New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-26
STOCK MARKET REVIEW
Foreign Weakness and High
Call Money Cause Losses.

garding the foreign situation, which
has been a feature of the cable news
from abroad ever since the beginning
Of the Balkan war, continues TO be In
evidence. That the situation is serious
will not be denied, but with reports
indicating a general European war In
one dispatch, and in another almost
simultaneously the news that peace
negotiations are fast approaching pc
Rod Of realization, there is much con-
flicting information and little reliable
news upon which an estimate OF the
effect on stock markets may be based.
1t is very evident that Continental
bourses are as much in the dark re-
garding the true situation as is the
stock market in London or the bank
ing interests in Germany Sensational
reports, such as were distributed in the
first days Of the threatened trouble by
the Balkan States and Turkey, con-
tinue to be part Of the routine of news
distributed in Vienna and Paris. The
Berlin Boerse yesterday experienced
genuine scare, which caused a heavy
selling movement, due to the report
that Servia and Austria had opened
hostilities. This report could not be
confirmed, but the effect on the market
was the same, and prices went down.
In London the news was that an armis-
tice between the Bulgarian and Turk
ish forces outside of Constantinople had
been arranged, and that the indications
were favorable toward an aversion OF
war between Servia and Austria, al
though at the same time the dispatches
stated that Russia, Austria, Italy and
Germany were mobilizing more than
$500, 900 men and putting their navies
on a war footing. While the air con-
tinues to be filled with such conflicting
reports, the security markets must be
subjected to depression, and the out
look must remain in doubt. The for
eign markets were all weak, and that
weakness was reflected In the New
York stock market, which opened lower
and moderately active. The feature Of
the home news, which was of a par
ticularly local import. was the award
favoring the engineers by the arbitra-
ton board. While the local market was
easier at the opening, there seemed 10
be no inclination to a general selling
fractional. The market assumed a quiet
tone after the opening, with a fairly
steady range of prices, except in some
special issues, which were strong.
Corn Products exhibited considerable
strength, and some pool operations car
ried the price higher American Can
was firm in the early trading. Bears
made a raid toward the noon hour, and
prices declined considerably. United
States Steel was very active, and the
standard leaders showed effects Of the
selling movement before any support
was in evidence. Call money rates fig-
ured very considerably in the stock
market yesterday. The threatened ad-
vance to higher levels for call money
which has been held in allegiance for
the last few weeks materialized, and -
per cent money was recorded for the
first time since January, 1910. Had it
not been for the National City Bank,
which adheres to a policy of 8 per cent
money, and this banks offering of
money at 8 per cent when II per cent
was being asked by some other institu-
tons, a money scare might have re-
suited AS it was, after the first relief
and money had been restored to a per
cent basis, it broke away from it's linn
tied bonds and rose again, only to be
reduced by further offerings on the
lower basis, but at the close of the mar
ket the rate of II per cent was again
in evidence. Market optimists were
disappointed that Nevada Consolidated
failed to respond to the announced ex-
ira dividend, which amounted approx
mately to $1,000,OO0 disbursements, in
addition to the regular quarterly pay
ment of 3112 cents a share. The closing
prices were above the low points of the
day, and United States Steel was
quoted at a slight decline from its
opening price of the morning.
-A-