New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-28
STOCK MARKET REVIEW
Mexican Affairs Exercise Most
Influence and Prices Sag.

Interest in the stock market around
the opening yesterday was small COM
parativ ", and price changes. while
irregular, were of slight importance In
determining the markets trading
status. Factors which had played an
important part n stock market senti-
mont, especially affairs in Mexico,
continued to exercise an influence. hut
in some instances the market appeared
to have fully discounted the results.
and a fulfilment of expected arrange
ments failed to exert any potential
force either in favor or against an i'm
proven lent.
Secretary McAdoo's disbursement Of
nearly S50.OOO,000 among few banks
in the South and West failed to stimu-
late any enthusiasm, as Wall Street
reasoned that as a preventive of any
monetary stringency this movement
would hardly be a panacea, and That
/ the ultimate result would be to IN
crease funds in certain holding CEN
tres following the natural law that
money will go where It Is most at
tracted and where II can be used 10
the greatest advantage. The action
of the stock market during he fore
noon indicated that the Street was not
apprehensive regarding serious deve!-
opments in Mexico, although Southern
Pacific. which owns some 1,SOO miles
Of road in the repiblic, displayed a
tendency to heaviness that seemed to
be due partly to the prospect OF a con-
tinuation OF unsettled conditions In
that country.
| In view Of the expected message OF
President Wilson. which was delivered
before a Joint session Of the Senate
and House later in the day. there was
an absence Of more than passing at
tention to other features OF the days
doings. With the exception Of an ex-
hfbition Of strength in somo specials,
like Peoples Gas, American Ice, etc,
little improvement was In evidence.
and in the afternoon. following the
publication Of the Presidents message,
prices assumed a sagging tendency,
which developed into weakness among
American Smelling and Refining. New
York. New Haven & Hartford, New
York Central and other issues less ac-
lively traded in.
Had II rot been for the ershadow-
| ing interest in Mexican affairs other
items OF news might have been given
greater consideration. The crop news
emphasized Che continued adverse con-
ditions in the Southwest, reporting that
rainfall had been too light to be or
marked benefit in lettering the corn
and cotton outlook. A note OF encour-
agement prevailed In the reports OF the
steel trade given in the weekly sum-
mary by trade journals. The Iron
Age" says that so far as the Steel
Corporations bookings are criterion
August conditions have been better
than expected. For the last two
weeks, which have included a good for
eign business, II has aiken new orders
at the rate Of close TO 10000 tons a
day. The prediction Is now made that
its August 81 report will show fall
ing off Of about 10000 tons. against a
decrease Of 40S, 900 tons IN July and
/ $1,000 tons in Juro.
Heavy buying OF pig iron. particu-
larly steel making iron. both In the
East and the Central West, has been
a feature during recent days. Another
situation on which a good deal OF IN
terest has centred is that resulting
from the increasing supply OF semi-fln-
ished steel available in the Central
West, and the consequent readjust-
ment in prices.
The Iron Trade Review" gums up
the situation in similar vein.
The local money market most Of the
day was very dull, and until late there
was a lack Of demand and a more re-
stricted supply than on previous days.
Commercial paper continued TO be
sought, and there was a reported lib
eral purchasing by institutions in va
rious cities, and these transactions
were the features Of the days business
in monetary circles Call money OK
hibited slightly firmer tone, opening
at 2as per cent. but most Of the loans
for the day were made at 2A per cent.