The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-10-04
STEEL AND COPPER
SHARES ARE HEAVY
Lower Prices Rule Here and in
London, and Downward I'M
petus Is Given.
GOVERNMENT BONDS DOWN
Increase in English Bank Rate
Appears to Have Unsettled
Foreign Markets,
GOVERNMENT BONDS DOWN
ny ISROADAS WALL.

Sow York. October 3.-Stocks were dull and
beayy today. closing around the low prices
of ths day. Dealings were further reduced
and the business inrgely professional.
Lower prices ruled in London and down
account. United states steel lead in point
OF activity: from the opening price of co the
common fell 10 5Si- Aside from tho short
covering, which appeared from time TO time,
iittlo support was apparent. There
fresh rumors of cuts in tho prices for steel
Although frn tone is maintained in the
copper metal, copper shares were heavy.
Arnaigamated and Utah los; mcreS than a
point apiece and Anaconda about the same
on sales for Europe.
There 1O-point drop In Delaware.
Lackawannn and Western, and Lehigh VAL
ley and Reading lost point each, and there
was strong tone to Union Pacific: al
though trading has become much restrictc ed.
Locomotive Is Heavy.
The American Locomotive Issues were
heavy the sharp attack directed against
,ional Paper preferred felt the effects OF the
new tariff and showed it by declining 2ia
points
Sentiment beeane depressed as tho day
wore on and the reaction extended through
out the list In tho nnni dealings.
Railroad returns for the month OF Au-
gust continued 10 be universally bad St.
Paul with a gross decrease for the month
OF $4,000, had ne; loss OF sloi5.c 9o. and
Northern Pacific showed "a decline III net Of
selo,ct9.
Government Bonds Decline.
Government bonds moved TO low
ords both the Is and es declin,uc together
There was a single sale OF $4,000 of the
IS on tn, Exchange a, decline Of u a
Have changed hands on the outside Tho
: fe to 30 now low record for this is
sue
The Increase in the English bank rate ap-
pears TO have unsettled foreign money mar
kets generally, and the report OF the failure
OF the Credit Bank OF Bombay ana five adj
ditional native InGian banking institutions.
added 20 tho uneasincss y sharp drop in
points III the Brazilian loan recently noated
~ 10 .1aH,s. -.
now ruling for rubber.
Foreign Exchanges Down.
British consols. French rentes ana German
tendencies on ruinors OF contemplated heavy
borrowing by various Colonial governments.
In our own market call money renewed
al per cent. much Interest is taken In
to-norrow's bank statement and prelimi-
nary ngurcs indicate cash gain Of some
s. ooo, 900, currency receipts from tho inter
Tor having just about balanced losses TO
the Subtreasury.
that general business will rapidly adjust it
self 70 new conditions, while the financial
district concentrates it's doubts and fears
on proposed currency legislation.
Wall street IS without active speculative
ieadership' bankers arc not disposed to en-
courage operations the public are indrer-
cnt and the professional trader shifts from
side OF the market TO the other in u
vain effort 20 find tendency. Union Paci-
&c Is strons.
New York. october Stocks wore under
heavy pressure to-day. Although offerings
We're not heavy. there WAS demand only ut
concessions Leading issues ended the day
with losses of point or moro. ON the eve
% u fundamental change In tn" tariff laws
traders thought Il best 10 pursue =, conser-
Natve course. Uncertainty as to the action
OF the market Ia the Immediate future led
holders OF long stock To realize on the com
paIatively small rise OF the preceding TWO
days. Steel was the most conspicuous stock
it, persistent weakness was a drag on the
whole market. copper shares yielded part
% their gain. Reading aud Union Pacific
also were SUBJ To severe pressure st.
Paul was affected adversely by It's August
report showing decrease OF more than
Si.0rooc1 In net earnings.
Sentiment was depressed in London, and
American stocks there We're inclined TO
heav!ness London sold stocks here stead
iy. dispoSing OF 10 900 To 10000 shares
y small cash gain fo~- thc banks In the
week was Indicated b%.'hne.Sn movements of
currency. Time money rates showed an
easier tendency. Bonds were under slight
pressure Total sales. par value $3.50 600
Government bonds broke sharply on hi,
prices United states - coupon and Panama
: yielded point. and United states IS
registered and the As 4: on call. Total sales
were .-2.+c9 shares
Nev York. October 3. Money on call firm,
~ 2-tdS per cent; ruling rate, g closing.
-@ga Time loans. easier. sixty days q. n
ninety days s7.05. six months. s..
ne mercantile paper. 5S.8s per cent.
iHg exchange steady at S,s2 for sixty
and at 4.sG95 Tor demand CONNER
oi!ls 81 SioJ Bar silver, GIf. AIcxican
- q. Government bonds weak rail.
bonds easy.