New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-24
STOCK MARKET REVIEW
Early Strength Not Maintained
Prices Lower at Close.

Regardless of irregularity in the for-
eien stock markets the local stock mar
ket yesterday opened active and strong
and the initial trading covered much
wider range of securities than has been
the order in the opening part OF each
session for some time. Much or the
stimulation toward betterment was
from short covering. but among the
commission houses there appeared 10
be an inclination on the part OF some
customers to make commitments on the
buying side. Among the stocks exhlo-
iting greater strength were United
States Steel common, Reading ana
Peoples Gas: but Union Pacific opened
unchanged, and the Rock Island issues
continued TO show a declining ten
dency.
The first burst Of activity did not
have any follow up. and the market
soon exhibited signs OF dulness. with
a firm tendency among the leading IS
sues that have been identified with tile
upward movement during former days.
Around II o'clock sharp turn upward
was checked by a supply OF stocks
which took much of the vim out of the
rising movement. and during the sec
ond hour prices declined and the mar
ket assumed q heavy appearance with
out any real evidence OF break. eX-
cept in some Of the specials which have
been continuously weak for several
days. No recovery was shown from
the forenoon dulness in the early after
noon, and following the announcement
that at the meeting Of the Union Pa
cifc executives only routine business
was considered stocks were sold by
the bears on the theory that hope
deferred maketh the heart SICK and
the longer the uncertainty regarding
Union Pacific distribution TO share
holders is deferred the less interest will
be displayed In any upward movement
in which Union Pacific will figure as
the leader.
During the remainder Of the after
noon session until Just at the close the
market failed to recuperate and sag
ging tendency prevailed. A listlessness
dominated sentiment most Of the day,
and while a feeling opposed TO i'm
provement was entertained by many Of
the professional operators who have
figured on the buying side recently
disposition 10 make heavy commit
ments on the short side was not dis
closed, and the trend was in a debata-
bic position in the final business Of the
session. Peoples Gas was one Of the
strongest features of the day, while
Canadian Pacific was another stock
which exhibited frmneSs. Persistent
rumors regarding an increase in the
dividend Of Peoples Gas and a proba-
other Chicago public utility were re-
sponsible for the selling of the former
at new high record and an exhibit
ton of resistance to the lower tendency
Of prices in the afternoon trading.
There was no explanation for the mp
pearance Of dulness which the market
presented, as the news of the day as 4
whole was favorable, including a re-
ported reduction in idle freight cars,
together with reports of railroad earn
ings showing increases in gross and net
for the month Of July of the Great
Northern. Baltimore & Ohio and Della
ware, Lackawanna & Western.
The local monetary situation dis
played an easier tendency, especially
for loans for over the year period. Call
money was in plentiful supply al a re-
newal rate Of 3 per cent.