The sun., 1913-10-08
FINANCIAL NEWS
AND COMMENT
Dull Day in the Stock Mar
kct, With Prices
Steadier.
ALL EYES ON BALL GAME
Foreign Situation Uncertain
British Bank Rate May
Go Higher.
ALL EYES ON BALL GAME

The stock market came very nearly TO
q standstill yesterday, thanks In large
part to the distraction Of trading inter.
est by the worlds series baseball game.
OF course such an outside event would
not have had an effect on business had
Wall Street been In a mood to do busi-
ness. and perhaps II was Significant that
the stock market community was ready to
forget prices for a few hours.
The indications afforded on Monday
afternoon that liquidating or bearish
pressure. or both. had been suspended.
for the time being anyway. were borne
out by the movement Of quoted values
from yesterday morning on to the close.
Dealings contracted after tho frst hour.
but most stocks held steady during the
ensuing period OF relative market stag
nation. Some buying came from abroad
and other purchases were contributed by
professional dealers, who were covering
short contracts or thought that the time
had arrived for some rally OF which ad-
vantage might be taken proftably.
Union Pacific did not display as much
firmness as It had when other leaders
were weak. but the arrest of decline In
United States Steel Influenced steadiness
in many directions. There were weak
features. but q sharp break in American
violent advance. The heaviness Of Ameri-
can Telephone and Telegraph was COM
monty related TO the competitive projects
which are being fomented In Administra-
ton circles at Washington. although II 10
observed that S10.O00.0 900 Of notes Of tele-
phone company subsidiaries were readily
disposed OF on a 5 Ia per cent. basis.
Technical considerations affected the
mark to a considerable extent. The
fact that prices in some directions have
been falling pretty rapidly. while most
issues had yielded very stubbornly. was
taken 10 denote the special application Of
bearish pressure and intimate the pos
sibility Of some convusive recovery at
the expense Of speculators for the decline.
even though the general news should
furnish no particularly constructive stim-
ulus. .Advtces from abroad showed
that London was increasingly concerned
| about the financial situation in Brazil and
other South American countries. but the
London securities market was heavy and
confused rather than weak and unsettled.
Some OF the new South African gold
was obtained for the Continent despite
the higher bank rate In London and for
| eign exchange here continued tn sag and
is now only a little above the level at
| which II stood when the British bank
! to he inferred from these financial fea-
lures that the Bank Of England will he
| forced to take further measures to pro-
/ tect gold supplies 10 a question. There
have been suggestions that the Bank was
prepared to make a s per cent. discount
rate II necessary.
| Compared with baseball information
the financial district seemed temporarily
to have no interest In the factors Of poll.
tics represented by the effect OF tarih
revision on general business and the signs
| Of conflict over the banking bill In Con
gress. There was no circumstantial con
| firmation Of much Of the reported price
cutting in iron and steel lines. although
1t was not doubted that basic markets
were seeking q lower level to forestai
, foreign offerings. on another day the
plight Of the railroads as illustrated by
the calculation that the Eastern train
men have asked for $ls.0o0.o00 in wage
increases, would have attracted notice
| The Northern Pacific reported for the
| year Just ended earnings OF almost y
per cent on the company's shares com
pared with less than per cent. In thu
year previous.
The grain markets were Arm but cot
ton was again decidedly weak and thu
South's great staple Ia apparently reflect
ing to some degree the immediate uncer
tainties of the trade and industrial out
| look.