The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-10-04
STOCK MARKET
NEGATIVE AFFAIR
PROFESSIONAL TRADERS INCLINED
To RETREAT FROM ATTITUDE
OVER RECESS
BUSINESS CONTRACTS
TOTAL VOLUME ABOUT LEAST FOR
SEVERAL WEEKS - ONE OF
BEST FEATURES OF
SEASON

NEW YORK, Oct s.--The stock
market today was a rather negative
sort of affair II acted very much as
though the professional traders, who
see1ned TO be responsible for the bulk
OF the dealings, were Influenced by
the approaching weekend. and in
rlined 20 retrea, from any attitude
over the weekly recess
The tone Of the market was uncer-
tain, although rather heavy. In most
directions a degree of resistance was
offered 60 pressure. hut very 1T
sie amount OF buying or selling ap-
peared to make disproportienate ef-
feet on prices although this seemed
TO be more true Of offerings than of
purchases The close was about Ia
point above the lowest figures for most
active issues, but the net result OF the
day was 10 undo most of the mid
week rally Perhaps the best feature
Of the session was the tendency Of
business to contract the total volume
being about the least for several
weeks.
Result of Short Covering.
The course Of quoted values seemed
10 indicate that the upturn on We'd
nesday and Thursday had been large
" the result Of short covering Such
q process would work some impair
ment of the technical situation. and ac-
count TO-. the superficial vulnerabiIity
OF prices TO pressure Whether or not
the dealings represented anything
more than n reaction from the mid
week rally was eonjecturat, but an IN
ciination was manifested to attach
some Importance to the exceptional
heaviness Of United States Steel
Union Pacific was relatively ne
elected. and there Is a feeling that
while sonnet ing will be done sooner
or later in ihe way Of an extra dis
trfbution n Union Pacific shares II
will not measure up to the dimen-
sions Of recent rumors, and may be In
effective as a market factor because
OF the postponement az speculative
hopes For this reason the Armness
of Union Pacific was a steadying IN.
ffuence over tho general list against
the drag OF United States Steel
That stock sold at 4 new low price
for the decline from the September
maximum. and was under conspicu-
Gus pressure all day.
There were reports Of further price
reductions which helped 10 explain
some of the selling.
TWO Per Gents Low.
NEW low price ItC0f q b}u pElEES 4bl
government per cent bonds pro
vided a comm entary on the status o.
currency legislation at Washington
but otherwise the political factor wa!
not discernibie except in such a man
ncr as has been already noted. Tht
fact that general business has not dis
played seasonable tendencies towar(
expansion was illustrated by tbs
sustained record of decrease in tn,
country's bank clearinss The de
pressing tale of August railroad earn
snEs was carried along by the Chicago
Milwaukee and St. Paul which re
ported a gross decrease Of s240, Sos
and net decrease OF 81 .045, 63o
There was not much change in th'
agricultural commodity markets.
Call money and Wall street tim'
money rates proved nominaly easy
although foreign exchange hell
around or above ass for deman,
sterling In response TO the elevation
of discounts at London. According
TO the known movements Of none.
the local banks have probably mad
small cash gain for the week