New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-01
STOCK MARKET REVIEW
Prices Notwithstanding In
tereSt and Volume Small.

Some encouragement was given 10
the local stock market by the contln-
ue6 reports from abroad that the Bal
kan situation is passing through
gradual improvement and that each day
STRENGTHENS the belief that political al
fairs OH the Continent will be AMIGA
bly, adjusted. Europe. however, is still
afflicted with firm money. and call rates
in London increased to per cent,
which leaves the real Improvement
open to question. In the local market
there was an indication of hardening
in call rates, but the demand for money
was not firm enough to signify con-
tinued rise. unless the demand mate
rally increases. Following the marked
Improvement of Tuesday and Wednes-
day. stocks yesterday had a breathing
spell, and sufficient irregularity was
shown in the list to cause question as
10 the continuance Of a bullish ten
dency The Street was not lacking in
its bear contingent, as there were nu-
merous readers Of the tape and bargain
hunters around the commission houses
who thought they saw further liquida-
ton ahead and restricted market un
I'll after the Presidential inauguration
However, those who had the courage
Of their convictions and were willing
TO sell stocks found rather stable
foundation to some prices which re-
sisted attempts to break the whole list
and made the bears hesitate about
making large commitments on the
short side. One of the opportune pc
riods seemed to be when American Can
sold off, and for little time vigor-
Gus selling movement held forth but
IL soon ceased, and the market resolved
itself into a dull trading affair, which
continued throughout the day. One Of
the questionable issues seemed to be
Union Pacific. and traders were in
clined to shun 1t until more definite in
formation was received regarding the
outcome in California. Probably the
most important feature resulting from
the morning news was the stand taken
by j. P. Morgan & CO. in their answer
TO the money trust" accusation. While
no appreciable direct influence was ex-
perienced in the stock market, the clear
tone Of the brief filed and the master
full presentation of the other side Of
the question, the pointing out of de-
fects due to faulty currency system
and the high character of bankers had
a stimulating effect on the minds Of
business men which cannot be other
wise than helpful TO the whole flnan
cia district. The action OF the Mary
land Railroad Commission in refusing
Immediately to authorize the Baltimore
& Ohio convertible bond issue had a
restraining influence on trading and
raised the question as to how far pub
lie service commissions will exercise
their functions in limiting the output
of securities. 1t also brought to the
minds of traders the general political
tendency and the various restrictive
corporate measures which have been
suggested for Congressional action in
the near future. The closing quota
tons could hardly be accepted as show
ing a strong position OF stocks, as the
list embraced a greater number Of spe-
Gals among the gains than standard
leaders. The volume Of trading was
smaller than on Thursday and the in
terest in stocks was comparatively
small. There was slight basis for
trend in either direction.