New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-10-07
REVIEW AND DIGEST
Balkan Disturbance Tests Stock
Market-Good Support Given.


mism appeared TO have gained control
over the market and public buying be-
gan to show signs Of returning after
long absence there came the cry from
Macedonia, and dispatches told Of war
in the Balkans. For ages this cry has
echoed at periods throughout the world
and each call has riveted the attention
OF nations on that small reservation
Of the earth's surface occupied by peo-
pie having semi barrie tastes and
speaking mixed tongues. AS usual. the
reports Of war in the Balkans gave
Europe a shock which was reflected in
a spasm Of liquidation that affected the
security markets Of the world. On
Thursday, during the height OF the
hysteria, the London stock market, the
bourses Of Paris, Berlin, Vienna and
st. Petersburg were scenes of excite
ment, while all classes Of investments
were sacrificed Unfortunately. Amer
lean shares were returned to this mar
ket in heavy lots, the total volume for
two days. Tuesday and Wednesday, es-
timated to be in excess of go, 900
shares, and the offerings were absorbed
with scarcely an evidence of the I'M
usual.
No special reason aside from panicky
feeling was apparent for the wholesale
dumping of American shares which
occurred, as only by indirect influence
would American securities suffer in
the event of a European disturbance
Of even much greater proportions than
the Turco- Macedonian affair will be
allowed to assume. In these days Of
high costs Of everything wars are much
more expensive than in former periods,
and money must be procured by any
country before aggressive warfare can
be pursued for any considerable time.
This fact in itself would have a ten
dency to prevent a war seriously af-
fecting Europe. There are various
other reasons which might be ad-
vanced, but the financial one is suffi-
GENTLY important to be accepted as
basic.
Many times In the past during periods
Of profit taking and some short selling,
when the total did not involve half the
money that was required to purchase
securities sent to this market from
abroad on Tuesday and Wednesday
last, the stock market has experienced
severe breaks. 1t would have been ac-
cepted as a natural result had the mar
ket given way TO the pressure put on
It and reaction Of several points en-
sued. The technical trading position
might have been strengthened, and the
buoyancy shown in the worlds mar
kets on Thursday would have stimu-
lated the bull side Of this market and
resulted in much higher prices for the
week. Fridays attempt to score an
advance proved 10 be Intellectual ex-
cept during the morning, and In the
late trading the market acted like Tim
Dooley, who had been engaged 10 carry
a votes for women banner in a suf-
frage parade. During the early march
ing the banner seemed light, but about
half way on the line Of march the ban
ner began to get heavy, so Tim dropped
1t and made a bee line for his friend
Casey's saloon. The market on Fri
day lost its banner carrier and prices
receded, but there was still a market,
and the tone Of trading showed
strength in Saturdays transactions.
port of prices was excellent and the &C
ton of the market was Of a character
to stimulate confidence. The repur-
chasing of American investments dur
ing the last two days Of the week by
foreigners emphasizes the caprices Of
stock market operations and shows
that beyond the sensational there was
no reason for wholesale liquidation.
Some returning Of our securities to this
country at any period Of European I'M
settlement must be expected, whether
Ny wei VI OlhSA hAOubiCS,
shifting Of loans and forced settlements
will ever hang over investment markets
as a possible disarranging influence.
However, with our national institutions
Of commerce and industry so active and
prosperous, and with every contrib
uting interest fortifying our funda-
mental condition, the American stock
markets are increasing their powers Of
digestion to a degree when sudden calls
on them will be met with resources OF
absorption equal to any emergency.
Tryouts on the stock market when
ample support Is afforded are helpful
in establishing confidence in the public
mind. No country offers such a variety
Of good investments as the United
States, and incidental occurrences
should not be allowed to play on the
emotions Of investors and cause need
less selling of good securities.
In every fresh era Of greater events
and ages men properly equipped men
tally and physically for the duties Of
the period are found ready and vigor-
ously active. Such is the situation to-
day. The United States is no longer
confined to the United States, but is a