New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-03
STOCK MARKET REVIEW
Trading Dull and Prices lrreg-
uIar-FraCtionaI Gains at Close.

The weather was hot the brokers
were tired and London was a seller of
American stocks, so altogether the
ticker displayed apathy and disin-
clination to get excited in the stock
market yesterday, irrespective or the
about some issues. The stock market
opened with characteristic dulness OF
the season, and in sympathy with the
lower trend in London values were
heavy on this side and the initial
prices generally exhibited fractional
losses. Union Pacific, Reading, Cana
dian Pacific, United States Steel, Anal
gamated Copper, and even Erie,
stock so strong on Monday and Tues
day, suffered a reaction, and all OF
them scored a lower opening than on
| Tuesdays closing quotations.
Business was very light, and, with
the prospect of double holiday TO
finish the week, little inclination was
shown toward making commitments OF
any importance. An encouraging sign
Of the day was the fact that reactions
failed to uncover much stock and the
undertone of the market seemed to be
/ firm, while traders were not anxious,
| apparently, 10 attempt any raids. ap-
preciating the stability of prices. On
the other hand, when traders turned
! their forces into the bull crowd and at
| tempted to purchase stocks supply
was furnished which checked the ad-
vance, and operations were confined to
trading movements that largely went
through a backing and filling process.
1t was largely the same old story
that for months has been the recurring
cry-the market was under the In
| fuence adversely of the Balkan
troubles, and traders believed 1t could
not enjoy a vigorous rise until news OF
definitely favorable nature shall be
received. Throughout the day indif-
ference was the rule, except on occa-
sions when specialties were bought and
their prices advanced. California
Petroleum was one of the strong spe-
cials, while United States Rubber re-
corded a two-point advance at the
close. The majority Of the gains
scored were fractional.
The news having stock market
bearing in the main was well received
For instance, the reported sale Of $40,
100000 Consolidated Gas notes, not
withstanding the basis of the sale OF
6ll per cent, was accepted with favor.
Also the improvement shown in the
condition of national banks under the
call Of June and the Improvement in
the local money affairs all had ten
dency to assist cheerfulness in Offset
ting a slight note OF pessimism which
was caused by the report Of possible
strike among the Eastern railways as
a result Of the refusal Of the companies
to grant the demand for an increase In
wages of conductors and trainmen. In
formation of a general business char
acter was reassuring.
In the review Of the iron and steel
trade for the week THE Iron Age
says that the springing up OF demand
for pig iron in larger volume than has
developed at one time in several
months has marked the last week, In
dicating that in the belief Of some Inn
portant buyers prices had at last
reached an attractive level.
Money was literally offered on call
although the renewal rate continued to
be 2 per cent. Commercial paper
while firm at per cent, displayed an
easier tendency in the offerings among
some institutions.