New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-10
STOCK MARKET REVIEW
European Weakness Reflected
in Local Prices.
IGNORED THE DAYS NEWS
Copper Producers Statement
and Government Crop
Figures.

importance of having affairs In CONT
mental Europe take a favorable turn
than was shown in the selling move
ment yesterday morning as a result Of
unfavorable developments in the Bal
kan situation. Little by little Europe
has been sending back our securities
whenever the tone of war news was
pessimistic, and gradually the prices
here have been sinking. notwithstand-
ing the technical position Of the mar
ket at times which has warranted a
recovery. Influenced by London SELL
ing, prices opened in this market frac-
tionally lower all around, with a good
degree of activity.
United States Steel, Southern Pacific,
Amalgamated Copper. American Smelt-
ing and Refining, Canadian Pacific,
American Can and others sold down at
the start. The market evidenced no
rallying power. and II did not require
any impressive volume Of offerings 10
cause substantial declines, and after
the prices touched the lower levels they
remained there. apparently Indifferent
TO all surroundings. The fact that
United States Steel was weak proved
TO be disconcerting element TO those
who had looked for a comfortable rally
following last Fridays sharp advance.
The market remained dull and heavy,
usIt faah1a ol1ioo through
out the day, and at every attempt 10
stimulate any interest on the buying
side there was such a plentiful supply
Of stock that declines followed and eff
forts toward aggressive support were
abandoned. Down the scale the values
tumbled. including standards and spe-
cials, !ndustrials and rails, with so few
exceptions that they were not worthy
Of notice in estimating sentimental
tendencies.
As day Of news yesterday was
rather fruitful, and contributed the
government crop report. the Copper
Producers As. alton report, the fort
nightly idle car statement and the SUI
preme Court d-cision on the Minnesota
rate case. The crop report had been
anticipated and the official figures were
practically the same as had been esti-
mated by Wall Street. The chief IN
terest in the crop showing was in The
condition of winter wheat. owing to Ie-
cent reports Of some considera bic dam
age. The government figures show a
condition of $50 on June |, as COM
pared with 919 on May |. This gives
a fairly favorable condition as com
pared with the ten-year average Of
500. and allows an estimate on this
basis Of the harvest Of little under
jOO,OOOOOO bushels. Based on the $50
spring wheat condition as of June J.,
the outlook Of the spring wheat har-
vest is for yield Of around 2jO,OOO,WO
bushels, or a total wheat harvest Of
about 75O,01O,OOO bushels Notwth-
standing tn showing the market
failed to give more than passing atten-
ton TO il, and there was no sign Of a
favorable effect on prices.
The monthly Copper Producers AS
ISOLATION figures showed a decrease Of
S.O74,SS5 pounds in stocks on hand.
The idle car report showed little
change. During the afternoon traders
were all absorbed in the prospect OF
a decision being handed down by the
Supreme Court in the Minnesota rate
case, and at the close OF the market
traders were still expecting this i'm
portant ruling. which came too late 10
enter into the price changes for the
day.
The movements Of exchange in for
eign centres indicated an increasing
demand for funds on the Continent,
especially in Germany. The local call
money market ruled easy, but there
was no show Of activity. Time money
was stronger. especially for accommo-
dations running beyond the first Of the
year.