New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-29
STOCK MARKET REVIEW
Selling Movement Sends Prices
Down, with Losses at Close.

Yesterdays stock market was not
lacking in rumors that had the Ell
feet desired by the interests respon-
sible for adverse reports, and the net
result Of the days business put a
check on bullish enthusiasm. open
ing prices displayed a sagging ten
dency, and during the first half hour
particularly there were evidences OF
depression, said to be traceable to Lon
don influence, and a change In senti-
ment regarding United States Steel
earnings for the quarter, which were
to be made public later in the day A
selling movement in American Tele-
phone and Telegraph was due TO the
prospect of adverse legislation follow
ing the introduction of a bill in Con-
gress by Representative Lafferty, and
at the close of the market loss OF IA
points was recorded in that stock.
Canadian Pacific, which was in
fuenced largely by Berlin depression.
closed with a loss Of 2la points; South
ern Pacific was off rs points. Union
Pacific 13s points, while United States
Steel closed with a decline of q OF
point. During the second hour of the
days trading a sharp advance in prices
stimulated slightly better feeling, and
United States Steel was a strong feat
ure in a movement which carried all
10 Loo Of he hiuhnr A dull npriOH
around the noon hour was followed in
the early afternoon by signs of weak
ness, and in the late trading prices
sold off on disturbing rumors affecting
conditions in Mexico and a hardening
tendency in the call money market.
Politics had considerable bearing on
the market situation, especially cur
rency legislation and the attitude of the
administration toward corporate inter-
ests. Added to this feature was in
creased uncertainty as TO future move
ments in Mexico and less confidence as
to a favorable showing of earnings in
the quarterly Steel report; So alto
gether much of the optimism prevail
ing on Monday was absent from the
Street yesterday. 1t was only natural
that the professionals should take ad-
vantage Of the opportunity offered to
sell stocks, which they did in the clos
ing hour. Possibly the most discussed
incident Of the day was the report of
an engagement of S2,oOOO00 gold in
Europe for New York but the effect of
a resumption of gold imports failed TO
reveal any appreciable results in local
prices, and slight significance was
given to the transaction in London.
More concern was exhibited by for
eign markets in the general political
outlook than in gold movements at this
time, and it is not likely that gold will
be imported if any objection is raised
by the Bank of England. The local
money market took a sudden turn from
an easier TO a harder tendency in time
loans, and in call rates the renewal rate
advanced to 81 per cent. Railroad
earnings made up a large part Of the
days news, and included the Septem-
Der figures Of Union Pacific, showing
an increase in gross earnings of over
S3oO,WO, but a net decrease Of more
than $4,000, due to enhanced oper-
ating costs. Southern Railways Sep
TENDER statement recorded an increase
of S3JI 6SS and a net decrease Of S115.-
443. Delaware, Lackawanna d West
ern in September increased its gross
about $4,000, practically all of which
was figured in net decrease. Chi
csgo, Burlington & Quincy was in con-
trast in its annual report, and dis
played surplus Of S2,91J,OOO, equal TO
1733 per cent on the company's stock.