New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-02
REVIEW OF THE
STOCK MARKET
Can Suit, Bank Statement
and Other Factors Not
Disturbing.

The most salient feature in connec-
ton with the stock market during the
! opening transactions Yesterday was the
| dissolution suit instituted by the gov
eminent against the American Can
| Company and the consequent declines
| in the prices Of the preferred and COM
mon Can issues. Wall Street was not
! surprised by the announcement Of the
! suit, which came after the closing OF
! the market on Saturday, so. while the
selling at the opening caused recess
siOns. il was q case Of the news being
| out. and the market displayed resist
ance as n logical result Of the discount
ing Of the expected suit by the pro-
! fessional bear interests. In other is
sues. such as Union Pacific, United
! States Steel, Amalgamated Copper and
| Reading. there was all easier tone in
the early trading, but among some Of
the specials. particularly the Goodrich
issues and Guggenheim Exploration,
prices were firm.
The notable strength exhibited by
! New York, New Haven & Hartford
around the opening was fairly we'll
maintained during the remainder Of the
| session, and the standard stocks In
general preserved a sufficient degree of
! frmness 70 withstand depression in
other issues nd to encourage q hope
fu feeling regarding the trend Of the
market whenever its extreme dulncss
shall have passed. This comparative
stability in the active list resulted IN
fractional gains for United States Steel,
Union Pacific. Reading and Canadian
Pacific. An advance OF rs points for
Lehigh Valley vas the more impressive
by reason OF :ne discouraging week
end news and the deficit in bank re-
serves.
SO many forces operate 10 hold II
check on any expansion OF business In
the stock market that traders as
whole are not looking for important
activity until some of them have been
removed. In addition TO the lack of
improvement IN the situation In Mex
leo, the developments in connection with
currency legislation and the apparent
policy of the government TO continue
10 attack corporations under the anti
trust law was the opening Of Congress
yesterday. which held a restraint over
stock market operations. one point
Of uncertainty will be removed after
-. 1 7
sage, TO be delivered to-day, although
his acts and reported utterances have
given a line on what TO expect. The
earnings Of railway systems for the
month OF October which made up a
part Of the news Of the day, confirmed
expectations in showing n falling off
in net
The Pennsylvania system. Northern
Pacific, Missouri Pacific and New York
Central all reported decreases in COM
parison with other periods. New York
Central's statement was exceptionally
bad in the return of net earnings.
showing a decrease Of S3,%52.UOO as
compared with October, 1912. The To-
cal monetary situation was Influenced
some by the deficit in actual reserves
OF Clearing House institutions reported
on Saturday, as call money was re-
newed at : per cont. and time loans
were stronger. with borrowers bidding
D per cent, while lending institutions
We're asking ga per cent for short
period accommodations. Offerings were
drawal Of cash by the Sub Treasury
for transfer to San Francisco No
gold was shipped to Canada, and IT
seemed TO be apparent that demands
from that point had about ceased