New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-15
STOCK MARKET REVIEW
Moderate Reaction in Prices
and Smaller Days Business.

Inc HlSH prizes VI the udS oNOuAi ~
at the opening yesterday, and checked
temporarily, at least, continued up
ward movement that had extended be-
yond the expectations Of seasoned OPP
orators. There was moderate activity
at the beginning Of business when the
Stock Exchange opened, but II was
soon evident that the tendency was
toward profit taking. and the bears
soon obtained control Of the situation.
During the first half hour price changes
were small and in many issues there
was an appearance of well sustained
undertone The cheerful tone which
had prevailed on previous days was
lacking in the commission houses and
on the floor. although news as whole
was Of a mixed nature and was as
stimulating as on other days. except in
the case of United States Steel, which
appeared to be under the influence of a
report of restriction in orders and ths
cutting Of prices.
To offset this information, however,
WAS TIC dllllONHNtIilNAh va Wv 49,
oversubscription of the Southern Pa
cific underwriting, reports OF some re-
vival Of business in textiles and an i'm
provement in the mill districts OK
Massachusetts. Crop reports. If any
thing, were slightly better, owing to
the rainfall in certain parts of
the country, although in Kansas
and Oklahoma the prospect is very dis
couraging. and the tobacco. corn and
hay crops of Kentucky have suffered
seriously. While foreign trading did
little TO stimulate any element OF
strength on this side in the security
market. the extraordinary statement OF
the Bank Of England for the week.
made public yesterday, emphasized the
tudicious course that has been pursued
by that institution during period OF
money strain and its ability 10 place
itself in a position 10 meet the fall re-
quirements without embarrassment.
Also the Bank Of France reported an
increase in gold holdings, and the ad-
vance III al - INllN'S W Wv H'c'N"N
price since March reflected the better
feeling on the Continent
The volume OF business on the Stock
Exchange yesterday was considerably
smaller than during the other days of
this week, and at the close there were
many fractional declines in the active
Issues, including both rails and indus
trials. The heavier losses in stocks
showing any movement were in the
Texas Company, which declined u
points; United States Steel, | point,
Virginia Carolina Chemical, ll2 points
Wabash common, III points, and Wa
bash preferred, 3ia points. The action
o: the stock market as whole did not
confirm many bearish rumors OF
pending break which would carry
prices down several points but rather
indications seem to be that the reac-
ton was both logical and necessary TO
allow prices to adjust themselves and
TO enable traders to average on their
commitments. Among the veterans OF
the Street the feeling prevailed that
crop news would figure during the next
few days, but as the stock market Is al
ways an overnight guess when changes
in trend occur the closing left no rea-
sonably positive assurances Of to-day's
movements.
A slightly firmer tendency was ex-
hibited in the commercial paper mar
ket. but in call loans renewal rates re-
NAMED at pa per cent.