New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-23
STOCK MARKET REVIEW
Price Movements Are Small
Court Cases of Interest.

An initial Improvement was shown In
the quotations recorded at the opening
Of the stock market yesterday. Senti-
ment was assisted considerably by the
cheerful tone reported from London,
especially the betterment in the for
eign copper metal market, which
helped copper stocks here. Some buy
ing was also evident at the opening in
Union Pacific, but the market bore all
the earmarks of professional opera
tions. and after the steam had been
taken out of builish activity, with
Reading as a leader at the end Of the
first hour, a quiet tone prevailed and
transactions were limited. One of the
features of the morning session was a
Hartford, which touched a new low
point and another was in Wisconsin
Central, which had vigorous rise.
Impressions among traders were not
uniform. and quite different inter
probation was given regarding the
trend of prices. Some were inclined
the Supreme Court in the rate cases
would delay a decision in the Mime
sofa rate case for some months. and
thus take il out Of the market as u
factor in the mean time, which would
leave way open for a vigorous cam
paign on the bull side, while others
thought the Minnesota rate case might
he handed down at any time, and that
stocks were a sale on each advance.
A new phase was given to the rail
road situation however, in the filing
by the Department of Justice on Mon
day Of brief with the United States
Supreme Court which involves forty
five rate cases from Minnesota. Ore
gon. Missouri, Arkansas. Kentucky AMI
West Virginia now before the court on
appeal. These cases were submitted
more than year ago and cover the
issue involved in the question OF the
right of states TO control interstate
traffic within state boundary lines.
In the brief filed on Monday the gov
eminent attacks the right of individual
states TO make rates which may affect
interstate commerce. and this action
will delay some decisions. but when
rendered the result will be OF the ut
most importance to railroads and Will
clarity the rights of the states and the
federal government in the questions Il
interstate commerce. The most imp0r-
tant OF the cases IN question is the
Minnesota rate case. which had its De-
ginning in May, 1907. and which for
the last several months has had an in
fiuence on the stock market by reason
OF its expected decision on Monday of
each week, and its failure To appear
has kept Wall Street unsettled.
The developments OF the day which
attracted attention in the financial dis
trict included the California situation
and President Wilson's appeal 10 Gov
ernor Johnson 10 assume an impartial
attitude and not discriminate against
Japan or any other nation. Interest,"
was also shown on the announcement
from st. Paul that the Circuit Court
had viewed the segregation plan OF the
Union Southern Pacific in way that
disturbed traders and resulted in a
selling of Southern Pacific.
An encouraging appearance was
given To the investment market by the
Improvement in bond transactions and
a broadening OF interest among buyers.
The feeling among the bond houses, las
expressed was that with a return OF
easier money conditions there will be
a revival OF interest in good bonds
which may be selling at attractive
Yields. Politics and the tariff attracted
attention. but were Of minor interest
The money market displayed an easier
tendency. with short time loans rang
ing around 4 per cent and signs OF a
relaxation I'm commercial paper. III
which transactions were reported pt
prices running from TO 5is per cent
Some call loans were renewed at -"4
per cent. but the prevailing rate was
about g per cent The closing OF the
market was irregular. and changes on
the whole were not important.