New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-01
STOCK MARKET REVIEW
ReaCtiOnary Movement Carried
Prices Down in Dull Market.

EOOO eONNlf Gdtt Vfot NShs
A feeling prevailed among many
traders before the opening yesterday
morning that the stock market was
destined to show considerable i'm
provement as a result of he elimina-
ton Of the Union Southern Pacific dis
solution C:estion from the factors that
had been hanging over it, In way
that forecast of price movements was
not fulfilled. although Union Pacific
displayed IA firm tone around II o'clock
and its vitality made traders suspicious
of a sudden reaction in view Of the ir-
regularity in evidence among other is
sues.
Initial transactions. however. did not
give much encouragement to the bulls,
and prices generally displayed few
changes from Saturdays closing.
Fractional gains were recorded in
United States steel. and Erie opened
higher in response to a notably favor
able statement for May. which record
ed a gain of $1,125,0O0 in gross and
S741 900 in net. compared with the cor
responding period in 1912, and was es-
peciallv good in comparison with pre-
vious years In Reading, Amalgd-
mated Copper and Canadian Pacifc
there was heaviness displayed as a re-
suit of selling pressure and uncertainty
regarding foreign affairs. During the
second hour a sudden favorable turn
upward in American Can attracted at
tention. and this and Unions firmness
encouraged the bull crowd to look for
Improvement especially as there
seemed TO be a large short interest
which would materially assist Vigor-
Gus rise, but the firm tone ,Jas a squirt
and soon ended. In the early after
noon there seemed to be withdrawn
of support, and prices were allowed 10
sag away from the high points, ana
traders offered stocks to the extent Of
catching a few stop orders. especially
in Union and Southern Pacific; the lat
ter seemed to go down easily on the
theory that Southern Pacific should not
sell above Baltimore & Ohio
One reason for heaviness in Canadian
Pacific was the failure of the road to
maintain its ratio growth in gross and
net earnings during the month of May
and the news from the Balkans report
ing an engagement between the Bull
garians and Greeks.
One of the weak specialties was
Rumely preferred, which sold down to
new low record, but this was not
sufficient to have any bearing on the
general market; rather u was result
Of indifference and the depression
which developed throughout the list.
Chesapeake & Ohio was literally sold
and at the close recorded a loss OF
more than two points. In volume the
day was exceptionally dull and trad
ing interest was small The news OF
the day was centred in the Washing
ton dispatches touching on the plan for
the distribution Of Union Pacific's hold
ings of Southern Pacific stock and the
reported statement Of the Attorney
General on possible new law to make
it illegal for any railroad to hold stock
in another, regardless Of the competi-
tive feature. among the cotton
brokers discussion was animated on the
prospect that Congress might enact an
amendment to the tariff bill requiring
a tax of Ito Of | per cent to be paid
on all transactions in futures. Several
reports Of railroad earnings contributed
to the budget Of information having a
bearing on Wall Street, but they failed
to call forth much comment.
The money situation was given an in
teresting phase by the loaning of call
money at per cent on the last day
of the month previous to heavy inter
est and dividend disbursements. This
easy tone reflected the well supplied
cash reserves Of the local banks. Ow-
ing to the liberal inquiry for foreign
exchange in connection with the pay
ment Of dividends and coupon disburse-
ments to foreign holders of American
securities demand sterling advanced
and there was a rise in cable transfers.
e-