New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-18
STOCK MARKET REVIEW
Prices Decline Further in Dull
and UnintereStinu Session.

Held under subsection by operating
forces discouraging to a bull market.
there were only two courses open for
action yesterday. one was dulness and
narrow trading and the other was
degree of activity and weakness, both
of which made up the days transac-
tions. The stock market opened with
n decidedly dull and heavy tone. The
attendance was small, however. and
there appeared to be little interest in
price movements. the general feeling
being that until after Easter at leaSt
the outlook for anything more than
narrow market was not probable. lie
failure of the Union Southern Pacinc
plan was interpreted to be favorable
to Southern Pacific. but not parucu-
larly stimulating to Union, so wniie
Southern Pacific opened at an advance
over Saturdays closing price Union Pa
cific opened at a decline. The marNet
was dull throughout the forenoon ana
nrices sagged in most of the issues. cs
pecially New York. New Haven ~
Hartford. but up TO the noon hour, how
ever. such stocks as st. Paul, Louisville
& Nashville, Republic Iron and Steel
Colorado Fuel and others had not been
traded in. While the Street had not
placed much dependence on the propa-
bility of il, there was n posslDlhty max
the supreme Court would hand down
decision in the Minnesota rate case. SO
when the hour passed and no report OF
such a decision was forthcoming the
situation was not relieved from its de-
preston and weakness became general.
New York, New Haven & Hartford
sold down to a point which gave ii the
distinction of being the lowest of the
s per cent railroad issues, and was
under Northern Pacific, the lowest OF
the per cent issues. Although there
was no heavy pressure in the late trad
ing. sharp declines occurred in many
stocks, and near the close activity In
creased until the rails and indusrials
both showed losses Of from fractions TO
three points throughout tho list. Some
exceptions in the form of gains were
| exhibited in the list. such as American
Tobacco and Texas Company, which
| had from one TO two points advance
over Saturdays close and q few others
which were fractionally higher than
Saturdays prices. Aside from the
abandonment Of the Hartman plans,
which had remained in question up TO
the closing Of the stock market on SAT-
urday. no weekend developments were
noted which had any special bearing
on yesterdays price fluctuations. The
| foreign situation was relatively tho
same as last week; with the exception
! of reassuring rumors regarding German
| finances. nothing IN the European re-
ports offered any immediate hope.
Liquidation 10 the extent Of around
1900 shares came from tho other side:
certainly this did not indicate any
marked improvement in European SEN
timent. Germany obtained $3.50, 600
Of South African gold in London. and
1t was reported that 100000 more
might go in that direction. In this
market Paris engaged 100000 in
gold, and further engagements are ex-
pected this week. On the surface call
money seemed little easier. some re-
newals being made at 4ls per cent, but
rates rose TO D per cent later. Time
| loans were made at 6 per cent in vol
ume Of business which displayed spe
cial activity and indicated that consid-
cradle money would respond TO 6 per
cent or over. Commercial paper OF the
loan market transactions.