New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-10-03
STOCK MARKET REVIEW
Market Reflects Foreign Senti-
ment and Closes Lower.

The disturbance in the Balkan states,
which for several days has had dis
quieting. effect on the markets Of Eu-
rope, yesterday assumed a more seri-
GUS aspect, and news was cabled that
Turkish troops had invaded Servian
territory and that Turkish soldiers had
1t is purely a guess as to what extent
securities in this country will be az
fected should the Balkan war become a
conflict involving the peace OF Europe.
That American markets would not be
exempt from some depression would
seem 10 be an accepted conclusion.
Our securities during recent years
have been distributed quite extensive
ly among European investors, and the
selling in foreign markets OF American
shares on Tuesday. when the war
cloud was gathering over the Balkan
peninsula, gave a warning note OF
what may be expected should the war
assume the proportions suggested by
the preparations as reported
Another result which might affect
our investments unfavorably would be
disseminating shipments Of gold and
temporarily at least embarrassing our
money market. There is, however, an
other view TO be taken. a war would
mean provisioning a vast army, which
would make an unusual demand for
our foodstuffs and other supplies.
American packing interests would
reap a harvest, and many Of our in
dustries would experience a period Of
prosperity beyond estimate. continuing
as long as the armies were kept at the
front. For many years the Balkans
have stood like a spectre, alarming
ever now and then the Europeans and
causing nervous shocks to pass up and
down the spines Of the crowned heads
There has been an accepted tradition
that IL war were to break out in full
force in that country the map Of Eu-
rope would be rearranged and that the
final end would see changed alliances
and a tearing down of old and estab-
fishing new empires.
To what degree such prophecies have
been or are to-day warranted is ques-
tionable. 1t would seem that the pow
ers will check the movement before 1t
has reached q point menacing to Euro
pean peace. From financial point Of
view this is no time for war. and
money to-day must be carefully con-
sidered in planning wars.
During the forenoon the market dis
played activity and strength. but in
the afternoon a selling movement be-
gan which caused reactions, and a
generally bearish sentiment was shown
among traders. 1t was argued that
signs Of declining market were In
evidence, and there was considerable
short selling by the spectators. The
London market was lower and Ameri-
cans were heavily sold, which caused
prices to go to lower levels.
Call money was moderately easy In
this market, and with the return Of
disbursements for dividends and inter
est there should be no immediate diff
Guilty regarding call loans. The time
money market, however, was inclined
to a firmer tone, due to the possibility
Of a checking Of gold importations
should the Balkan situation grow more
serious. Toward the closing hour Of
the stock market q slight firmness was
shown in the trading tone, but prices
on the average were lower than On
wednesday. Advances were confined
chiefly to the specials, but even in this
class there were some losses shown.
Reading was the stock most heavily
sold, with United States Steel close
second. It was generally thought yes
terday that the market had developed
a heavy short interest. Coming events
probably will have much 10 do with
the markets trend during the next few
days.