New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-28

General Declines Due to ReCelv-
erShip Outlook for Frisco.

The reported application for re-
ownership for the st. Louis & San
Francisco Railroad fulfilled in meas
ure a Wall Street prophecy made sew
eral days ago that the road was on the
verge Of bankruptcy, which it was very
doubtful could be avoided, owing TO
the condition of the money market
The stock market yesterday was under
the dominating influence Of Frisco
and pursued a sagging tendency dur
ing practically the whole day in the
majority of stocks dealt in. Such
periods of recovery and strength as
were evidenced were due to the tenn
porary efforts of short covering. but
Immediately after commitments had
been protected the lower tendency be-
came pronounced and prices slid
down the scale easily.
The air was filed with pessimiStic
rumors. some Of which were turned on
the Canadian situation and the posi-
ton of Canadian Pacific as an invest
ment The selling Of the stock of that
road down 10 new low level called
forth reports that the Canadian bank
ers were llQuidating as a result OF
overextension and that Canadian Pa
ciic was being forced out into the open
market. although the road seemingly
did not warrant bearish sentiment. 1t
90 ond fha
popular subject for several weeks past,
the Union Southern dissolution plan.
was given attention by the traders in
their gatherings to discuss the chief
topics Of interest of the day.
1t was said that another hitch had
occurred in the dissolution plan. end
in view Of various discouraging factors
this was sufficient TO stimulate pes
simism. Added TO the burdens upon
the market contributed by the forces
at home was a renewal OF alarming re-
ports from abroad regarding trouble IN
the Balkans and of possible compica-
tons which might involve other DOW
ers. There were no signs Of convinc-
ing support in the late trading. and at
the close practically the entire list dis
played losses ranging from fractions TO
over seven points.
The volume Of trading represented n
little over a quarter OF a large days
business, and operations in the major
ity Of issues were the result Of profess
sional transactions. In with the un-
favorable side Of the news Of the day
were sandwiched some items which
under normal conditions might have
invited a helpful Interpretation. An
initial dividend Of 371A cents a share
was declared on Ray Consolidated Cop
per and Chino began dividends with a
disbursement Of - cents a share.
Judge Lovett, on behalf Of the Union
Pacific made a formal statement re-
garding the outlook for an amlcable
understanding between the Union and
Southern Pacific and the government
on a plan which will be equitable for
the distribution Of the Southern Pa
cifc's holdings, and in his statement he
injected a ray Of hope in the form of Il
hint that eventually all will come out
right.
The money market was firmer and
an advance Of Il Of | per cent WAS
charged in the rates for sixty and
ninety day loans and broadening in
quiry for accommodations commanded
the attention OF borrowing interests
during the day. The necessity for Il
renewal Of loans maturing on June |
was one Of the essential reasons for
the hardening tendency in time money.
Call money was easy, the prevailing
rate being 2l5 per cent, with little Dor
rowing demand. No more gold was re-
ported for export to Paris, and 1t IS
possible that the week viii pass before
another ShiDment will be made.