New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-21
STOCK MARKET
UNDER PRESSURE
Professional Selling Due to
Uncertainty-Trend
Not Defined.

Any attempt TO draw an inference
from the action of the stock market
yesterday for the purpose of predict
ing future developments would be an
unsatisfactory task. Whether il was
the calm before the storm or the dark
ness before the dawn may be guessed
only as the situation defed a convinc-
ing deduction, more applicable to one
side than the other. After a very
quiet opening the stock market, ex-
cept for slight indications of activity,
resolved itself into a mere drifting
affair, with price fluctuations so mar
row that throughout the forenoon the
standard issues displayed no definite
course beyond a sagging tendency.
In the early afternoon there was
some activity, and stocks were sold
quite freely, especially United States
Steel. which came out in good sized
lots along with Amalgamated Copper
American Smelling and Refining and
other issues included in the selling
movement At the close of the days
trading prices were off in all the &C
| tive issues and in most Of the others.
The volume of trading showed little
Improvement over the previous dull
days OF the week.
No developments in the general af-
| fairs which have occupied pubic at
| tention for some time warranted an ag-
eravated attack of pessimism yester-
| day, but among the commission houses
and on the floor Of the exchange there
was q predominating bearish influence,
due more TO uncertainty than actual
| happenings. Affairs in Mexico, so far
as information was obtainable. were no
worse than on other previous days,
yet It might be argued that as they
apparently were no better they must be
growing less favorable. Trade reports
revealed nothing that had not been
known on Wednesday. and Washing
ton movements in connection with cur
rency legislation and other admins
trative policies seemed TO be about the
same as for some time--discouraging
because the plans Of President Wilson
and Secretary Bryan were meeting with
opposition that promised delay.
a point raised by one trading ele-
ment Of the stock market is that when
ever stocks are freely sold the transac-
lions are almost entirely professional
short selling and very little actual
stock is brought out. This indicates
that stocks are closely held, and any
improvement in the situation in Mexico
or a decidedly favorable turn in Wash
! ington legislation would inspire fresh
| confidence and bring on a general ad-
vance. What seems to be favorable
aspect that figures very consider
ably in a possible improvement is
money. There is an abundance Of
money available now on call loans on
reasonable rates, and with business de-
mdnds growing Tess, naturally operdl-
ors might take advantage of the none
tary position to begin campaign for
higher prices as soon as signs of
breaking up Of depressing forces can
be seen.
Money abroad is presenting a favor
able position, as evidenced in the week
! ly return Of the Bank of England, and
the statement Of the Bank Of France.
made public yesterday. European
stock markets were depressed yester-
| day by the rumors circulated here on
Wednesday derogatory to some Of the
| important financial interests, notwith-
standing the emphatic denials made by
bankers and the action taken by the
New York Stock Exchange.