New-York tribune., 1913-07-26
STOCK MARKET REVIEW
Early Declines Followed by
Hiqher Prices and Activity.


There was no disappointment a"dl'-
ing the holders of long stocks yes'er-
day resulting from the action OF the
stock market. as throughout the daI'
after the carly trading, the bulls en-
loved a cheerful period, with few signs
of adversely TO mar the course OF I'M
rroyement In sympathy with me de-
cline in foreign markets opening prices
on the New York Stock Exchange were
fractionally lower, and during the hrst
half hour the market presented a quiet
appearance, with only few issues eN-
hibiting any tendency toward ACTIVITY
During that brief waiting spell COM
bipations were forming which were to
send prices higher and bring on vol
ume Of business destined to inspire new
zeal and establish new high levels for
the present upward movement.
The day was full Of timely subjects
anording ample opportunities for dis
cussion. in which the stock market had
both a direct and indirect interest.
The reports from Washington that the
administration would endeaNor TO re-
store order in Mexico had salutary
effect on the shares of Mexican Ma
t.onal Railroad. in which an advance
was shown during the forenoon. Il
was a good day for the specialues, ana
they assumed considerable prominence
at the beginning, being the first issues
IN show transactions Of Importance
with steadily advancing prices. Amer
lean Ice, Great Northern Ore ana
the Can issues were features of this
class. and until the Steel issues began
Ia take the lead the specials attracted
most attention. After the market got
we'll under way around the end OF the
second hour there was a uniformity in
the advance and prices were held
steady. although trading was some
what subdued in the early afternoon.
one Of the happenings of the day
quite important was the election of
new president for the New York. New
Haven & Hartford. 1t was generally
understood that Howard Elliott had
been selected for the place, ana
strength in New Haven stocks, which
carried quotations several points above
the opening price. confirmed the fore
cast. although the announcement OF his
election was not made until after the
close Of the market. The reports OF
railway gross earnings for the third
week in July, generally speaking were
favorable and indicated an enlarge
ment of traffic operations for the
uerfod. Colorado & Southern, Chicago,
INDIANAPOLIS q Louisville. Canadian
Pacific. Canadian Northern. Denver d
Eio Grande and Grand Trunk all
showed increases. Missouri Pacific
was an exception to this rule, and eX-
bibited a decrease Of $4,000. The
Union Pacifcs June earnings report
was most favorable, showing an in
crease in both gross and net.
The foreign situation did not lend en-
couragement so far as sentiment on the
bourses reflected conditions on the
other side The Bank Of Germany
however, in its weekly return made an
excellent showing by reporting an in
crease in cash and gold holdings, de-
crease in note circulation and a reduc-
ton in discounts and loans. Disap-
pointment was expressed regarding the
report that government proceedings
had been begun against the telephone
combination, although rumors Of such
action had been current for several
DAYS. Bankers were annoyed at the
disposition shown by the radicals OF
the House Committee on Banking and
Currency TO saddle the proposed reform
currency measure with changes which
may be responsible for its defeat dur
ing this session.
Local money conditions continued to
he favorable. with a slightly reacting
tendency for short time accommoda-
tions and some softening Of rates for
longer periods. Call money was plen-
tifll and renewed at "a per cent.