New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-13
STOCK MARKET REVIEW
Gains in Leading Issues Larger
on Professional Buying.

! dent course most of the time yesterday
and the news of the day had little APP
preciable effect on price movements Vi
on the prevailing sentiment among
professional traders. The advance
which began on Tuesday was con-
tinued with greater emphasis, although
| the rise was not in any sense sehsd-
! tional one except at the opening "neh
| Union Pacific in it's initial TRANSACTION
| exhibited a gain of is points, ana
within a few transactions following In
/ as many minutes continued TO ada 10
| its advance over Tuesdays closine
quotation. Lehigh Valley was another
| feature OF the opening, showing rs
points advance. but experienced a re-
action later. Reading, United States
| Steel, Amalgamated Copper ana South-
| ern Pacific and Canadian Pacific addeo
| to the list of favorites on the DUH slue
! during the forenoon.
This display of an advancing ten
dency by the leading active issues was
not shared in by all the stocks as
New York, New Haven & Hartford
stood out an exception in the other
! direction. and the stock sold down 10
a new low record. which seemed 70 De
discounting the prevailing feeling that
the dividend rate would be reduced 10
| 4 per cent. Notwithstanding senti-
| ment that the action Of the market
was not warranted by conditions, and
that with the Mexican situation In such
an unsettled state the movement was
| illogical. prices continued TO show a
| disposition TO rise. and after n period
| of hesitation at the end Of the first
| hour resumed the advance. While
business drifted into quieter tone
during the second hour, the stability
| of the upward movement carried con
viction to the bears that 1t was wise TO
play for safety until the force Of the
advancing spirit had passed.
In the late trading the announcement
that the directors OF the Mexican
Petroleum Company had definitely de-
cided to discontinue dividends caused
severe break in that stock, which had
disturbing effect on the whole mar
ket. A slightly higher rate for call
money prevailed, renewals being made
at 3% per cent, but time funds were
unchanged.
Definite information affecting the
Mexican situation was lacking. but
| theories and rumors were abundant as
to the status and outlook OF the Huerta
| regime. IT was reported that Lord
Cowdray had denied that the firm OF
! Pearson & Son. interested in oil con-
cessions in Mexico, had in any way as
sisted the Huerta administration. II
was also said that London had received
private information from Mexico favor
able to the prospect for settlement Of
the trouble without forcing armed in
PREVENTION. Trade reports covering the
iron and steel situation were some
what more favorable in prospect. and
looking toward the future THE Iron
Age" is inclined 10 take a cheerful
view. At the present time the indica-
| lions are that the shrinkage Of orders
may continue, "but II hardly seems
probable that the low Of 13.113.1S7
tons on May 81, 1911, Will be reached.
Between this time and the end Of De-
cember IT is expected that contracts
will be placed for an aggregate Of So
600 to 10000 tons of structural ma
terial for new subway work IN this
city. This work is being placed in
sections every two or three days, so
that It will be some weeks until all of
It is closed. II all Of these contracts
were distributed among the four large
fabricating companies they would be
well filed for four TO six months"
THE Iron Trade Review" considers
that the liquidated condition Of steel
stocks is a strong fundamental factor
OF an otherwise Indifferent market, but
says that new business does not in
crease and manufacturers are still
making adjustments in cost and opera
lions. Railroad buying is little better
in some lines.