New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-31
STOCK MARKET REVIEW
Irregular Opening, Followed by
Weakness in Late Trading.

Reading, United States Steel and
Third Avenue were exceptions to the
ruling tendency of prices at the OPEN
ing Of the stock market yesterday, ana
in their initial sales displayed gains
overnight. In Union Pacific there was
q decline. Canadian Pacific opened
down. while Amalgamated Copper was
unchanged. with the Rock Island issues
firm and the general undertone of the
market apparently good, While trading
was very dull. In sympathy win
Third Avenue the Interborough-M Metro
politan issues advanced during the first
half hour, but in other stocks the pre-
yaillng inclination was to sag, owing
TO the indifference of the professional
traders.
The Mexican situation called for
great deal of attention and discussion.
Opinions differed as TO the probable
effect on the stock market if the United
States were forced to intervene, but the
important interests in the street
SGtlllGQ " bS hNhiN NSAANN'''~N'
failed to share in the belief that the
stock market as a whole would be
seriously hurt. Yesterday there was
little to stimulate a bullish spirit
among the traders, as not only was the
Mexican news construed unfavorably.
but the reports Of bank failures in
Germany resulted in extra pressure on
Canadian Pacific, and gave the bears
reasons for selling throughout the fore
noon, and prices continued TO decline.
The weakness of the metal market in
London also was responsible for heavi-
ness in Amalgamated and other copper
stocks, and by the early afternoon in
terest in the market had dwindled to a
point when there was hardly enough
business to warrant the Stock Ex-
change remaining open. Naturally.
call money remained firm, owing to the
requirements of the period, and rose to
6 per cent, so, as usual, there was
feeling that possibly il might be neces
sary for banks TO call loans, which
might cause IL SuuucI SeIlllIS VI SlOShs
and a general break in prices. There
were a few spots of strength among
the specialties, American Linseed being
the feature, but the standard issues ex-
late afternoon, on a rumor that ar
rangements had been made for the
movement OF United States troops
toward the Mexican border, a selling
movement began, which carried prices
down with increasing activity.
The trade news of the day was less
favorable as a whole, including a re-
port that the United States Steel Cor
pOration is operating less than so per
cent of capacity, as compared with
over 80 per cent a short time since,
while many of the Independent steel
mills are showing an, even greater re-
duction. The railroads are said to be
ordering only small percentage Of the
business they were placing at this time
last year, and altogether the general
news of the day was calculated to be
favorable to the bear side. One excep-
ton was the weekly return Of the
Bank of England, which made favor
able showing as whole, especially as
the Bank failed to raise it's discount
rate. The Bank of France reported a
gain in gold holdings in it's weekly
statement.
The local money situation in accom-
modations for fixed periods was prac-
tically unchanged and in the CONNER
cial paper business was restricted, as
on former days. The announcement OF
an additional withdrawal Of 81 900, 900
in gold for shipment to Canada was one
of the items in local money transac-
tions, and this made a total of So, 300
600 secured for the account Of Canada
since last Saturday.
The closing stock transactions re-
vealed no promise of improvement, al
though there was some diminution Of
selling pressure and a slightlier steady
| tone was in evidence