New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-03
STOCK MARKET REVIEW
Prices Decline and BearISh
Sentiment Develops.

ket during the holiday period here sus-
gested the depression that was likely 10
occur on the New York Stock Ex-
change when trading was resumed
yesterday morning. The day was one
of combined liquidation and profess
sional short selling, which in the az
sence of extremely aggressive support
could have but one result. The losses
recorded extended practically through
out the list, the only exceptions benz
confined to small transactions, where
small fractional advances were noted
The most pronounced weakness was
in Canadian Pacific, where on the days
total dealings declines exceeding IL
points in each class were shown
at the close. There was no distinction
in the average line Of attack, and spe-
Gals and standards were hammered
indiscriminately at times. The heaviest
pressure was exhibited in few issues,
such as Amalgamated Copper, Cana
dian Pacific, Reading, Union Pacific,
United States Steel common and Penn
sylvania. 1t was day of new low
records in several issues, the most i'm
pressive of which was Pennsylvania,
owing to the general market stability
of this stock and It's wide range OF
holders who look upon It as an Invest
ment rather than speculative secur-
ity.
The minds of the investment public
wore much disturbed by the unbal-
anced sentiment abroad, some Of which
was due to the Frisco receivership, the
local outlook for possible further legal
movements In connection with the gov
ernment's attempt TO force the South
ern Pacific to part with its Central Pa
cific holdings and the disappointing
government report Of the June condi-
ton Of cotton, which showed 79.1 per
cent, compared with an estimate OF
7S.9 per cent made for the same period
in 1912, SIS per cent in 1911 and d
ten-year average Of 100 per cent.
Prices during the day pursued rather
romantic course Of fluctuations.
There were times when an upward
movement seemed imminent, and trad
ers were momentarily hopeful of some
substantial improvement, but these Pc
RODS proved to be simply hesitating
| points and acted only as a stay In the
general downward glide. Aside from
| the reasons assigned for lack OF conf
dence and professional operations there
were other things in the news OF the
day of local color responsible for the
manifest weakness. For instance,
while Pennsylvania, on both East and
! West lines. in its report Of April earn
| ings showed a gross increase Of 81,
! 777.OO0, there was a decrease in net Of
| 81, PA 900.
on the other hand. New York Cen
trail reported not only gross gain in
April Of $3355.OOO. but net gain OF
$740,6 Ga Contrary TO predictions in
some quarters, Chicago, Rock Island e
Pacific declared a full quarterly divi-
dend Of IL per cent. and Baltimore &
Ohio was paving off 100000 three
year notes which came due on June !.
The money market was more OF a
factor in the stock market yesterday,
as banks were said TO be calling loans.
and call money was higher, ruling at
8 per cent, while an increased frmness
in time loans wes reported. While
France did not take any more gold,
the feeling was not easy regarding the
prospect OF further gold expectations.
Overhanging the local situation. also
was promise OF new financing an
nouncements. which, while not impor-
! tant. were sufficiently interesting 10 bo
considered when money IS firm. as II
is at this period.
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