New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-10-25
STOCK MARKET REVIEW
Steadier Tone in Trading
Prices Close Firmer.


New York Stock Exchange on Wednes-
day this market opened yesterday IN
timid state. Such buying as was IN
evidence appeared very shy, and gen
eral feeling Of bearishness prevailed
among traders and commission houses
A further loss by the New York banks
to the Sub-Treasury did not tend 10
help the bull side, but the fact thal
call money was offered on easy terms
at the opening gave hope that the turn
for the better was in sight This view
seemed to be accepted by some packed
I'D by the action Of the market that In
dicated more activity on the buying
side than the selling side when any
rally was attempted. During the first
hour only 1858 shares were traded in
compared with 1880 shares on
Wednesday
During a period Of such constant
strain as the bourses Of Europe had
passed through during the last three
weeks foreign investors naturally had
reached a state Of high nervous ten
sion, and sensational correspondents
easily found material for stories OF the
character sent here on Wednesday, ana
which were used by the bears to smash
prices. Yesterday the foreign situation
presented a better appearance, but the
prospect of the Balkan war being pro-
longed does not hold promise OF more
than a moderate Improvement in the
purchasing power Of European stock
markets, though the period or frantic
liquidation seems to have passed. SO
long as the outlook of the Turco-Bal-
kan trouble is clouded with apprehen-
sion regarding the extent to which
other European countries may be al
fected comparatively little activity In
a buying movement should be ex-
pected. There will be some recovery,
but the nerves of Continental investors
have been so strained that they will be
inclined TO the bear side until conf
dence has gained a stronger hold
through the efforts Of the supporting
banking interests American securities
will be repurchased gradually II no de-
yelopments Of an alarming nature fol-
low, but this market must care for
heavy volume Of stocks which have
been turned back from abroad since the
first reports of probable trouble in
Eastern Europe.
The advance by the Imperial Bank OF
Germany of its discount rate to per
cent had been foreseen following the
increase of rates by other European in
situations. The Bank Of England and
the Bank Of France both in their
weekly returns showed small gains in
gold, and the general news from abroad
indicated that an improvement is be-
ginning, both in confidence and funda-
mental conditions. Locally prices,
while presenting fairly steady tone,
did not respond to the better foreign
feeling, During the day call money
rates advanced, but the influence was
of little moment yesterday. No special
news Of the business world Of more
than ordinary significance was circu-
lated, and the market was left much
to itself, except as affected by Street
gossip. The closing displayed some i'm
provement among many stocks and
there was a steadiness in the range Of
final quotations which made favor
able impression. Most of the trading
for London was on the buying side, but
the volume was small and proved lit
tie except a practical cessation of SELL
ing orders.