New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-04
STOCK MARKET REVIEW
UnfavorabIe Crop News Affects
Prices and Closing Is Lower.

U lONS 0Iib S'OS'''5 ~ ~N''
Movements in the stock market yes
terday during the morning session az
forded little Of A direct character 10
enable traders to form an estimate OF
the markets actual position. Inc
opening was attended with activity and
lower prices that apparently sustained
the bearish position assumed on tues
day by a large percentage OF traders
United States Steel Amalgamated
Copper, Southern Pacific, Union Pa
cifc Reading. New York, New Haven
& Hartford and New York Central dis
PLAYED sagging tendencies, although the
pressure was not so heavy that u
caused any sharp breaks in the list
Shortly after the initial dealings there
was short period Of recovery. follow
ing which trading became very dull
Some support was manifested in New
York Central, and after New YORK.
New Haven & Hartford had reached
the new low record by selling at 10
some buying orders were in evidence.
one of the developments of the fore
noon was the weakness in coppers, and
this turn in sentiment was disquieting
to those who had based their hopes on
firm trading and leadership in that d.
rection. Irregularity marked the
course of business during the remain
der Of the morning session, until
around the noon hour. when the list
exhibited a sagging tendency and there
seemed to be an absence Of any sub
stantial support.
The afternoon brought real evidence
of q break from the attempted sus-
| tanned level and the firm undertone ex-
hibited for some time past Prices
sold off sharply following the publica-
ton Of the weekly weather report
which was decidedly favorable, but
even under such conditions the mar
ket's behavior exhibited a certain buy
ing power that prevented a break more
damaging in its effects than the one
experienced Railroad earnings made
public during the day had a mixed
influence. Net losses were exhibited in
the July returns Of Rock Island and
ST. Paul, but in Louisville & Nash
Vile a net increase was reported. The
political situation at Washington con-
tinued to be of interest in local bank
ing circles particularly, while in the
stock market interest was shown in the
progress Of currency legislation. In
the late trading some recoveries were
recorded from the low prices Of the day,
especially in United States Steel. Union
Pacific, Northern Pacific, New York.
New Haven & Hartford. Amalgamated
Copper and Reading.
News Of the day included reports
from the industrial centres. and week
ly reviews OF the iron and steel trade.
THE Iron Age" says that new buying
is on a conservative scale. Contracts
have been expiring based on prices for
mill products lower than those Of re-
cent months. In some cases a 10 per
cent advance on the last contract has
been paid, leaving the new basis still
below the level of the last six months.
The problem now TO be worked out IS
that Of finding on what lower level
free buying will again become the rule
and the steady reduction in untitled
orders be checked. What is most i'm
pressive is the extent to which the
country is taking the output Of the in
dustry as it stands, indicating that no
drastic price changes are Immediately
ahead.
The banks continued TO show losses
TO the government in their Sub-Treas-
ury operations, and there was a slight
tendency to restrain time money trans
actions. Call money was firmer, be-
ing renewed at 2%. More liberal buy
ing in commercial paper was recorded
among the larger institutions.