New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-12
STOCK MARKET REVIEW
Opening Was Firm, but Prices
Declined in Afternoon Trading.

1t was evident from the opening yes
! terday that the day would be an IN
teresting one and that Wall street
/ would have liberal gathering in the
commission houses ana offices through
out the financial district. There were
customers who had been waiting Tor
the market to strike a resting place
where stocks could be purchased win
an average degree of safety for turn
on the upward side, and they seemed
ready 10 get in the market. bat were
discouraged by brokers who advised
caution and a waiting policy until de-
velopments had demonstrated greater
degree of stability in prices among the
leading issues.
Trading was active from the open
ing and at first the market gave eNi-
dences of strength, but on the advance
stocks were literally supplied. and the
| tone of firmness shown in the initial
! transactions changed TO q sagging ten
| dency as the morning advanced. In
the early operations strength was
shown, especially in Amalagmated
| Copper, Union Pacific. Steel Northern
| Pacific and Great Northern. When
! pressure began these stocks were Sc
| lected for attack. and sold off to
point not only touching the low quota
| tons of Tuesday, but experienced
! further declines. especially in Union
1 d.
! ing was also selected for bear opera
tons, but the real issue of the day in
which liquidation and short selling
mingled was Canadian Pacific. Further
cleaning out of long holdings in this
former favorite of both sides of the
water resulted in loss Of more than D
points at the close.
| The volume of the days business was
| considerably less than on Tuesday, but
the trading was sufficiently distributed
| TO mark varied interest in the list,
and transactions included not only the
| standards and better class OF indus
trials. but new specialties, which In a
! few instances displayed a firm tone.
| Weakness was exhibited in Loose
J Wiles. Woolworth, Mexican Petroleum
! and some others, while American To-
bacco, Goodrich, International Har-
vester Corporation. Rumely and the
! Texas Company were numbered among
those having gains when the market
closed.
The greatest amount Of trading was
in United States Steel. which resisted
the burden of pressure remarka bly,
we'll although the price broke below 30
Ii closed at the even price. with total
Of more than one hundred thousand
shares having changed hands during
the session. The early selling yester-
day did not come from abroad, as on
! Tuesday, but was due 10 local offer
ings. Feeling in London was decidedly
better and prices there improved dur
j ing most OF the day but Wall Street
| was in a nervous state, and In view OF
the several disturbing factors which
continued TO cling to the market 1t was
difficult to inspire much confidence on
| the bull side. NO special cOnsOldtlOn
was extracted from the Minnesota rate
case decision after days elaboration.
and the Union Southern Pacific prob
lem presented a most unsatisfactory
prospect in view OF the uncertainty re-
garding the disposition OF Southern
Pacific's holdings The attitude Of
local bankers was not such that en-
couraged traders to look forward with
feeling OF certainty. and about the
only news which had a cheerful bear
ing was the reported increase in odd
lot buying as a result Of the markets
heavy decline recently.
The call money market experienced a
falling off from the renewal rate OF 2a%
per cent to a point below per cent,
around which loans were made by sew
eral institutions. Time money on the
contrary, exhibited a firmer tendency,
and was considerably higher during
| the day