New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-04
STOCK MARKET REVIEW
Exceptionally Small Volume, but
General FirmneSS Prevailed.

Only the veterans who are not al
fected by climatic conditions or desul-
tory trading were to be 2ound at their
accustomed places around the tickers
in the commission houses when the
stock market opened yesterday morn
ing. The attendance on the floor OF the
exchange was also light, compare
lively, and early operations repre-
scented few commitments, but generally
speaking the tone was firm, notwith-
standing foreign news was decidedly
bearish. The budget of European dis
PATCHES had more than usual Of dis
appointment, and included reports OF
severe fighting between the Bulgarlans
and Servians, a rather unfavorable
weekly statement Of the Bank of Eng
land, further labor trouble news in the
Rand and the annulment Of the Mar
conf contract by the British govern
ment.
The initial sales were largely In
huenced by the quotations sent over
from London on American securities.
United States Steel, American Smelt-
ing and Refining, Northern Pacific,
Union Pacific, Reading. Erie and Anal
gamated Copper were off, while Union
| Pacific exhibited firmness, which slim
ulated a hope that no bad effects would
result from the attacks made on the
| company and its finances. Relatively
! speaking, the market yesterday pre-
scented an interesting study, consider
| ing the changes in the collection or ad-
verse features which have been ruling
against II during many months. The
regular weekly effect of apprehension
regarding Supreme Court decisions no
longer hangs over the market.
The local money situation has i'm
| proved materially and call loans have
been plentiful at very low rate for
/ some time. The local banks have piled
up reserves to the point where It Is not
necessary, for the time being, at least.
to force liquidation, and stocks have
passed from weak TO strong hands, and
indications point to a sold out condi-
ton. In general the political influences
have been discounted. so altogether, so
far as appearances may be judged on
this side, the position Of the market
technically is favorable to an improve
ment. On the other hand, affairs
abroad do not seem to be getting much
better: the disturbances in the Balkans
have been aggravated by renewed hos
tilities among the allies, strike has
taken place in the South African gold
mines and foreign finances are under
an increased strain, as shown in the
bank returns Of the leading institutions
Of the Old World.
Sentiment was divided yesterday, and
there were plenty of bears, although
not aggressive ones, who were predict
ing lower prices for railroad securities,
but the bulls were equally confident
that the worst had been done that
/, could come in the regular order and
that the tendency was toward a better
ment. The favorable showing Of the
government report on cotton acreage
and condition as Of June % was help
full TO sentiment, but the refusal Of the
administration 10 receive a committee
Of the Cotton Exchange in protest 10
the proposed tax on futures was not
| relished.
The local money market during the
day gave no evidences Of any material
change, and funds continued to be
available for temporary requirements.