New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-08
STOCK MARKET REVIEW
Small Days Business, with
Prices Displaying Sagging
Tendency.

After three days holiday the stock
market opened for business yesterday
morning facing a compendium of news
collected since its closing on Thursday
which carried more encouragement
rather than anything approaching a
helpful tone in security transactions.
The advices from abroad relating to
the progress of affairs in the Balkans
were not cheerful. and although the
strike situation in the Rand appeared
to be in hand developments were not
far enough advanced to favor an opti-
mistic stock market. From the foreign
field interest was diverted to the local
bank statement Of Saturday, from
which little comfort was extracted.
The news of the $30,000,OO0 failure of
the First-SecorH National Bank in
Pittsburgh, with rumors of difficulties
in concerns closely allied TO that in
stitution, came in for general discus
sion in the street, and considerable APP
prehension was expressed regarding
the later effects in trade, industrial
and public utility organizations as a
consequence.
The opening prices revealed quota
tons fractionally below last Thurs
days close, but fractionally better than
the list received from London yester-
day morning. Losses were shown in
Amalgamated Copper, Canadian Pa
cifc, United States Steel, Southern Pa
cifc, Union Pacific and Reading, and
while the volume of business was light
at the start during the first hour it was
heavier than on last Thursday. Those
who were looking on the sunny side
EXPRESSED themselves as convinced
that prices were on the bottom, as
no stock Of any consequence was
brought out, and the market settled
back into its usual periodical inactiv-
ity with long intervals between the
records appearing on the ticker. IRE
spective OF the fact that Brooklyn
Rapid Transit was the logical stock to
bid for popularity among traders, ow-
ing TO a big three days holiday bust
ness Of the company, the stock did not
open until around II O'Clock, and then
at a price unchanged from last weeks
close A good statement of several
railroad earnings failed TO call forth
any market enthusiasm, and move
ments became monotonously dull,
while weakness developed in the after
noon. American Telephone and Tele-
graph was subjected TO a selling move
ment as the result of a report that the
government contemplated proceedings
for the dissolution of some Of its West
ern subsidiaries.
Declines became quite general in the
late afternoon, the fractional losses be-
ing recorded in both standards and
specials, but the total volume of trans
actions made up a small days business.
One of the reasons for the market be-
| ing somewhat unsettled was the re-
newal of gold exports to Paris; an en-
gagement OF S30O0.0OO for to-day S
steamer was announced, and this, fol-
lowing the decrease of over Sl5,WOOO
in Clearing House reserves, was dis
turbing to sentiment. A favorable part
of the news Of the day was in several
Of the reports Of railroad earnings,
which showed a considerable increase
in gross. and in some of the lines an
encouraging increase in net. Great
Northern was especially good and re-
ported a gross gain Of S1,34023O and a
net gain of $500, 459.
The local money market as affecting
loans presented little change from last
week; the call accommodations were
plentiful while fixed loans remained
firm.