New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-07
STOCK MARKET REVIEW
Profit Taking Follows High
Prices, with IrreguIarity
at Close.

Irregularity marked the course OF
trading at the opening Of the stock
market yesterday, with an active par
ticipation. in operations by the profess
sional element seeking to take profits
and try out the underlying strength OF
the situation. A disposition was ex-
hibited on the part Of some of Tues
days bulls, along with the regular bear
element. to emphasize the drouth in the
corn belt and create O feeling OF pro-
rounced pessimism. In addition to the
bearish sentiment resulting from the
corn crop outlook. Reading was seized
upon as entitled to a break on the an
nouncement that the government Will
soon begin proceedings against the
road, and the price Of the stock de-
cllned fractionally after its opening
which was at an advance over tues
! days closing quotation.
Lehigh Valley opened down as re-
suit Of the reported decrease In net
! earnings for June, and United states
Steel also was below its Tuesday S
final price in the opening transaction
During the first half hour a sagglng
tendency was in evidence, and the bears
made strong effort TO bring about a de-
| cided reaction in prices. The depres-
| sion was short lived. as before noon
prices rose TO new high figures, driving
the shorts to cover and giving to the
market an appearance Of stability.
The leading feature of the early rise
was Union Pacific. but American can
was very strong and active, and re-
| covery in United States Steel carried
| the common to a new top price for the
present upward turn.
The Erie stocks were also among the
very firm issues during the day. and
| new high record was made for the
| common, based largely on the good
showing Of net earnings In June and
| the prospect of splendid return In the
| present fiscal year. Among the spe-
| cialties the Texas Company scored a
new high for the present advance, SELL
| ing UP to 11415, a rise Of 2o12 points
| from the low point OF 50, recorded In
June. In the late afternoon prices IN
many issues declined from the high
points Of the day and there was gem
eral selling movement, which at the
close left many quotations below the
final level OF Tuesday. Sentiment was
uncertain. and traders were ready to
shift their positions to either side on
| any fresh developments.
| Among the public announcements OF
the day was the sale Of S4,oo,cOo Az
per cent equipment trust notes to a
banking syndicate by the Chicago Il
Northwestern. Reports Of earnings FOR
the fourth week in July Of several rail-
roads showed increases in gross, ana
the June report Of the Missouri Kan
sas e. Texas showed an increase In
| gross. but loss Of $4,000 In net,
while operating income decreased
| S165 900. The largest loss for the
month of June was by Lehigh valley,
which reported falling of OF SIO9,-
2O6 in operating income. The banking
and currency bill, the depositing or
Treasury funds in banks and other
| Washington matters were subjects OF
discussion, but they had little effect on
Wall Street sentiment, except some
special interest exhibited in the gov
ernment's attitude in telephone and
telegraph matters and the resolution
introduced in the United States Senate
calling for an investigation Of the
Louisville & Nashville system by the
Interstate Commerce Commission TO
determine It's status as a monopolistic
| corporation.
There was no distinct change in the
local monetary conditions and time
rates were nominal. No disposition to
offer long term money was exhibited,
and the commercial paper market re-
NAMED quiet, with small buying re-
ported. Call money was plentiful and
renewal rates were quoted at ~ per
cent.