New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-16
STOCK MARKET REVIEW
Continued Depression and Dull
Trading Bring Lower Prices.

~ ou'iIS Vi NY LOVVC' iVOo'
The continued apathy apparent in the
stock market has reached point
where il presents q more serious side
than is generally credited by those not
directly connected with the New York
Stock Exchange. Notwithstanding
theories of the unintiated the New
York Stock Exchange is a business in
stitution. organized for the purpose OF
doing business in the purchasing and
selling of securities. In this business
an immense amount of money has been
invested. and il is just as necessary TO
carry on trade in that respective line
as il is to sell boots and shoes, dry
goods, groceries, hardware or any ar
ticle of merchandise.
The volume of transactions which
have been reported from day to day for
quite a period has not been sufficiently
large to support the interests identihed
with stock and bond market operations,
and a prolonged continuance of such
ltlndIEN III SttuIlNN lilON Ne'ii
have but one end For the benefit OF
the country it is just as essential to
have a fairly active stock market as II
is to get reports Of industrial improve
ment, and Yesterdays trading was not
destined to result in cheerfulness when
on transactions a little in excess of the
days previous record declines ranging
from fractions 10 more than points
predominated in the list at the close.
Developments in the way OF news
during the day concerned money prin-
cipally. II had been generally sup
posed that the relief felt regarding the
Balkan outlook would have a tendency
10 lessen the money strain abroad. and
the sudden turn of money toward firm
ness the raising Of foreign discount
rates and reports Of another gold en-
gagement Of $2.000.,c0 for Paris added
10 the pessimism which has been grow
ing steadily of late and has ruled the
market without rhyme or reason.
More talk Of a political character
which attracted attention was Secre-
tary Redfeld's remarks regarding the
reduction Of wages as an aftermath of
tariff reduction, which in point Of eco
nomic value were as useless as similar
remarks by Congressman Underwood
last week. Nevertheless, the masses OF
people throughout the United States
read these political outbursts and are
impressed with such demagogic doc
trine, without stopping To realize that
Of practical acceptance among sensible
business men.
From the opening Yesterday the tone
was duh. with a declining tendency.
There were occasional signs of harden
ing which gave the market an irregular
course, but nothing definite in the way
Of support was indicated 10 stimulate
hope of recovery. There were some ex-
ceptions 10 the general sagging move
ment of prices. but they were of little
Importance and represented in the
main fractional gains. New York,
New Haven Il Hartford and Brooklyn
Rapid Transit. among the stocks
traded in TO any extent. were the con-
spicous features of the supported
issues.
The stock leaders which have always
been depended on 10 bring the market
out Of a slough of despond gave no evil
dences yesterday OF life. and notwith-
standing story that the Attorney
General had reached conclusion re-
garding the disposition of Central Pa
cifc and rumors regarding propositions
for a settlement Of the dissolution mud
die. neither Union nor Southern Pacific
displayed any apparent interest, and at
the close recorded only fractional
changes.
In the local money market there was
a slightly firmer tone. and call rates
for renewals were little above 3 per
cent. Time money was also harder and
there was a fairly good demand for
funds
After the close Of the market il was
announced that the directors Of the
New York. New Haven & Hartford had
reduced the quarterly dividend to ! z
per cent This had been predicted. and
the action of the stock for several
weeks had been discounting to a con-
siderable extent the lowering Of the
dividend rate Yesterdays firmness
may or may not have denoted the final
state of the decline.