New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-04
STOCK MARKET REVIEW
Canadian and u. P. Firm, but
General Weakness at Close.

Pressure was somewhat removed
from some issues yesterday While
others were subjected to further liqui-
dalton, and prices moved down accord
ingly. Canadian Pacific. which on
Monday displayed such pronounced
weakness, made a move toward rccoV-
cry at the opening, Influenced by a
better market abroad for this secur-
ity. During the forenoon the Hill is
sues were put through sweating
process. and Northern Pacific sold at
ifs lowest price since 1911. Great
Northern. in sympathy with Northern
Pacific, also declined, and there was a
soft tendency exhibited in American
Smelling and Refining. American Beet
Sugar. Republic Iron and Steel. Rune
" and other specialtics. also the cop
per stocks.
. A new low record was reported in
Missouri, Kansas & Texas preferred,
and rumors were current that the divi-
dend would he reduced, but in the
light Of the comparatively small pay
ment required the rumor was not taken
seriously by many traders. The ac-
ton of the market rosembled in some
respects its movements on Monday, Al
though the volume of trading was
lighter. There were periods Of re-
verse fluctuations which gave an APP
pearance of strength at some time end
decided weakness at others. As a rule
sentiment was bcarish. but there were
instances Of a change from the selling
10 the constructive side Of operations.
although such instances were few and
were confined to a limited number Of
stocks. There was no aggressive sup
port, and I'm the late trading weakness
developed 10 a point when in most is
sues the recovories that had been made
were turned to losses, which ranged
from fractions 10 more than ; points.
Canadian Pacific proved TO he one or
the stocks that retained much Of their
earlier gain. and had an advance Of
"a points when the market closed.
Contrary to the showing Of strength in
Canadian Pacific was a break in 500
Of points, a subsidiary OF the Cana
dian Pacific. Union Pacific also re-
manned strong and recorded a gain at
the close. Such influence as the for
eign stock markets contributed was IN
%
balance of operations was on the sell
ing side, except in Canadian Pacific,
the Hartman issues and Baltimore <
Ohio. which stocks advanced above
parity in, the London market.
The news of the day was not impor-
tant aside from the governments
weekly weather report, which was dis
appointing in some parts OF the coun-
try, and the announcement Of some
minor financing Some interest was
shown in the dispatches from Albany
reporting that Governor Sulzer rad
signed Senator Boylan's bill amending
the tax law. providing that when
shares OF certificates of stock are S.
sued without n designated monetary
value the transfer tax shall be at the
rate of two cents for each share Of
stock and requiring full particulars 10
be filed in the Office Of the State Con-
troller. and the affixing Of the Gov
ernor's signature TO the Levy bill. which
will increase the interest rate on state
bonds from TO AZ per cent. The
chief topic Of interest in the Street
continued TO he the Frisco receivership
and the possible developments through
thorough investigation which bond
holders are demanding. The money
market showed that banks were re-
stricting loans, owing TO the general
demand for money by various inter-
ests.
Call money was renewed at 3 per
cent. and there was no appreciate
change in that direction, but time
money was notably frmer, especially
in short period accommodations.