New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-11
STOCK MARKET REVIEW
Near Mexican Crisis DepreSSes
PriCeS-RaIIy Near Close.

DiscOuraging news covering the Mex
lean situation probably was more re-
sponsible for the heavy opening on the
Stock Exchange yesterday than any
other single factor UnquestiOnably, IN
view Of the sensational reports indirect
~ involving English interests in way
which might lead in international COM
plications, the Mexican problem pre-
sented a very serious aspect and UNI
avOidably affected the speculative con-
dition of the stock market, In addition
to the part played by Mexican affairs
the stock market was burdened with
considerable liquidation. which. coupled
with the professional short selling. car
ried prices down during the forenoon
and established new low records for
several issues.
Southern Pacific was notably weak
and touched new low point for the
year. New York, New Haven d Hart
ford established a new low price, and
st. Paul at one time showed a loss of
more than two points over Saturdays
close and the lowest price at which the
stock has sold since 1907. There ap-
peared to be no buying power, ana the
only evidence of sustaining influence
was when the shorts attempted TO
cover, causing a temporary movement
| toward evening up commitments
| United States Steel seemed TO he the
pivot of the market, and its declining
tendency influenced the list as whole
CARRYING the standard issues down, in
Guiding Reading and Union Pacific,
which opened with fractional gains.
The unsatisfactory statement of UNI
| filed orders issued by the United States
Steel Corporation yesterday and the
reported sharp break in foreign copper
prices contributed TO the material on
which the professional bears Toasted in
their attacks during the forenoon. In
! the late afternoon there was mod
crate rallying tendency which resulted
/ in a recovery for Steel. which showed
a small fractional gain at the close.
Throughout the list, however, losses
were general, and among the active
railroads Lehigh Valley exhibited the
biggest decline for the day.
Favorable developments were ignored
during the forenoon, and the improve
ment of the local banks reported on
Saturday failed TO call forth any
optimism, being overshadowed by the
signs of adversely from other quarters.
The crop report for November made
more favorable estimate for the
prospective corn yield than was indi-
Gated in the earlier estimates.
OF course the absorbing topic of con-
versation was the prospect Of interven-
ton by the United States in Mexico
! but the Street found time TO discuss
| Charles s. Mellen's statement published
| in the Sunday papers. Viewing Mr..
Nellen's connection with the New
Haven as president which ended so un-
! fortunately for stockholders, MS
| eleventh hour confession did not find
many sympathizers. The story pre-
scented a novel contrast TO the I'M
NERVOUS tone attributed to Mr.. Mellen
during his supposed dictatorship OF
New Haven affairs. and while there
NAV be a great deal Of valuable sug-
gestion to be applied to readjustmeht
/ Of high salaries paid 10 railway officials
his action would have been more I'M
pressive had he experienced a change
of heart prior to his retireVent from
| his official position.
The local money market displayed
! slightly improved position Doth III tiihe
and call loans. In the latter the an
sence of more than nominal business
made the improvement largely senu-
mental. Call loans were renewed at 81
per cent, with plenty Of money avail