New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-02
REVIEW AND DIGEST
Market Depressed and SentI-
ment UnsettIed-The Balkan
Situation - Report on
Conditions at Home.

During the short week which ended
on Thursd y Of las, week, so far as
stock market operations were con-
cerned, values continued 10 show "A
downward tendency, and the market as
whole presented few evidences Of
strength. II was d busy week in some
RESPECTS. the feature Of which was the
passing into receivers hands Of the st.
Louis q San Francisco Railroad sys-
tom. For several days prior To the
receivcrship announcement the stocks
and bonds Of the road had been de-
pressed and there had been rumorS
that a receivership was inevitable. 1t
was impossible 10 confirm these
rumors. but the selling continued. ana
in turn affected the whole market
Weakness developed in the specials
particularly. and one Of the most pro-
nounced was Distilers Securities. &C
companied by rumors Of possible finan-
tlNl llOuDlfS III llldl VI NolllNfh'''i'f 49,
though such rumors were denied. Tho
Hartman issues continued 10 attract
attention, and on Wednesday the
definite information that the Attorney
General would insist on disposal Of
Central Pacific holdings by the South
ern Pacific had the effect Of bringing
support to those issues. which con-
tinued in Union Pacific on Thursday,
when an official announcement by
Judge Lovett, chairman of the Union
Pacific board. was made. outlining two
alternative pl ms to be presented TO the
Attorney General for approval for the
disposition of Southern Pacific stock.
As the me 10: working out a complete
plan was extended until July T. the
plan itself will probably he perfected
and out Of the way by that time. but 1t
will be some months 10 follow before
the securities have been marketed and
affairs in that direction have been
cleared away.
The future course Of the stock mar
ket is a maze so far as attempting 10
follow line Of vision which will allow
a fairly accurate deduction OF its prob
able movement is concerned. Con
ficting reports regarding the state
of trade and industrial progress in
the United States, coming from
sources which should be cOnsid-
cred reliable, ives the observer
in state of perplexity. II is not de-
MED by leading fnanciers and bankers
that money is very firm and is pro-
cured with difficulty by borrowers. Re
ports from various parts Of the coun-
try give the impression that business
has been very much restricted and that
this fall is expected 10 show remark
ably dun period on the other hand.
institutions such as the Fourth Ma
tional Bank OF New York from their
investigations are viewing the situa-
ton with no alarm. The Fourth Ma
tional Bank. after canvass Of the
principal cities in an effort to ascertain
the feeling regarding the business
situation. has issued the following
"First-General business in most
parts Of the United States continues
fairly good The volume is not as large
i'm some sections as it was and orders
for future business are not AS heavy as
tbev we're six weeks ago. But the in
dications are that the May figures will
be better than those Of that month in
1912. when the country was becoming
seriously unsettled concerning the pos
sirle interference Of the Presidential
campaign.
"Second-The crop prospects are eK-
cellent This is the story Of bankers
everywhere. especially in localities
where satisfactory crops are absolutely
essential TO any lasting good times.
The view is generally expressed ny
those quoted that another good har-
vest is necessary as an Offset 10 such
interruption to business as is usually
witnessed in a tariff revision year.
The expectation is that the harvest VIII
be highly satisfactory. although it is
recognized that the season is not vet
far enough advanced TO attempt very
definite predictions as TO what the final
conditions will be in the wheat belt.
"Third-There is likely to be good
demand for money throughout the
wear This is ascrbed to expanding
credit requirements, the desire of farm
ers to hold grain for higher prices and
the fact that interior banks are, be-
cause of other commitments, already
pretty well loaned up. There is 10Th
ing dangerous in the situation; on the
contrary, it is pointed out that the
need for conservatism has been so gen
orally recognized that borrowers every
where have scaled down their applica-
tons i'm accordance with prevailing
conditions in the money market II Is
urged also that the situation abroad
must be remembered in considering the
course Of money rates here. since this
country affords the only available
source OF supply for France or any
other foreign nation that finds itself in
need OF an increased gold reserve.
With the Strengthening out Of the BAL
kan war disturbance, however. the sit
uation abroad is fast being righted and
the boarding mania has ceased alto