New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-09
STOCK MARKET REVIEW
Trading Quiet and Irregular
Good Copper and Crop Reports.

There was a plentiful sprinkling OF
bearish sentiment at the opening OF the
stock market yesterday morning.
which caused prices TO present dull
tone and sagging tendency. Quota
tons in some of the issues reflected
new lows, and while trading was in
significant in point of volume, the i'm
preston prevailed that the bottom had
not been reached. Union Pacific.
Southern Pacific and Canadian Pacific
experienced initial declines, while
United States Steel and New York
Central opened unchanged. Both
Reading and Amalgamated Copper
showed gains at the opening, but in
the following transactions lost their
vantage points.
Very soon after the beginning Of
business, however, the trend OF prices
changed and degree of strength crept
in, while operations became more ac-
tive. and at the end of the first half
hour stocks were strong. Transac-
tons were confined to limited num-
Der of issues, which allowed the bears
to believe that the strong tone was
short lived and that the advance would
not be maintained. Reading seemed to
be the strong feature of the early adj
vance, and rumors were flying thick
and fast that throughout the recent
depression there had been an accumu-
lation of Reading which would insure a
leadership on the upward move which
was beginning, but the late trading
closed down. There was considerable
irregularity, and bear pressure in diff
ferent places was exhibited during the
morning session. Chesapeake Ohio
was forced to a new low price for the
year. and the selling was stimulated by
gossip that the dividend would be cut
at the meeting which will be held on
Thursday Of next week.
All sorts Of rumors were circulated
around Union Pacific. One concerned
the prospect of a new underwriting
committee to take over Southern Pa
cific stock; another that the Union Pa
cific intends TO ask for the approval Of
a plan to deposit Southern Pacific
stock with a committee to be liquidated
over a three years period. While the
government crop report was excep-
tionally favorable and the Copper Pro-
ducers' statement was surprisingly OPP
timistic, there was little relief from
the dulness in the later afternoon, and
though no effort to sell stocks was in
evidence on the good news. there was
little energy on the buying side. and
the closing was dull and featureless.
The local market was given some en-
couragement by the foreign situation,
basis for the belief in the passing Of
the war prospect. and in the stronger
tendency Of prices on the European
bourses. The Bank OF England state
ment, which appeared during the day,
did not reflect a very strong position.
although the proportion Of reserve TO
liabilities of 1890 per cent made a
favorable showing with the ten-year
average Of 1913 per cent. 1t is evident
that the Bank is still passing through
a period OF strain TO preserve its posi-
ton. although it apparently maintains
control over the situation.
The local money market presented a
slightly firmer appearance. but there
was no increase in rates. The call
money rate was 2& per cent for re-
newals, with little activity in transac-