New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-07
STOCK MARKET REVIEW
Mexican Affairs Depressing to
Prices in Afternoon Session.

Except in the early trading yesterday
the stock market was held under SUD-
lection by the disturbing news from
Mexico, which seemed to indicate that
the period of Intervention was draw
ing near and that the United states
government fully realized that 1t must
soon take an active part in carrying
out its policy of the retirement OF
Huerta and the establishment of some
stable form Of government. The carry
professional tone appeared TO be favor
able TO Improvement, and following the
opening prices were advanced. with the
undertone favorable during the flrsl
hour. Considerable consolation was
absorbed from the statement given out
on Wednesday by julius Kruttschnltt'
the chairman of the Southern Paclnc
road. which was optimistic regarding
the prospect of better period ahead
for the railroads.
A feeling of relief followed the report
that Ex-Governor Buckley of Con-
necticut had decided to withdraw his
opposition to the bond issue of the New
York, New Haven & Hartford. and the
securities Of that road remained firm
at the close of the market. During
the forenoon session the local trac-
tons and some Of the specialties were
conspicuous for their bullish tenden-
cies, but during the second hour press
ure put on the market caused prices 10
/ decline. In the early afternoon there
| was q lively exhibition Of selling that
resulted in a sharp downward move
ment, after which the market relapsed
into dulness, and while prices displayed
slight tendency toward recovery.
there was nothing that suggested
| tendency to rally
Such buying as occurred was for
short covering, with an absence Of new
| commitments. Just at the close evil
| dcnces Of weakness were noted in the
list. especially in United States Steel
and Amalgamated Copper. One Of the
events of the day construed to be
| beneficial to finances Of the Street was
the announcement Of an engagement Of
! 100000 in gold in London by New
| York bankers. Inquiry developed that
an impression existed not only. in the
house directly interested In this inn
portation but among other local in
stitutions that no further gold would
be arranged for, at least for the pres
ent. but later it is possible further en-
gagements may be arranged for. A
much easier tendency was displayed in
the local monetary situation, especially
for call loans, as there was an album
dance OF call money at the 4 per cent
renewal rate. In time loans, however,
no disposition was shown to make eX-
| tensions, although there was f1rmer
demand. In the return Of the Bank Of
! England for the week decrease in
gold holdings was reported, and the
proportion of reserve to liabilities was
shown to be 1888 per cent, as com
pared with 54.45 per cent last week.
In view of the ten-year average Of
| 46.O4 per cent for the same period the
statement carries a strong appearance.
| It must also be considered that the
Bank OF England has been facing
heavy requirements. including a drain
OF gold TO Egypt, but as the Bank did
not raise its discount rate the general
assumption must be that It is suf
fciently strong to insure maintaining
it's ability to meet further require
ments without signs Of distress. a de-
cline in the London copper market was
responsible for weakness in copper
stocks both here and abroad, and there
was less optimism on the outlook for
the future Of copper than was reported
| a few weeks since.