed TO
have any appreciate effect on the re-
mainder Of the list Of rails Specials
displayed a weaker tendency. win
greater declines at the close.
During the afternoon. while weak
ness WAS UOl pronounce NAANAS va -
sagging tendency in prices, which con-
tinued until late in the session, when
slight recovery began. loss to the
Sub-Treasury for the week was re-
ported by the banks. but receipts from
the interior resulted in a moderate net
gain Of cash. The crop news OF corn
and cotton was not favorable. and SEN
timent was Influenced accordingly. OF
the June railroad reports made public
a decrease in net earnings was notice
able. Pennsylvania lines fell off ST.
252.OS2. while New York Central
showed a loss Of S4S1. 1882 and Atchison
reported a net loss Of S456,6O6. ST.
Pau. on the contrary. displayed net
gain Of S1GO87S. An easier tone pre-
vailed in the money market. particu-
larly for short time accommodations.
Call money was supplied freely as OF
late, with the renewal rate at IN per
on11t