New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-16
STOCK MARKET REVIEW
While Some Stocks Rise, Others
Touch New Low Prices.

There were no eNlOeHCe'
stock market yesterday. Dul '"""e
toward announcement was MANIFESTED III
several If the active securities que
nrincinallv to short covering. althoush
there were some signs OF ouSH's
large interests. The CHIEF al'IdV'''i'
the inward movement AROUND '"e
opening was Amalgamated Copper out
United States Steel Reading ana
Union Pacific displayed oVerhis''
gains. and New York, New Haven
Hartford responded to the decision Oh
the Massachusetts Public service
Board favoring the issue OF so'''oo'oVV
convertible debentures, and opehe' W.
a full point above its closing price vi
Tuesday.
American Telephone and Telegraph
was stimulated by an interVie" WIZ"
President Vail, in which he stated mat
Stockholders would receive full Vaiue
for their stock in the event the gov
eminent should take over the teiephohe
properties. An exception TO the gen
eral Improvement displayed IN the
carly trading was Canadian Pacihc'
which appeared to be under pressure
said to be due to the possible loss III
steamship earnings. lnterDoroush-
Metropolitan preferred recovered from
its downward tendency in sympathy
with the general steadying Of the mar
ket, resulting from the shorts CLOSING
out their commitments in view OF
changing sentiment. The gains re-
corded during the forenoon were mann
tanned in the early afternoon dealings
although the volume of trading was
comparatively light and the market ap-
peared to lack convincing proofs OF
bullishness. except as professional eff
forts were put forth TO take advantage
of an oversold condition.
PEOPLES Gas was conspicuous during
the day. and buying, said to be on Chi
cago orders, caused an advance OF sew
eral points, compared with Tuesdays
closing price of 122. Taken as
whole. the advance was fairly we'll held
| I'm the active stocks at the close OF the
market, but the technical position was
open to question among the traders,
who stu retained their bearish in
clinations and held that prices were
doomed to go lower Not all the i'm
portant stocks were stimulated 10
higher levels, as Atchison sold down 10
OF, a new low for the present year, and
the lowest point since 1910. when that
issue was quoted at 9O2.. Baltimore &
Ohio was another issue which sold
lower, and was a point off at the close,
while Canadian Pacific lost more than
points for the day. said to be the re-
suit Of news from Berlin that the
Canadian Pacific pool. which has been
operating there during the last two or
more years. is being liquidatec. The
bond market exhibited a better tone.
especially in government bonds. for
which there was a reported demand,
| and the tone of high grade invest
ments was better all around. In
money affairs there was no important
change. except possibly, indications OF
restriction In the supply Of time money.
| Call loans were renewed at 81 per
| cent, and were plentifully offered, al
though the inquiry was moderate
An interesting light on the steel trade
was given by The Iron Age" in its
advance review made public yesterday.
one paragraph Of which says:
There are further evidences this
week Of slackening operations at steel
works, with the tendency to lower
prices more pronounced in some lines.
AS is usual under such conditions, ex-
aggerated reports are current as to re-
auctions in forces. An example is the
statement that 80 per cent of the en-
steel plant are idle. Some workmen
have been laid off in that district. but
they are not large fraction Of the
total. In consuming industries no i'm
thus far, though reduction Of work.
ing forces at automobile works in De-
troit is scheduled"
Interest in the currency question con-
tinued to take up some of the idle time
Of the brokers. and other political at
fairs, as usual. were discussed freely,
including the Mexican situation and
President Wilson's attitude Politics.
however, for the day seemed to have no
direct bearing on price movements.