New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-05
STOCK MARKET REVIEW
Early Depression, Followed by
Good Gains at Close.

The forenoon passed yesterday with
out revealing any developments of in
terest. so far as the trading on the
New York Stock Exchange indicated
the course Of price movements OF mar
ket leaders. Initial transactions dis
played unimportant changes, but the
general rule seems to be toward sag
ging tendency. There appeared to be
no interest in business. as brokers mad
comparatively few orders and the COM
mission houses presented a vacation
appearance, with only small gather
ings Of regulars around the tickers ana
in front Of the quotation boards. IL
was only natural that. due to the sea-
son and the fact that there was no
London market, trading at this point
should be restricted and sentiment re-
main largely on the side OF frmness
as the morning advanced, especially IN
some Of the specialties.
American Cotton OIL, for instance.
was a feature OF the early business or
the session both in strength and activ-
ity. and the movement was assisted by
gossip which held out inducements
that the showing for the fiscal year
would be such as to support an ad-
vance In market values. The trend OF
price movements throughout the list,
however. was somewhat irregular, and
traders were afforded plenty of time
to discuss the crop scare. Saturdays
hank statement and Washington af-
fairs with considerable freedom. There
was bearish talk associated particu-
larlv with the roads in the corn belt,
and some selling OF Atchison occurred
which centred interest in the Western
roads for the time being.
Express company stocks declined on
the news that the Interstate Commerce
Commission had ordered reduction
of % per cent in interstate rates. and
American Express sold at $50, its low
est point since 1908. showing loss or
III points from its record high price
on January s. 1910. when 100 shares
were sold at sol. AS the day pro-
crossed the standard issues began TO
exhibit marked frmness, and in the
early afternoon United States Steel, I'm
ion Pacific, Reading and few others
occupied the attention Of traders and
recorded rising prices which continued
practically to the close Of trading, and
gains ranging from fractions TO b
points were exhibited with a moderate
volume Of business.
The financial district was interested
in a report current that Secretary
McAdoo would offer additional public
funds to aid country banks. but there
seemed to be some question regarding
the source Of the supply for an amount
said to be around S3O0,O00O0O which
the Secretary is reported to have
named as available.
Assuming that the open Treasury
balance Will run around S13O,OOO,OOO,
! fully one-half that amount is already
deposited in the banks, which would
leave S60.OoO,0O0. 1t probably will re-
quire a working balance Of S3OWO,OOO
to be kept on hand, which deducted
from SGO,OOOOO0 leaves S3O,0OO,OOO
which the Treasury has as a surplus
fund to be applied as the Secretary
may deem advisable. 1t will be inter-
esting to learn how the difference be-
tween this sum and the liberal amount
suggested could be provided.
The money market opened with prac-
tically the same tone as at the close of
last week Dulness predominated both
as to offerings and inquiry. and the
effect of Saturdays bank return was
not dlscernible. No change was re-
corded in the commercial paper situa-
ton except that few additional insti-
tutions have begun TO participate, al
though no buying Of general charac-
ter was reported.