New-York tribune., 1913-04-01
STOCK MARKET REVIEW
Prices Resist News of Death of
J. Pierpont Morgan.

Inc event that ONCrSnddOWeG all Otn-
ers in the news of yesterday was the
death of j. PierpOnt Morgan. which
was known TO Wall Street before the
opening of the Stock Exchange. The
influence which the passing Of Mr..
Morgan had on the stock market was
not important. contrary to the eXpec-
tations Of many traders who at the
opening began a selling movement
which was checked by supporting or
| ders. and during the remainder of the
| day stocks preserved a marked degree
of stability; especially those interests
| associated with the house Of Morgan.
| For period of practically two years
| Mir. Morgan had not been identified
with the active business in the man
banking house; although up to few
months since. prior to his last trip
abroad. he kept in touch with his bank
ing associates.
| AS a great Wall Street figure, possi-
| bly, the most wonderful iinancier OF
! American history, the work he accom-
plished will be used as Il basis for fu-
! ture development and Improvement,
but along lines quite distinct from those
which allowed the individuality of Mr..
| Morgan to become so striking. The
| death Of the late T.. II. Hartman was
received by the stock market with
| -od 81, iia t., la
yesterday, as Wall Street had been
prepared by the rlmors prior to the
passing Of each, which had tested the
! market. and allowed sufficient time for
discounting the final news. The day
| has passed when individuals become so
powerful in any walk of life that their
| demise means q breaking UP of a large
corporation or retarding the wheels of
| progress. Cooperation and distribu-
ton of responsibility among various
| people have brought forth an age OF
| efficiency which does not mean that
| the success or failure of an institution
| is dependent on any individual. In the
minds of the people j. Pierpont Nor
gan in the banking. world was an in
| dispensable figure and his importance
| increased during his last days, as re-
| suit of the various attacks on Wall
| Street and the So-called money trust"
of which he was credited with being
the guiding spirit.
NJ. Morgan personally was a director
| In more than fifty corporations, repre-
| senting railroads industrials, public
utilities and banking institutions, but
| he was a factor largely i'll name only,
as lie had relinquished the reins 10
others. SO far as stock market opera
! tions may he involved, the death OF
/ Mr.. Morgan at this time is likely 10
/ have less effect as prices have been so
depressed through several other infiu-
| enCes. such as the Balkan War, poll
/ tics and the recent flood. Liquidation
| has been so heavy and a short interest
/ of such q volume has been created that
prices apparently have discounted, in
some issues at least. unfavorable dcvcl-
opment. There was a fair degree of ac-
| tivity as whole. but during most Of
the day the stock market was dun. At
! the close a better tone was in evidence
The local money situation presented
some unusual interest by the rise OF
| call rates TO { per cent, the highest
point since the beginning of the year.
Aside from the money question and
legislative developments at Albany.
there was little beyond Mr.. Morgan's
death in the days doings which had a
direct bearing on Wall Street. The
foreign situation displayed no unusual
| features. The steady feeling Of optim-
| ism regarding affairs abroad was cyi-
| denced and a fairly finn tone III Sc
| curities both in London and on the
| Continent was reported.