New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-12
STOCK MARKET REVIEW
DulnesS and Sagging Tendency
Prevailed at the Close.

The shifting of leadership from the
Union Pacific to other issues, apparent
in the stock market in the early part
| OF the session yesterday, left prices
with no defined position, so far as the
general tendency Of values could be ac-
cepted, as an index to sentiment. The
market opened with unimportant price
changes and dulness prevailed through
out the list. The confidence that 3D.
| tanned during Wednesdays trading re-
garding the Union Pacific situation and
a seeming probability that some action
would be taken regarding a dlstripu-
ton OF the cash received from the sale
! Of Southern Pacific certificates was aD-
sent, and in its place had come uncer-
| tainty, which allowed a sagging ten
dency TO be exhibited in Reading
Union Pacific, United States steel,
Amalgamated Copper and other issues
in their initial transactions.
There were evidences of frmness IN
Canadian Pacific, American Can and
few industrials from the time the mar
ket opened. and during the first halt
hour the declines recorded In the
standard issues were followed by re-
| coveries, especially in Reading ana
United States Steel, which touched
prices above Wednesdays highest
quotation. The electrical issues, such
as General Electric and Westinghouse,
were strong, and Southern Pacific
gained IN favor and at the close OF the
session was one of the few rails eX-
hibiting gains. Activity ceased toward
the end Of the first hour and prices
eased off, while traders assumed a
waiting position until the Union Pacific
meeting had disclosed the disposition
Of the directors to make definite an
nouncement Of their intentions in the
hoped for melon cutting.
During the remainder Of the day in
.terest in market movements appeared
to decline. and among the commission
houses and on the floor the Zone OF
Quietude gradually drifted into state
ot sluggishness in most Of the stocks on
the list, and no attempt was made 10
revive any interest in the seemingly
abandoned situation. The failure OF
the Union Pacific board 10 take action
or consider the disposition Of the S6S,-
900, 900 secured from the sale Of South
ern Pacific holdings did not help solve
the question whether or not stock
holders will receive q melon. as after
the meeting Chairman Lovett stated
that the directors had not considered
the matter. His ambiguous answer TO
the question put IN him was accepted
by some TO mean that sooner or later
stockholders would receive a share OF
the cash accumulated, but the indef-
mite period as TO when il may come has
brought into the market another factor
Of uncertainty which may be expected
to operate more or less for and against
improvement until some definite plan
has been announced for making use OF
this extra cash.
The news developments Of ;he day
aside from the weekly returns Of the
Bank of England and the Bank OF
France contained little to influence sem
timent in the security market The
most important announcement of a
local nature was the death of Mayor
Gaynor, which possibly may have some
bearing on the stock market later, but
II was not noticeable yesterday. The
money market remained practically |
unchanged, and call loans were re-
newed at 2& per cent.