New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-11
STOCK MARKET REVIEW
Renewed Selling Sends Prices
Sharply Downward.

Oppressed on every hand, the stock
market yesterday suffered from re-
newed depression, and prices in the
majority of issues presented declines
at the close Of the days trading, when
was not only active but one OF the
heaviest in volume this year. The
initial transactions displayed a weak
tendency and offerings were LIBERAL
especially in the stock of the West
ern railroads. as a result of the Mime
sofa rate decision and the attitude as
sumed by the Attorney General in OPP
posing the Union Southern Pacific seq
regation plan.
Union Pacific, Southern Pacific,
Northern Pacific, United States Steel,
Amalgamated Copper and st. Paul
were veal. in the early trading; North
ern Pacific and Great Northern seemed
to be especially affected, but the stocks
Of Eastern roads. such as Pennsyl-
vania, Reading and New York Central,
held relative degree Of firmness.
There were attempts at rallies during
the day, but in general the pressure
was so great that support was made
ouate, and selling movements followed
each effort 10 sustain prices, with the
result that declines were heavy
throughout the list. In addition TO
the Supreme Court decision. the Mime
sofa rate case and the troubles of the
Hartman lines. foreign affairs dis
played a low temperature of sentiment
and falling prices on European bourses
were reported while London sent back
about $4,000 shares Of securities to this
market. all of which assisted to pre-
vent any development of optimism here
during the day.
Around noon the untitled tonnage
statement Of the United States Steel
Corporation made its appearance and
added TO the Encouragement already
in evidence by showing a decrease OF
6J4, 900 tons in un.lled orders on May
81, which was much in excess Of the
predictions made not only in Wall
| Street but by. iron and steel trade
journals in recent estimates. Senti-
ment regarding the technical position
of the market was divided and there
were some who thought the atmos-
phere would show signs Of clearing fol-
lowing so much liquidation and pro-
fessional commitments on the short
side Ofsetting this were expressions
from some of the leading operators,
who held that in view Of the acute
money situation abroad and the UNI
settled state in which the decision Of
the Supreme Court has left the rail
roads. together with the falling off in
! business in certain industries. it is
illogical to look for much improvement
until a clearing away Of several I'M
favorable factors has begun.
The news having a stock market
bearing included dispatches telling Of
an outbreak Of hostilities between the
Serbs and Bulgars and Of the over
| burdened foreign investment market
where only - per cent Of the National
| Railways of Mexico note issue had
! been sold. the remainder being in the
| hands Of the underwriters on the
/ other hand a bright spot was the very
| favorable statement made by the I'm
perial Bank of Germany, which showed
an increase in it's gold reserve and
whose cash holdings indicated much
| improved condition.
The local money market continued 70
| be relatively firm, especially in time
| loans, and there was little demand foI
| call accommodations.