New-York tribune., 1913-07-24
STOCK MARKET REVIEW
Realizing Causes ReCeSSIonS
and IrreguIarity at Close.


cral days of improvement was expert
enCed Yesterday in the stock market
II was entirely within the line Of rea-
son that profit taking would he in
dulged i'm whenever the psychological
period had arrived. and yesterday
seemed to be that appointed time. The
opening prices foreshadowed the gen
eral trend of the session. as there was
little trading and quotations were
slightly below Tuesdays closing prices
United states Steel Union Pacific,
Reading and other standard issues dis
played fractional losses. one of the
passing events of the day which re
fected on the stock market was the
announcement Of the death of Anthony
y. Brady, whose importance TO several
Wall Street connections was used by
particularly American Tobacco. which
declined several points. and it was ar
gled that other stocks in which he was
interested will also decline.
The day was remarkably dull and
there was ample time afforded for a
discussion of current topics. The Mex
lean situation was accorded more at
tention than for some time past, and 10
the outsider II would have appeared
that the United States had already
been pledged to invade the republic and
TO take possession in the name Of Uncle
Sam. Every time the brokers reached
q climax in the course Of their digest
of affairs they sold a few stocks and
watched the effect on the market.
There was sufficient opportunity 10 set
| tie the Balkan trouble and traders ac-
cepted the opportunity and waded into
| that subject with marked degree of
! interest. but with not so much satisfac-
| ton in their final analysis Of the prob
! lem. as so many complications were
! presented in the way of European poll
tics that deductions were not alto
gether clear. and the consensus OF
! opinion seemed TO be that the trouble
! i'm the Near East was destined TO con-
tlnue Tor some lline.
One Of the weak factors in the stock
market yesterday was the soft condi-
! ton of both the stocks and bonds Of
| the New York. New Haven & Hartford.
The falling off in the price Of New
Haven 6s, covering a range OF about
! 10 points loss within the last few days,
was disturbing to the bond market, and
the selling below par of the stock was
a heavy load for the stock market to
carry in view OF the disinterestedness
exhibited by the supporters of prices.
The petroleum stocks, particularly
California Petroleum. sold of with lit-
tie buying in sight, and the lowest rec
ord was reached by California Petro-
laum common since its initial transac-
ton on the New York Stock Exchange.
Express Company stocks were weak
and American Express touched new
low, said TO be the result OF the pro-
posed changes in the parcel post sys-
tenn.
In the midst OF this selling, which
caused an all around sagging tendency,
there were several firm issues In which
advances we're scored. Republic Iron
and Steel was a feature, as were Utah
Copper and Third Avenue, all dis
tinctive as strong stocks in the session.
The news Of the day was indifferently
stimulating in a stock market sense.
The fortnightly bulletin Of the Ameri-
can Railways Association reported that
on July II there was a net surplus Of
idle cars in the United States and Can
ada Of 90. 400, as compared with 8,7Ol
on June 80. an increase OF 5,1Ol cars.
As an offset 10 this sign Of business
repression the trade journals devoted
10 the iron and steel interests were en-
couraging The Iron Age in its ad-
vance review says that the tangible
facts on the favorable side are the buy
ing Of 80. 900 tons OF bars by implement
firms. the first car orders worth men
tioning in several weeks, and an in
crease in the business closed by fdbri-
eating firms. The Iron Trade Re
view" reports distinctly improved
feeling in the iron market. and the
general impression Is that pig iron
prices have reached rock bottom and
buying in a quiet way by big interests
has greatly increased.
In the time money market for short
maturities an easier tendency was re-
ported and there was a plentiful sup
ply Of call money, with renewal rates
of cent