New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-03
STOCK MARKET REVIEW
Profit Taking Caused Declines
and Losses at the Close.

The buoyancy which characterized
Thursdays stock market was absent
from yesterdays operations, and while
in many issues the tone was fairly
firm the volume Of trading was lighter
and dulness was pronounced. Realiz-
ing sales very logically were effective
in keeping the upward movement be-
gun on Thursday in check and caused
declines in some stocks TO the point or
showing losses at the close
Possibly the fact that Europe did not
patronize us very literally following
the holiday period on the bourses may
have affected sentiment here, but the
tone abroad was good and prices ad-
vanced OF the Continental bourses and
the London stock market, so the De
clines here must be assigned to the de-
sire Of the bulls of Thursday 10 take
quick profits. The action OF the mar
Let did not inspire faith in real bull
movement at this time, although 1t Is
reasonably certain that during the de-
cline of the last few weeks there has
been in operation movement on the
part OF important interests to pick mp
really good stocks at bargain counter
prices, and whether or not the volume
OF these sccumulations is sufficient to
insure betterment now Is question,
but some day Unexpectedly will come
the story which has been so often told,
I'll 81 &c
up. and then there will be a scramble
to get aboard and enjoy the fight to
higher levels.
notwithstanding the frmness abroad.
Canadian Pacific. in both the common
and second preferred, displayed weak
ness. Illinois Central was also SOFT
and sold further down the scale. while
New York New Haven & Hartford
touched new low level and lost more
than a point IN the days transactions.
Virginia Chemical experienced down
ward drive and was minus three points
in its final quotation. There were few
strong issues. but among the stocks
exhibiting gains were Republic Steel
Erie, American Telegraph and Tele-
phone. Rock Island and American Can
but none of these gains exceeded one
point and most Of them were fra"-
tional so they offered little to encour-
age a feeling Of confidence regarding
further advancement
The news Of the day had good color,
and included the March report of ST.
Paul which showed an increase in
earnings totalling S97S,00o in gross and
S44S, 900 in net also the announcement
that the Eastern railways had decided
TO arbitrate the question Of granting
the S1I,O000O0 increase 10 conductors
and trainmen gave an evidence o. the
spirit Of fairness which is obtaining
among corporations and which must
have a favorable effect on the public,
and in turn will be impressed on the
wage earners. Politically the action of
the Senate Committee on Banking at
Washington In indicating a disposition
10 tie up the currency reform measure
at very early period and outlining d
series Of questions which will enable
the members of the committee to ar
rive at an intelligent understanding Of
the question, reflected a decidedly
brighter aspect in that direction, which
Is TO be commended.
The local money situation displayed
practically no change Call loans were
renewed at 2h per cent and time
money was slightly easier in short
time accommodations. but for longer
periods the rates were unchanged.