New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-29
STOCK MARKET REVIEW
Further Declines in the List
Hartman Issues Firm.

| No other course logically was open TO
the stock market yesterday except
| toward lower prices. The receivership
announcement of the Frisco system
could have but one effect in a market
/ so weakened as this market has been
| by the continuous selling that has
gradually carried stocks to lower
/ levels. and in several issues established
new low records. Irrespective of words
of encouragement which came from
some representative heads, the public
| is alarmed. While the air is filled with
rumors of other possible receiverships
to follow unless monetary relief is af-
/ forded.
Wall Street was very gloomy yester-
day. and the stock market decidedly
weak. so at the close losses were gem
eral throughout the list, only few eX-
ceptions of frmness being recorded.
Some attempt was made in the early
trading TO give an air of firmness TO
prices. but ii was only passing sup
port. and toward the end Of the first
hour weakness prevailed. assisted by 4
break in Distillers' Securities, both
stocks and bonds declining several
points each. AS softness in the list de-
veloped activity increased. until in the
afternoon, when trading was restricted
after the whole market practically
had been subjected 10 heavy pressure.
In the late trading there was some
covering OF short commitments, and
prices moved up from their low points
Of the day
Both Union and Southern Pacific
were firm on information that the At
torney General would insist on South
ern Pacific disposing of Central Pa
ciic, which at least cleared the situa-
ton Of that troublesome phase and
gave the investment public partial
view Of the~fnsl adjustment in this
long drawn out problem.
The i'll effects OF the receivership Of
the Frisco were not confined TO this
market. but were reflected in a senti-
is not traded in there on the ex-
changes. In the line Of excuses II g
perfectly proper TO discover at this
time that the trouble with the Frisco
was its overburdened condition. bat
not many months since tips were be-
ing circulated that dividends were in
prospect. and on the strength of such
information Frisco stocks were pur-
chased while. il is said, insiders began
to unload.
The state Of trade throughout the
country. as shown by reports made
public yesterday, is less encouraging
than week ago. and complaints are
being made by some business interests
in the West as well as in the East.
The iron and steel trade, while show
ing some activity. due to the railroad
demand during the week, has shown
little of importance in current business
in other lines of the trade. The Iron
Age" says:
There have been occasional reports
OF cancellations in bars. and they are
verified 10 this extent: Two mills have
been getting business with the promise
of thirty day deliveries. A few buyers.
chiefly jobbers. have placed such early
delivery orders and have made CORE
| spending reductions in the total Of
their specifications with other mills
The Iron Trade Review" includes
the following in its report Of the situa-
ton:
General consumption throughout the
country continues with little diminu-
| ton. but buyers still hesitate and fur
naces and mills are depending almost
entirely Upon orders taken several
months ago to maintain activity. This
condition cannot continue much longer,
for either consumption must decrease
or buying must start in large volume"
The local money market exhibited
practically no change, and was marked
by a dulness in both call and time
money transactions.