The San Francisco call., 1913-07-20
TAKE
PROFITS Of LONGS
Hartman and Canadian Pa
cific Securities Drop
Point Each
Petroleum Exhibits Weak
ness, While Bond Market
Holds Steadiness

NEW YORK, July 19.-The more i'm
portant speculative stocks fell back
today from the higher level reached
yesterday. 1t was what traders called
a natural reaction, such as is the usual
aftermath of an important movement
Spectators took profit on long stock
and the effect of this selling was in
creased by renewed short offerings.
Steel. Amalgamated, the Hartman
stocks and Canadian Pacific fell back
about point each. In spite OF this
movement the market showed no ap-
pearance of weakness. Most of the
standard investment stocks held their
gains.
New Haven again moved widely, this
time advancing two points. The move
ments of the stock since the announce
ment of President Mellen's resignation
have been erratic, and traders were un-
able to agree as to the bearing of the
latest developments in the roads affairs
on stock market values.
The Petroleum stocks exhibited fur
ther weakness and California Petro-
leum dropped to 1SA. new low record.
Mexican Petroleum lost point and
strength of rumor of favorable divi-
dend action. 1t rose 2h above the
days low, but later fell back nearly to
the previous close American Tobacco
amounting to more than five points.
The bank statement failed to make as
good a showing as had been predicted
Instead of the cash gain forecast the
actual table disclosed loss of more
than S600000 More time money was
being offered today and 80 day FUNDS
We're easier. Commercial dullness In
Germany was reflected in easier time
money in the Berlin market, where so
day loans were quoted at AZ per cent
Should this condition continue consid-
here, it was thought, at more attract
i've rates than those prevailing In TINS
market.
The bond market was steady. Total
sales, par value, S6S2,000.
United States rs, registered and
coupon; United States As. registered
and coupon, and Panama 3s DECLINED
u on call on the week, and United
States 3s, coupon, ".
Hutton's New York Letter
NEW YORK. July 1s.--The opening
was steady with New York Central,
with Reading. Steel and Southern Pa
cific showing small gains. The fea-
ture in the first few minutes was
sale of New Haven at 104. an advance
of points. Liquidation continued in
Petroleum issues California Petroleum
selling at a new low of 1874. American
Tobacco sold off ~ points to 21oM !.
count for the decline. There was a
sale of United States 2s at SO, equal
to the low price on the stock exchange
Foreign trade statistics were the sub
ject of favorable comment, showing a
balance in this country's favor for the
year Just ended of $653, 100000 The
successful sale of ST. Paul bonds, the
weekly trade report showing business
holding UP fairly we'll and figures of
bank clearings for the week showing
a loss of only per cent from the cor
responding week of last year also
caused favorable comment. 1t is be-
lieved that consideration of these fac
tors will tend to sustain the market
and further improvement may be looked
for Prices at the close, although off
from the high, showed remarkable
strength and led many to believe higher
prices would be seen during the coming
week