New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-24
STOCK MARKET REVIEW
Prices Irregular in Dull Session
New Haven Weak.

Reasonably certain ii is that there is
a question whether stock market values
have about reached their lowest point.
but there are many in the Street who
believe that the action of the market
indicates near bottom prices. on the
other hand. the irritations TO which the
stock market has been subject in the
past have not ceased. and so long as
the situation remains perturbed by pol
itics and depressed by possible money
strain the public will steer clear of ac-
tive participation and movements must
he almost entirely of a professional
character
Some emphasis was laid on the in
adequacy of our present so-called cur
rency systems in the speech of James G..
Cannon. president of the Fourth Ma
tional Bank, at Philadelphia on Tues
day evening. Mr.. Cannon has plan
of banking and currency reform which
differs from some of the other relief
measures suggested, and provides that
instead of one central association
the clearing houses be utilized as
guarantors of commercial paper against
which notes could be issued in times
of necessity. This plan. he believes,
would inspire confidence and prevent
recurring money stringency which may
be due to fear This would necessi-
tate the incorporation Of clearing
houses. preferably under a federal act,
and the establishment of government
supervision to insure proper regula-
ton.
The country wide demand for real
currency system which will meet the
requirements Of commercial and finan-
cial development and minimize the ten
dency TO panics that have afflicted the
United States in the past, from the
aftermath of which at this time we are
suffering. has grown so strong that the
present signs point TO near solution
of our banking and currency troubles
through the adoption of some measure
along the lines suggested by Mr. Can
non or possibly in the establishment OF
central rediscount institution.
The movement of prices yesterday
offered little further evidence of the
weakness or strength OF the list as
whole. but marked the tendency OF GER
tain issues. such as New Haven, which
continued to sell down and reached
new low point. The opening was dun
] la
/ steel. Union Pacific, Southern Pacific.
Baltimore & Ohio and other stocks on
the list were fractionally lower than
/ Tuesdays closing quotations. Reading
opened at an advance, and around IL
o'clock buying movement in Penn
sylvania carried that stock To its high
est point since its recent heavy decline.
In the early afternoon stocks sold OFF.
but there was a firmness in several
! issues which continued TO the close.
The passing Of the London settle
ment satisfactorily and marked i'm
provement in monetary conditions re-
suited in cheerful sentiment, which was
in a measure reflected in prices on the
/ London stock market. Inc news from
the Balkans reporting the occupat ton OF
Scutari by Montenegrin troops was ac-
copied as more unfavorable than favor
able. and had restraining influence on
stock market sentiment, and American
shares were reported at the opening
there at irregular prices.
! Dulness marked the tone OF local
/ time money, with an easier tendency in
rates. while call money was renewed al
| 2$4 per cent.