New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-10
STOCK MARKET REVIEW
Government Crop Report Holds
Early Trading in Check.

market yesterday at the opening anu
fulfilling the general prophecies OF the
day before prices exhibited compare
lively slight changes from Mondays
closing figures. In the absence OF any
interest of a bullish nature the initial
quotations were a shade below the final
figures Of the previous day, and there
was a general inclination MANIFESTED
to await the publication of the gov
eminent crop report before taking any
decided stand on either side. through
ous the forenoon a general backing and
filing was the order Of the course OF
trading, and with the exception OF
few specials no features were ue-
veloped. The strongest issues were the
petroleums, and both California ana
Mexican Petroleum were given some
support, which was accompanied ny
rumors regarding the transfer OF inc
California Company to foreign hoioers'
a rumor that has been in circulation
at different times during the last year.
but has never been verified.
Regarding the crop prospects TRADERS
in the main were inclined to believe
that the situation has been fully dis
counted. but others were impressed
with the view that the market was IN
no position TO resist an un1aVoraDIo
government crop report. Another rae
tor that operated adversely was a de-
cline in the price Of copper metal
abroad, which removed the support
that had attended the rise in the price
of copper stocks and at the end OF the
second hour the market as whole pre-
scented a dull and heavy appearance.
Following the publication Of the crop
report there was rally in some OF the
stocks, especially Union Pacific and
Reading. but the advance did not prove
TO be pronounced enough 10 improve
sentiment substantially. and decIin-
ing tendency was exhibited until near
the close. when an improvement led
by Peoples Gas finished the days trad
ing. The feature OF the days pubic
announcements was the government
crop report, and as a whole the hgures
made public were not far from the gen
eral estimate which had been made by
Wall Street. The condition Of corn on
September /, showing Col per cent.
down points since the report OF An
gust l. gives an indicated crop or
2.351 100000 bushels. as against LII
ysinl1
compared with %. bushels as Indicated
August l. In spring wheat there was
a betterment, as the condition was iod'
co npared with al on August l, indl-
eating a yield of 243.OOOOOO bushels,
compared with 233.OOO0OO bushels.
Several items Of news which might
have been taken into consideration by
the stock market were oVershadoWed
by the importance of the government
crop news and failed 10 receive more
than passing attention. An announced
sale Of SJ.0OO,OOO one-year notes by
the New York Central called attention
10 the continued necessity for railroads
! to obtain money at a relatively high rate
/ Of interest. The opposition developed
toward the New Haven debenture
issue. which was up before the Massa-
chusetts Public Utilities Commission
| for approval, while not unexpected, told
| Of the temper Of the public IN
the territory through which the New
| Haven system operates. The cutting OF
the preferred dividend from IA per
cent to | per cent by the st. Louis
| Southwestern Railroad was not des-
tined to promote cheerfulness, but a
statement made on behalf Of the Ma
| tionaI Railways OF Mexico that the
Mexican government would take care
| Of the interest falling due on tho gen
eral mortgage and consolidated mort
| gage 4 per cent bonds of the company
| on October / was placed on the side Of
| betterment.
| The tone Of the money was a shade
easier. and renewals for call loans were
made at ~ per cent. Politics occupied
the attention Of traders, who had am
pie opportunity for discussion owing
to the prevailing dulness throughout
the Cay.