New-York tribune., 1913-06-27
STOCK MARKET REVIEW
Following Early Strength Prices
Decline and DUIneSS Prevails.

The opening prices on the t;ew York
Stock Exchange yesterday gave every
appearance Of strength and there was
sufficient activity TO foreshadow a
rather interesting day in view Of the
tone of the market and the fact that
leading issues were selected for tho
initial trading and recorded good gains
overnight. Union Pacific was the feat
ure, and led with a gain Of rs points
on its opening transaction. Southern
Pacific was also strong, while Anal
gamated Copper, United States Steel,
American Can and others showed Gd-
vances over Wednesdays closing prices
in their 1rst sales.
DisapSointment was written in the
stars and instead Of the market re-
tanning its strong undertone and show
! ing spurts of bullish activity, as II had
on previous days, support was lacking
and Union Pacific failed TO come up TO
the standard of leadership necessary
70 insure a cheerful following. Soon
after the opening the bears mustered
/ their forces and began selling Union
/ Pacific, United States Steel Reading.
New York Central Amalgamated Cop
per and American Smelling and Refn-
ing, with a result that the prices OF
| these securities dropped point or more
and the market became dull and unln-
teresting, with no inspiration appar-
/ etc II :
apparent at the close, but the trend
was unsettled.
Interest in the Street was centred in
affairs at Washington affecting the
tariff, the currency bill, the abolish
ment Of the United States Commerce
| Court and the Hartman dissolution Is
sue, particularly Judge Lovetts state
ment before the Senate Lobby Commit
tee, in which he implicated Edward
Lauterbach and Congressman Daniel
j. Riordan in an attempt TO influence
him regarding the employment Of
counsel which would insure easy sail
ing in the settlement Of the troubles
attending the segregation of the Union
and Southern Pacihc's interrelated in
| terests.
Other affairs which called for special
attention were the reports Of an out
break between Servia and Bulgaria.
| that with other influences turned Lon
/ don from a buyer TO a seller in this
market. and a rather unfavorable Bank
] I.g ,gah cl
loss in reserve and gold holdings. with
a reduction Of the proportion Of re-
serve to liabilities from 5l21 per cent
last week to 47.53 per cent yesterday.
The Bank Of France reported a small
gain in gold holdings. but owing to
Germany's imperative demands for
gold and the increased financial strain
abroad The Bank Of Netherland raised
its discount rate to per cent.
Considerable interest was exhibited
/ in the local banking situation, owing -
the loss to the Sub-Treasury by tho
banks Of 100000 since last Friday,
but its effect on the money market. a
witnessed in call loans, was not per-
ceptible, renewals being continued t
. per cent, with a plentiful supply Of
funds slightly under rate There was
no reported change in the time money
| situation, and brokers were not will
/ ing TO quote rates beyond ninety
| days, owing TO the banks being unwill
| ing 10 encourage offerings to cover
! longer period. The announcement Of
a Chesapeake & Ohio one year per
cent note issue was made; also that
the State Of Tennessee had succeeded
in obtaining a little more than Sill
10000 as a temporary loan for a pc
riod of one year at an emergency rate.
Several other one year offerings were
reported 10 be ready at rates TO make
them attractive TO investors.