New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-29
REVIEW OF The
STOCK MARKET
Very Dull Session-Money
on Call 10 Per Cent
Prices Lower.

Declines were the order or the day
on the New York Stock Exchange with
the volume Of transactions yesterday
that marked the session as another
dull one to add TO the list OF daily
periods of inactivity covering most OF
the time during the last two weeks
The opening was active comparative
". and for a few minutes there were
signs of considerable interest in the
market. Soon afterward complete du!-
ness set in. and while the undertone
presented an appearance Of firmness
there was no business, and traders
were left 10 discuss the questions OF
the hour. such as the forthcoming mes
sage Of the President. the attitude of
the administration in the prosecution
Of the trusts, the Mexican revolution
and the money situation.
The failure of the New York Real
Estate Securities Company, with LA
bilities around S2O,OO0OOO, added to the
sharp rise in call money rates TO 10
per cent the highest point since De-
Cember, 1912, had a restraining effect
on stock transactions, and caused
feeling of uneasiness to prevail in view
Of all other influences Of an adverse
character. The large shipments of
gold 10 Canada were increased yester-
day. and with excess payments to tie
Sub-Treasury and other outlets during
the week the local outlook for the bank
statement to-day did not encourage
bullishness. That the losses were not
larger in the list of active standard is
sues seemed to be a point Of favorable
comment by those on the side of i'm
provement.
In United States Steel, Southern Pa
cifc Reading, New York, New Haven
& Hartford, New York Central, Lehigh
Valley and Amalgamated Copper ;he
several declines were recorded in frac-
tions. In American Can. Woolworth,
Il. f. Goodrich, Sears Roebuck and
other industrials the losses We're
heavier, ranging up to more than >
points, while in marlborough Metro
politan preferred and Western Mary
land there were losses Of IL points in
the former and rs I'm the latter.
Union Pacific was an exceptional feat
ure Of strength during the downward
movement in most other issues, and
touched it's highest point for the month,
although the volume of buying was not
sufficiently large to be notable. The rea-
son ascribed for this isolated strength
by Union Pacific was its earning
statement issued last Wednesday for
the month of October showing an in
crease of net over 1912 of S21S,0OO 1t
is also reasonable to suppose that the
yield in excess of per cent on a stock
which has been associated in the past
with melon cuttinb rumors may have
made it easier for the professional in
terests to sustain its price level This,
however. does not carry a great deal Of
importance, in view of the numerous
uncertainties in politics, finance and
business.
favorable regarding the winter wheat
crop, due to a lack of snow protection
over the wheat belt and the presence
Of the Hessian fly and other insects in
several localities. The foreign bank
statement for the week, which owing
TO the Thanksgiving holiday did not
reach Wall Street until yesterday, car
ried a tone of encouragement. The
Bank Of England made an excellent
showing, reporting an increase in gold
coin and bullion holdings and a pro.
portion of reserve liabilities of 54.3S
compared with a ten-year average OF
4776 per cent. The Bank Of Franc,
displayed an expansion of loans, but Z
small increase i'm gold, with a total o
gold holdings i'm excess of the las
three years for the same period. Tn,
Bank of Austria was reported to nav
lowered its discount rate from De
cent to 5l2 per cent following the It
cent action Of the Bank of Germany
and there were rumors of further re
auctions on the Continent.