New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-12
REVIEW OF THE
STOCK MARKET
New Haven Weakness
Cause of Early Declines
END Uncertain.

The passing of the dividend by New
York. New Haven & Hartford directors
at their meeting Wednesday afternoon
was the most discussed subject In wan
Street yesterday. That the action was
the wisest course to pursue in the IN
terest of the road was accepted genef-
ally, and as a rule the cessation OF
dividends had been expected by leading
Wall Street interests. Logically, at the
opening there was a rush of selling
orders in New Haven stock, which
caused sharp decline Of more than
four points in that stock from Wednes-
days closing quotations. Some OF TINS
selling was liquidation, but large
amount Of it resulted from the efforts
Of numerous little bears and some more
important ones TO get in at the top
prices on what they expected TO be a
considerable slide down the scale IN
the stocks quotation.
Some other issues were off at their
opening and during the early trading
and these included American Tele-
phone and Telegraph, Pennsylvania and
Western Union. The market was sup
ported soon after the opening and prices
advanced considerably among the lead
| ing issues. although the Street was
flooded with bear tips and there was an
air of depression around the tckers IN
the commission houses and among
large number OF traders on the floor.
The weakness In Pennsylvania shown
i'm the carly part of the second hour
was due 10 the company's interest In
the New Haven. which, il was argued,
would affect Pennsylvania income
considerably. Around the noon hour
stocks assumed a flrmer tone and the
action Of the market became quiet,
while the undertone appeared to offer
resistance 10 bearish attacks. The late
trading, while showing tendency to
improve. developed a decided tendency
70 irregularity. and among the specials
there were many evidences Of weak
ness. This was noticeable particularly
in Wells-Fargo and American Express,
which esta blished new low records.
Bethlehem Steel was also soft, while
Corn Products and other specials OK
perienCed impressive declines.
London exerted very little influence
in the local market although orders
sent over were on the selling side.
Business conditions abroad appear 10
be less favorable than usual at this
season Of the year based on the weekly
return Of the Bark Of England, which
yesterday reported a reduction in cir
cUlation. and an increase in public
deposits indicating a return Of savings
bank money to the banks at a period
when Christmas purchases are apt to
reflect a different tendency. The pro-
portion of reserve to liabilities reported
in the bank statement at 6J.S5 per cent
with the exception Of 1909 is the high
est for any corresponding period dur
ing the last ten years. and compared
with the ten year average Of 41.66 per
cent. The fact that the bank continues
its per cent minimum discount rate
shows that there is still reason for con
servatism. but Il also is reassuring AS
showing the banks understanding OF
possible requirements and its ability 20
cope with the situation until a relaxa-
tion shall begin in money. following A
return TO normal OF Continental politi-
cal relations.
In the local money market there was
no distinct change except that The
offerings Of time loans were fewer and
the tendency was toward harder tone
sentmentally. The ruling call rate for
renewals was 5l2 per cent.