The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-10-02
RAIN AND COPPERS
RIVAL INFLUENCES
Pcssimist Looks at Clouds, and
Optimist Sees Necessities
OF the World.
DULLNESs AND STRENGTH
Undcrtone OF Market Leads
Traders 10 the Opinion That
1t Has Now Turned.
DULLNESs AND STRENGTH
BY BRoADAN WALL.


New Yotk October -Four inches OF
rain. and St IS >,tine falling" quoted tho
pessimlSt at me news 1cEer as me n ,ro1
md s;ill rising" responded AN optimist
The heavy downpour. however, undoubtedly
Eariy prices showed sharp advances in
the London market. and foreign houses took
some 5000 shares, buying Aualgamated
steel and Union Pacific.
decline TN the visible supply o: copper
la England ana France TO 9:,t53 tons
ported for tho last half OF september. This
is the smallest supply abroad recorded since
1901. There was AN advance Of two pounds
in the London market FOR tho metal. and
next weeks monthly statements on the cop
per supplies FOR the United States is eN-
pected TO show a decrease in the surplus
Unaertonc Of Strength.
Willis dul!ness ruled, there is an under
tone OF strength in the general market that
has LED Of the traders to believe that
the market has turned. Heading quietly
valley strong and Erie in good demand ut
advance. The buying In this stock was
called excellent and reports. are current
\ fresh drive was made against Steel
common that carried tho price to 5s9s. At
te,npts TO cover brought n sharp rally to
E.i9. Weekly reviews Of trade conditions
emphasize the point that the railroads have
rails; the Iron Age. an accepted authority
the iron and steel conditions. states that
hands light ''''' NN9 ~ ''0'D'''
No Immediate Profits ON u. l..
The financial community has about reach
od the conclusion tina; no immediate dis
tr!bution OF assets or profits on Union Pacific
IS likely certainly no progress has been re-
ported in reconcilns the conflicting views
1t has been suggested that this railroad
may seek to purchase the Central Pacific
able arrangements with Western Pacific.
While this rumor is not confirmed, il is CON
Foreign Exchange Rises.
Foreign exchange rose sharply on heavy
withdranais Of solo at London AZ Berlin
with The prediction o! possible reduction
in the German Bank rate These conflicting
movements in the foreign money market
We're not reflected In the prices Of securities.
call money rose to Az per cent, the high
est rate Tor month past. No significance
time money loans easy. Traffic returns
FOR August continue uufaVorabe.
Railroads show Decrease.
Pennsylvania system. with nn increase OF
1881 600 In gross showed loss Of siOSs,Oco In
net New York Central limos disclosed u
not DECREASE %! s. &@&ooo. Rock Islands gross
decrease was SOS C1J and net decrease was
s!t!'Vw' Wnite ERE reported net decrease OF
SiGo'g9o These isures VIII. 1t IL hoped, do
much TO influence the Interstate Commerce
Commission in considering the pleas OF the
roads for increases in freight rates
The sharp rally IN tho copper stocks has
had the enec; OF checking tho bear raids
Steel tho latter stock IS over-sold. accord
Ing the reports from the noor. Among
commission houses opinions the immedi-
ate course az the market appear to be much
confused. Thos" who were confident are "a
little more conservative, while those who
are frankly bcarish admi; that there Is
much company on the short side for COM
fort or profit.
New York October l-undor tho lead Of
copper which has made the best showing
OF any group IN th- market. stocks moved
upward to-day. Union Pacific, Reading ami
Canadian Pacific rose point each, but the
advance in general small.
The demand tor stocks was better. owing
perhaps TO the belief that the short interests
adj gr - \ fol ~ h, If.,t.
and that The market was in "a strong iechui-
-! position. Business concentrated
largely Ia the speculative fnvoritcs.
The market opened with general ad-
vance. Rear traders renewed their attack.
GehtihE theli efforts on steel. which was
depressed under yesterdays low price. The
market moved irreSh,,rly Tor IA time. but
gradually developed @irenG~h.
The exceptional rise In cuppcrs was assoc
ciated with the advance OF tho metal IL.
London and the strong showing made in
the European for,niShtly report OF copper
stocks.
y better feeling abroad was reported. ana
stocks We're bought on q liberal scale for
foreign account.
Un;avorabe August returns for "A number
of the largest Eastern lines failed de-
press railroad stocks. New York Central
ana PENNSYLVANIA hoth reported large
ahr!mkaees In net. and Erie made the poorest
showing Of recent months.
Bonds were irregular. Total sales. par
aiue ;!.i25.oJo. United States bonds were
unchanged OIL cali. Total sales were 3l5,l0U
shares.
New York October l-Aioney on call firm.
loans steady; sixty days. N.Np.: ninety
days 81. six months. g.. Prime mercantile
paper ,..Is per cent sterling exchange
demand. Commercial bills siNa. Bar Ill.
yer, e!a, Mexican dollars l. Government
bonds steady railroad bonds stegdy