The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-11-09

HAVEN STARTS IT


steady opening. prices turned weak
IN the second hour of the session and
declined 10 a new low level On rather
insignificant volume of business
Tsze break started with fail IN
New Haven stock 10 a new lew record
price and with the development Of
weakness in one or two other inactive
shares. like American Telephone and
Telegraph and Goodrich
There was nothing definite In the
news to-day to account for this fur
Their weakness, but the continued I'M
certainty ever the Mexican situation
obviously keeps the stock market In n
vulnerable position. Selling of New
Haven had q special incentive in re-
port which was officially denied that
the company had abandoned It's pro-
posed financing. The foreign markets
were steady and quiet awaiting de-
velopments, The hank figures as
expected. were highly favorable, con-
f7rmina the Indications of the tenn
parary nature of the factors which
BROUGHT about the weakened position
81 a week age,
Prices Take DIP.
After f1uctuating within Ii Compare
lively narrow trading are for n fort
night or more prices last week took
decided dip upon the increased
activity. The selling which first made
It's appearance n two stocks, steel
common ard Amalgamated Copper,
soon spread to the rest Of the list,
The pressure was not applied con-
tinuously, but K lef; prices OF a lower
level all around at the end of the
week. From all appearances the mar
ket was Il highly Professional affair, as
II has been Tor weeks ON the whole
the stock market might be said 10
have given fairly good account Of
itself
Vigorous support was iactting, II Is
true but liquidation, was only mod
crate. Perhaps the chief characteris-
tic of The markets, both here and
abroad, was an attitude OF defense
pending definite informtion regard
ing the exact status quo between this
country and Mexico.
Steel tnfavorabIe,
Next to the Mexican financial COM
ment concerned itself chiefly with cor
rent conditions in the steel trade as
bearing upon the future earnings of
the steel companies and in It's relation
to the state Of business in the coun-
try an a whole The reports supplied
by the iron trade journals were I'M
deniably pessimistic, with their testi-
- rr1u71v tower prices and continuity
dwindling business. Forecasts OF the
untitled tonnage statement of the steel
corporation TO be published this week
were for a decrease. which, IL realized
will red tuhec eshrdlu
will reduce the business on the books
Of the corporation TO the smallest
volume recorded since the last quar-
ter OF 1911. Statistics from other
quarters OF the business world also
helped TO create a general recognition
that trade ard business generally II
poor.
The Copper Producers statement
for October, with its exhibit Of al
increase in stocks in the country oil
some 100000 pounds was not un-
favorable. Reading and foreign sup
plies showed falling of. The pricf
of the metal abroad slumped con-
spicuously and prices here also yield
ed.
Bank clearings, the idle car figures
building statistics and all similar In
dications testified to further slownf
down of trade and industry.
The principal development in the
local money market during the week
was D complete return to norma
state of affairs after a correction o.
the extraordinary conditions which
caused the deficit in the bnk statement
OF the preceding week.
An important incident in the inter
national monetary situation was 6
sharp break. in Sterling Excnnge coin
Gliding with@ the announcement OF ar
engagement of s500.0 gold in Lon
don on Thursday. u circumstance
which aroused a good deal OF Interest
as TO the probable desttntion OF the
South African consignment of the yell
low metal to be laid down In LONDON
on Tuesday.