New-York tribune., 1913-06-18
STOCK MARKET REVIEW
lrreguIarity During the Day Fol-
lowed by Rally at the Close.

l0Wed by Rally al the close.
Yesterdays stock market consisted
of a series of alternating movements,
which kept traders guessing at times
as TO the probable turn transactions
will show in the range Of prices. The
opening displayed considerable selling
pressure, and quotations generally eX-
hiblted fractional declines from Mon
days closing. Union Pacific. Southern
Pacific, United States Steel, Canadian
Pacific and others were lower in their
initial sales. and at the outset the signs
pointed to liquidation and short selling.
But the movement which began 50
dscouragingly seemed to spend its
force. and the market resolved itself
into a dull and Indifferent course after
the first half hour. Among the early
stocks which exhibited firmness were
Reading and Lehigh Valley. but around
the closing Of the first hour When
rally took place, the Interborough
issues, particularly Interborough Metro
politan preferred. stood out notably in
point Of strength and made a new high
record on the present rise. Before noon
time stocks had relapsed again into
comparative dulness. but the tone
seemed to be relatively firm. and In
such issues as Reading and Lehigh Val
lev the advance was vigorous and the
transactions represented considerable
volume.
In the early afternoon the advance
was checked, and the market became
backing and filing affair, confined al
most entirely to professional opera
tions. In the afternoon prices sold on
especially Union Pacific and United
States Steel, but just before the closing
a vigorous upward movement took
place. which switched the trend 10 the
bull side, and the list presented gains IN
most of the active issues in the final
quotations.
one Of the causes Of periodical weak
ness during the session was the depres-
sion evinced In the foreign stock
markets and the selling by London OF
about 10000 shares at the opening IN
this market, but the action Of the mar
ket as a whole in view Of local and for
eign events was looked upon as very
favorable. and traders on the long side
appeared to have the situation under
control for the present. Considerable
information came out during the day
Of interest TO Wall Street, some OF
which was not particularly favorable
The governments weekly weather re-
port told of lack Of rain in certain
sections OF the winter wheat district,
accompanied by unusual coolness, but
in the spring wheat outlook the news
was more favorable.
An announcement was made concern
ing the sale of $4,000 600 one-year >
per cent Southern Pacific notes TO a
local banking syndicate, and that the
issue will be offered for subscription at
%. Just what price the railroad re-
ceived for these notes was not stated,
| but it was evident that the money was
secured at comparatively high rates.
The foreign war news was decidedly
less encouraging, and the Balkan situa-
ton remained unsettled sufficiently 10
keep Europe in a state Of fermentation,
reflected in both the money and stock
markets.
In the local money market there were
! evidences Of preparation to meet July |
payments, and a reported inquiry for
money from Berlin bankers who were
in the market here for short term loans.
Call money assumed a flrmer tone, and
renewals were made above per cent.
Time loans were slightly easier, but
commercial parer rates continued TO
preserve a steady tone, although more
business was transacted in that depart
nent