New-York tribune., 1913-05-13
STOCK MARKET REVIEW
Extremely Dull Session and
Many Declines.

ance of the stock market as II reVealeu
itself yesterday requires an unusual
development of optimism. To assume
the role of the pessimist is not a pleas
ant one, nor is il profitable In the long
run. but to suggest that prices are al
their bottom and that the turn toward
an Improvement is at hand is venture
some. in view of some factors WHICH
contribute to adversely. 1t is always
wise to look on the cheerful side. but
il is never the part of wisdom 10 ignore
the signs of the times
Wall Street at present is overbear-
ish. and many ridiculous predictions
are made by operators in the low
points quoted to which some OF the
leading stocks will sell before the re-
adjustment period has been passed,
but that the stock market for some
time has shown little inclination TO do
more than resist depression must be
acknowledged. Good news seems 10
fail to stimulate buying interest and
prices have continued to sag each day.
with only Slight reversal of trend for
some time. IT has always been rule
that when the bears are the thickest
then is the time to purchase stocks
and following that line of reasoning
the present is an opportune one Tor
making commitments on the long side.
The usual Monday morning dulness
which has been the rule lately was in
evidence at the opening yesterday.
There was a special reason for inactiV-
ity in addition TO the possible decision
by the Supreme Court in the Minnesota
rate case in the fact that il was .
holiday on the foreign Stock En-
changes. Initial prices of the leading
issues were irregular United States
Steel, Southern Pacific and Reading
opened down. New York Central and
Canadian Pacific displayed gains.
while Union Pacific was unchanged in
its opening price. Amalgamated Cop
per, contrary to some expectations,
was weak at the opening and failed to
ItSpOiIu W NiiC NNi opiN AiN'S
ing metal trade conditions.
Interborough- metropolitan issues had
heavy tone and the common
sold down TO its low prices of the
year. Throughout the forenoon the
market was extremely dull and the
volume of business was smaller than
for any corresponding period for some
time. In the early afternoon, follow
ing the report Of no decision from
Washington, selling movement was
started which carried Pennsylvania
down to a new low level and affected
American Sugar Refining considerably.
Central Railroad Of New Jersey made
a market decline, which. 10 degree.
was reflected in the price Of Reading,
while there was emphasized weakness
in the Virginia Carolina Chemical Is
sues. accompanied by rumors that
dividends would be impaired. The
volume Of bearish operations were dis
tinctly professional and apparently did
not include liquidation of any consid-
cradle amount. as but little stock was
brought out in the raids made by
traders.
The development Of the day which
indicated that when the yield is suiii-
ciently large there is demand for
investment securities was the ready
sale Of 81, 100000 Chicago ST. Paul,
Minneapolis and Omaha per cent de-
benture gold bonds. This issue was
sold at price to yield about 513 per
cent. 1t is evident that this market is
supplied with funds TO care for offer
ings at real bargain prices, while
abroad new issues have been coolly re-
ceived, although offered on equally as
attractive If not better terms than
will bring good results here. This is
evinced in the failure of the $4,000
coo Brazilian government loan in Lon
don, of which only q per cent was
taken by investors, Notwithstanding
this loan had the Rothschilds' stamp
on II.
There was little interest in the local
money market, especially in call
money, for which there was no de-
mand slightly easier tendency In
| time money rates was shown and lib
eral demands were reported for funds