New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-25
STOCK MARKET REVIEW
Pressure Throughout the List
Results in Lower Prices.

What the end may be with an ar
ray of bearish influences such as
Wall Street pessimists presented yes
terday is a problem not easily solved.
The granting Of certain concessions TO
the firemen by the board Of arbitration,
while manifestly just, nevertheless has
placed some additional burdens on the
railroads. which may be followed up by
claims from other branches Of en-
ployes encouraged by the success of the
flremen. Altogether, the railroad wage
expense is assuming serious proper
tions. especially as traffic rates are re-
stricted. and a decrease in revenues
during the coming months is indicated
by the gradual conservatism of indus
trial and trade energy. paragraph in
THE Iron Age" Of this week says:
There is little difference in the
amount OF strain under which leading
mills are working. yet in steel as well
as in pig iron earnest consideration is
being given TO the question to what the
present quiet conditions will lead. II is
recognized that the pig iron market
cannot remain stagnant long. in the
increase of uncertainty about general
business, without affecting finished
lines, even though the two departments
of the market have for a good while
been out of step"
1t may be that Wall Street is over
nervous regarding the outlook and that
what trade journals and various In
dustrial interests of the country view
with some apprehension is only pass
ing shadow. The failure Of the direct
ors of the b. r. Goodrich Company to
take action on the c lmon dividend at
their meeting yesterday, while gen
orally discounted, did not help senti-
ment, and attention was called 10 other
industrials in the same class, such as
Rumely, which has displayed marked
weakness lately. and which yesterday
in both the preferred and common
touched a new low and a selling move
ment in Woolworth. American Beet
Sugar and others was INDUCED in by
traders.
one of the questions Of the hour
which agitated the stock market was
the Californa-Ja panese controversy,
which resulted in weakness OF Jap
anese bonds in London, which were
offered in that market by nervous hold
ers who were apprehensive regarding
the possible complications that may
arise between Japan and the United
States. The theory that a sold-out
condition existed in the stock market
might have been advanced yesterday,
as on other days, but 1t was dscourag-
ing 10 those who had hoped for sud
den turn to see declines In such issues
as New York Central, Illinois Central,
PENNSYLVANIA. Chicago G. Northwestern
and several others, including Reading.
which was the aggressi'c leader in
point of firmness in the list for some
time. Naturally. reasons were assigned
for individual and collective weakness,
but this did not change the fact that
prices were lower, that there were more
sellers than purchasers, that the offer
ings were liberal enough TO overba lance
the buying power and that sentiment
was correspondngly depressed.
The news of the day, aside from the
award in the railroad firemen's dispute.
included the application for an extern
sion of time made by the Union Pacific
TO the Supreme Court and the declara-
ton of the Attorney General that he
would oppose any extension beyond
July /. The news from abroad was
principally confined to the situation In
the Balkans and the complications re-
sulting from the occupation OF Scutari
by Montenegro and Austria's attitude,
which disturbed European bourses as
well as the bankers on both sides Of the
water.
The local money market had an air OF
easiness, and disposition was shown
by the banks to make time loans, while
the dulness Of the stock market ma
terially assisted the commercial paper
market and short term accOmmoda-
tons. The information that the new
Interborough bond issue had been de-
ferred, giving the syndicate until De-
cember 81 next TO bring out the SIS,-
600. 900 loan, indicated that other loans
which had been scheduled to come out
during the early part of this year will
be deferred, and all this will have
tendency to relieve the money pressure
Of the period.