New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-21
STOCK MARKET REVIEW
Trading More Active and Most
Leading Issues Close Firmer.

The stock market yesterday was
under the influence Of an expectancy
regarding the New York City bond Of
fcring up to the time Of making the
bids known, around O'CLOCK, and
trading was given sort of stimulant,
resulting in more activity than for sew
oral days previously. When the aver
age bids became public. around
O'Clock, anG A price Of around par was
indicated. there was disappointment
expressed among traders, and, follow
ing an exhibition of bulllsh activity
which occurred in the carly afternoon,
the market became quiet and stocks
went through process Of price
changes which left the closing irregu-
lar. but with a fair display of strength
in the leading issues, giving the i'm
preston Of a firm undertone.
Viewed in the light of popularity the
city bond sale was not a great success,
as it required considerable energy on
the part of trose most interested in Its
success among friends and the various
institutions # the city TO insure bids
being placed even around the par basis.
1t may be considered fortunate tina.
the issue reached beyond its full sub
scription during period when the in
Vestment market is so sluggish and
money is displaying such a hardening
tendency.
Wall Street was also interested in
the reception given the Chinese loan
abroad, and the news received Of the
evident decrease in popularity Of this
loan by the falling Of the premium of
~ per cent, az quoted on other days,
to 3 per cent yesterday did not slim
ulate a feeling OF buoyancy in the mar
ket, although IL was reported from
London that the indications were for
an oversubscription of the S125 100000
of new Chinese bonds. The price OF 30.
however, was more discouraging than
encouraging TO the investment situa-
ton, except that the disposal OF large
issues at this time proves that II Is
possible TO sell securities at a price.
A rumor during the morning that the
Union Pacific officials and the Attorney
General had come TO an amicable UNI
Outstanding regarding the disposal OF
the S126, 900 900 Southern Pacific stock
gave the stock market It's first impulse
on the buying side in the early fore
III Lot
but Union Pacific maintained the
greater part OF its gain at the close,
and il is possible that coming develop
ments may show some foundation for
ca nremature an announcement regard
ing the arrangement. II would be
strange, indeed, II in any plan which
may be worked out within the next
six weeks some tentative understand
ing on which the ultimate terms VIII
be based has not been so far discussed
that both the government and the
Union Pacific at this period have
good general idea Of what will finally
be decided upon.
There was no feature in the local
money market except firmer ton
dency in sixty and ninety days and
four months accommodations. Call
money was easy and renewed at -.
per cent. The demand for FUNDS
among bidders for city bonds was the
feature of the day in banking opera
lions. and the total will figure consid-
erablv in the loan account at the end
OF the week. After the close OF the
market 1t was announced that $1,000
600 more gold had been engaged for
Paris account. This makes total OF
SO, 1000 900 engaged for France on the
present movement.