New-York tribune., 1913-07-15
STOCK MARKET REVIEW
Very Nominal Trading, with
.Sagging Tendency.

In a measure the stock market yes
terday was dominated by the labor
situation as centred in the Eastern
railroads, and transactions were re-
stricted. while price movements fol-
lowed proportionately the same course
of limitation that has marked the
progress of operations for some days
past. Developments over the week end
contributed nothing Of importance TO
change the general aspect, so the forces
behind such efforts as were evidenced
on either side of the market appeared
TO be entirely professional, with little If
any assistance from the outside.
On the opening sales initial losses
were recorded. but following the begin
ming Of business a better tone was in
stilled into transactions, and in such
stocks as Union Pacific, Canadian Pa
cific. Southern Pacific and New York
Central Improvement was shown by
the fractional changes toward an up
ward tendency. Notwithstanding that
the tone seemed to be good, increasing
dulness pursued the market as the
morning wore along, and the spirit Of
bullishness which had threatened 10
carry prices up during the first half
hour was discouraged by the apathetic
disposition shown on the floor and in
| the commission houses The announce
ment of another engagement OF Sl.Joo-
| 600 in gold and a tentative engagement
Of vet another 81 100000. both for Paris
account dispclled any prospect of
easy money in the near future by en-
/ phasizing the imperative demands for
money abroad and the lack of any
signs Of improvement in the Balkan
| situation which might offer relief from
the continued boarding which is going
/ on throughout Continental Europe.
The fact that the tendency was no
worse in the trend Of prices throughout
! the day may ne attributed to the favor
| able impression created by President
| Wilson's remarks regarding the rail
! road labor troubles. But notwithstand-
| ing that his utterances were full of
| sanguine assurances, traders were in
clined to await the outcome OF the con-
! ference at Washington, which did not
/ begin until after the stock market
| closed. Based on past experiences in
similar labor disputes, close observers
| did not apprehend any serious outcome,
as they believed the power Of reason
would prevail, although the matter may
| be drawn out at considerable length
! by a series of conferences, in which
! both sides will he obliged to recele
from certain arbitrary positions as
sumed at this time.
London's attitude toward trading af-
forded little consolation to the New
York stock market, as the tone there
was inclined TO heaviness, and move
ments were sluggish and uninteresting,
with irreguarity shown in American
shares Continental trading was linn
| tied by the closing of the Paris Bourse
| on account of a holiday, so that un-
usual quiet prevailed in European op-
/ eratiOns.
! The local money situation was
marked by unusual strength in the tone
of time rates, in which advances were
quoted. Considering the fact that the
July disbursements had been passed,
any inclination toward a firmer market
caused comment, and while transac-
tons were nominal the attitude of the
lenders toward time accommodation
was an evident forecast Of the prospect
for a hardening Of time rates. Call
loans were easy. with a prevailing re-
newal rate of 2l2 per cent.