New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-02
STOCK MARKET REVIEW
Early Declines Followed by
Hiqher Prices at Close.


consequence in the operation of price
movements on the stock exchanges or
the world yesterday. Depression was
apparent on the Continental bourses
and the London Stock Exchange, and
at the opening here there was selling
movement begun which kept the New
York stock market unsettled and prices
on a downward trend during the first
hour. Following the cessation OF ac-
tive selling prices began process OF
recovery, although no aggressive sup
port was in evidence during the fore
noon and the volume Of transactions
was limited. 1t did not appear on tho
surface that much encouragement had
been given the bears in their early raid,
as the amount Of stock coming out dur
ing the attempt to scale prices down.
ward had been comparatively small,
and as soon as the bears took breath
ing spell firmness set in. and the tone
became favorable to an Improvement.
The elements played an influential
role in the days dealings by keeping
traders out Of the commission houses
and taking the energy out of the Few
stalwarts who are as fixed as the TICK
ers around which they sit day after
day watching the rolling tape with its
continuous list Of quotations. Dulness.
partly induced by the approaching mol
iday period, contributed to the lack or
interest, and even the fact that within
the next few days the cotton crop re-
port and reports on other crops. the
Copper Producers figures and the steel
tonnage figures will all be made public.
failed TO arouse the market to spirited
speculation. Operations yesterday
could be classed as wholly professional.
and from the changes apparent in the
trading the programme gave SEM
blance Of a typical profit scalping mar
ket. in which neither scored big gains
during the day.
The inference drawn from the com
plexion Of the market was that tech
nically there was more strength than
weakness. and in the fact that prices
failed to break sufficiently TO make de-
clines pronounced there was a sign OF
encoura cement which many believed
warranted the supposition. for the time
at least, that the bears are operating
under disadvantages and that prices
will go up more easily than they VIII
decline, owing to a large short interest
! The afternoon developed stronger
position. and in such stocks as ANAL
gamated Copper, Canadian Pacitc,
! Erie. Lehigh Valley. Reading, Southern
| Railway and Union Pacific, in all Of
which fairly active trading was re-
corded. gains of point or more were
| shown in each of the issues quoted.
Among the specialties. Woolworth was
the strongest. and advanced over :
( points Union Pacific led the list in
+ activity but considered as a whole, the
! day was only moderately important.
In the money market more iberality
was displayed than for some time. and
a few of the larger institutions made
time loans. Call money was very free
/ with practically no demand. The re-
newal rate was per cent, but offer
ings were plentiful under that price.
! The news of the day, aside from the
/ foreign war dispatches, which were
/ conflicting, was made up of the weekly
weather report, railroad earnings and
politics The Street was largely given
! c1.ar IN comments on the Union Pacific
plan as approved by the court and
guesses varied regarding the details as
to the price which may be placed on
| the SSS,OOOO 900 OF Southern Pacific
stock to be deposited in the hands Of
! trustees.