New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-07
STOCK MARKET REVIEW
General Losses at the Close, Due
Largely to Decline in Steel.

Inc action or the STOCK MAJ nv ~ ~
opening yesterday morning encouraged
bearish sentiment that was in evidence
during the closing days Of last week.
and new low figures were made TOT lhe
present decline. The early selling
which began with the initial trading'
did not appear TO be in thu form or
raid. but a slow. continuous pressure
carried values down the scale, catch
ing stop orders and bringing out stock
in considerable quantity. There were
no signs Of the support which last
week came TO the rescue OF the mar
ket when pressure seemed TO threaten
general downward movement and
not even Union Pacific, the strength
Of which issue on Saturday was sus-
tanning influence in prices, displayed
an ability to maintain its position.
Reading also was among the losers
in the early trading. and in United
States Steel weakness was most pro-
nounced, and this was responsible Tor
general declines in the market. Anal
gamated Copper exhibited a soft ten
dency, and its falling off was assisted
by a rumor that the government would
institute a suit against the copper
trust Rumor also was responsible for
an opening loss of points by West
ern Union in contemplation OF pos
sible taking over OF the telegraph and
telephone companies by the govern
ment. During the first hour weakness
was general and no support appeared
TO bring about rallies OF any conse-
quence. During the remainder of the
session up 10 the noon hour trading as
sumed a quiet tone. and there was 1t
tie inclination toward recovery.
The buying was the natural turn OF
few spectators. who acted on the
technical position created by the
heavy selling after the opening, assum-
ing that In the absence OF pressure the
market was due for turn in the other
direction. 1t was rather a feeble at
tempt, and the Improvement did not
carry prices very far toward higher
levels and the downward trend fol-
lowed. Trading remained dull during
the afternoon session, and while the
bears RETAINED from extending them
selves the position OF the market at
the close gave slight evidence OF bet
terment.
One Of the obstacles that seemed to
be in the way Of Improvement was the
hardening tendency Of money resulting
from the unfavorable bank statement
on Saturday. In all the pessimism hp-
parent in the Street, however. there
was a CLEAN of brightness In the Sep
TENDER statement Of gross earnings
by Great n, rthern. which displayed a
gain of S1.OO5,OO0 compared with the
corresponding month in 1912. The re-
port Of untitled tonnage by the United
States Steel Corporation, showing q de-
crease about equal TO August, was bet
ter than expected, but In the absence
of liberal buying OF rails by the
roads and with steel prices unsettled
no active demand was shown for steel
shares, and at the close United States
Steel was selling Ia points below Sat-
urday and led the list in volume Of
transactions for the day.
The dulness OF the foreign stock
markets and the weak tendency in
American shares dealt in on the Lon
don stock market were other factors
in the local situation. London was a
seller here to the extent Of about 49,
600 shares. Both the local time and
call money markets displayed higher
rates, and call money was renewed at
per cent. numerical paper did not
seem TO be affected by the unfavora-
BILE bank return Of Saturday. as there
was reported a good inquiry for the
best names at 5% per cent. with some
demand for choicest names slightly
under that figure. Politics continued
TO be an interesting subject for discus
sion, and as usual around the period
when the worlds baseball series is
about TO begin traders yesterday were
devoting theiI idle time to specializing
on the probable outcome of the coming