New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-06
STOCK MARKET REVIEW
Slightly Better Tone in Some
Issues at Close.

the New York Stock Exchange yester-
day morning displayed activity and
lower levels, but apparently there was
buying power in the market when
prevented a slump such as was W.T.
messed on Wednesday. Generally. prior
to the opening, the feeling was that
stocks were in for a break as soon as
transactions began. but the covering
of shorts. assisted by buying OF a more
pretentious order. caused a rally soon
after the opening and the tone became
steadier. The air was still charged
with bearish sentiment, however, ana
in the absence Of a distinctly agrees
sive upward movement prices later re-
sumed a less degree of firmness ana
sagged off from the recovery shown N
the first impulse of strength.
one of the issues selected for attack
was American Smelling and Refining,
and in both the preferred and common
stocks weakness was very pronounced,
the preferred selling down to its low
est price since 1905 In the early az
ternoon the market exhibited several
weak spots and the bears made vigor-
Gus raids on these special securities
that showed lack Of staying qualities.
Chesapeake & Ohio was one of the first
to feel the effect Of hammering and II
broke through 60 for the first time.
United States Steel also exhibited soft
ness, calling forth predictions that Il
was destined to go still lower before
the final cleaning out process in the
market would be completed and a rally
Of any proportions would take effect.
Union Pacific was selected for trad
ing attention. but withstood the pres
sure put upon il remarkably well n
view Of all the circumstances sur
rounding the dissolution plan and IN
adverse feeling toward railroads.
American Tobacco yesterday, as ON
Wednesday. was the weakest stock in
the list and at the close had a decline
for the day Of more than II points. Tho
closing transactions in the market
gave an impression OF irregularity due
TO a degree Of caution among profess
SIGNALS who hesitated 10 go too far in
short commitments for fear Of a sud
den upward turn. which would not bn
surprising considering the extent to
which the decline has gone.
Throughout the day the street was
much interested in the outcome Of the
bidding for the states short term
notes. bids for which were opened AZ
Albany after the close Of the stock
market. The meeting Of the stock
holders Of the Standard Oil Company
Of New York to approve an increase
in it's capital stock from Sl5.oOO.poD To
STj.OOO,oOO and the distribution OF =
stock dividend Of 400 per cent came
in for some attention. but as the out
come had been generally conceded since
the announcement Of the action Of the
directors was made this event had ~
visible effect on stock market senti-
ment. The selling of London in the 10
cal market was continued Yesterday
and sentiment here was influenced 10
a degree at the opening by reported
nervousness in London and irreguarity
on the continental bourses. Dur!aS
this week Europe has sent back 10 Us
more than 10000 shares Of our secuIi-
ties. and the prospect is that more
will follow each week until a decided
Improvement has developed in the
European situation. There was sharp
advance in the discount rate in London
and money was very firm and in strong
demand throughout Europe. The Bank
of England's return showed a loss OF
50. 100000 in gold for the week, due
chiefly to Berlins requirements, and It's
reserve was notably low for this pc
riod. The Bank Of France, on the other
hand, exhibited gain of 10000 in
gold. with a substantial reduction in
loans. but a large increase in circula-
tiOn.
Local money conditions remained
practically unchanged so far as call
money was concerned. the ruling rate
being %. per cent. In time loans the
rate was fractionally higher, with Of
ferings limited.