New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-12
STOCK MARKET REVIEW
Early Trading Dull and Irreg-
uIar-ClOSing Prices Higher.

The prospect for Improvement IN the
stock market based on the opening
prices yesterday morning was rather
discouraging to the eXpectant bulls. as
the tone Of trading was dull and de-
clines were recorded in many leading
issues. Elements Of disturbing nat
ure which had exercised a restraining
influence over the upward tendency
during the closing days Of last week
had not entirely cleared away over the
week end, but they had ceased TO give
! as much concern as formerly. There
was a reported lack Of moisture in
some Of the Western states, such as
| Kansas and Nebraska but rains IN
other parts OF the country lessened the
extreme tone of pessimism regarding
| the crop outlook. The Mexican situa-
! ton offered little change except that
: Special Representative Lind was in the
: republic and on his way to deliver his
| message unofficially TO President
| Huerta.
The most favorable OF news having
an international bearing was the re-
port Of the formal signing Of the
! Balkan treaty on Sunday, which prac-
| tically puts an end TO the long period
of ,,asteful warfare in the Near East.
! The Improvement in the foreign situa-
ton was not reflected on the Cont
mental bourses to any marked degree
EXCEPT in the London market for
! Balkan securities and fairly firm tone
on the Continental bourses. The event
locally which was considered Of most
importance to this stock market was
the official announcement of the sub
scription price for the SSS.OoO,O0D of
Southern Pacific stock controlled by
Union Pacific.
! The immediate effect Of the news
was a depression in the price Of South
ern Pacific on the New York Stock EX-
change, but later a recovery was made
to %. the closing price Of the day.
Union Pacific developed very hrm
tone. however. and closed at 1874, Its
highest point for the session and a gain
| Of 1s4 points above its closing price on
Saturday. Most Of the day the stock
market pursued rather indifferent
and irregular couse, and II was really
not until the last hour that the market
became active and the best prices OF
the day were made. The usual optl-
nistic administration tone concerning
the currency bill was reported from
Washington in the report Of President
| Wilson's remarks regarding the meas
IRE. and he expects TO see 1t enacted
into a law without much delay. This
confidence in the near future or the
hill was not shared by local bankers
and others in the financial district VINO
have given the matter considerable
study.
! There was a lack Of concern during
the early trading regarding the de-
crease Of untitled business reported by
the United States Steel Corporation
and in the late transactions the sharp
rise of United States Steel common
nuzzled those who last week had pre-
dicted a reaction and lower prices De-
ginning with yesterday The local
money situation exhibited a broader
tendency in the purchasing of CONNER
cial paper, and reports were current
that interior institutions were showing
eiene of charging their holdings or goou
paper which may be used later as COL
lateral for deposits obtained from the
Treasury. While banks did not IN
crease their offerings Of time loans
tbere was a slightly easier tendency IN
sbort naturities. but transactions were
not important enough to change the
nositlon Of the market for liked ac-
commodations. Call money was pIeh''-
ful AZ 2L per cent for renewals