New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-09
STOCK MARKET REVIEW
Prices Go Lower in More Active
Trading-Weak Closing.

~ feature OIL llle OpcHIHb
morning was the weakness In Union
Pacific. but United States Steel Reao-
ing and Southern Pacific opened un-
changed, while Canadian Pacihc dls-
played an initial gain. The first sale
OF Amalgamated Copper showed nan
point off from Tuesdays closing quota
ton. but soon afterward this stock be-
came firm during the first half hour'
There was no volume Of activity 10
give any special significance to the
trend, but stocks failed to receive the
! necessary support on the decline when
occurred after the opening, and the
market was weak throughout the Yore-
noon.
New low points were reached, and
there were evidences Of short selling as
we'll as liquidation, with United States
Steel and Union Pacific leading the
downward movement. 1t was not until
the early afternoon that signs of a
steadying of prices began to show up,
but there was no noteworthy improve
ment. even after the publication Of the
figures Of the Copper Producers AS
ISOLATION, which exhibited a decrease
of 100000 pounds as compared with
the report Of September l. An at
tempt at slight rally little after
o'clock failed TO bring any following,
and stocks were supplied in sufficient
quantity TO create a weak tendency.
accentuated by the indifference of the
traders. who seemed to be more inter
ested in the returns from the baseball
game at Philadelphia than in the
fluctuations Of stock prices.
The closing transactions failed 10 re-
market presented weak appearance
at the end. Aside from baseball at
tention was directed toward Washing
ton political happenings, especially the
progress OF the currency bill. The
testimony Of Frank A. Vanderip, Of
the National City Bank, before the cur
rency committee was commented on,
particularly his reply to the question
whether he considered call loans un-
sound banking. which was answered
in the affirmative. Also his remarks
that he thought the proposed currency
bill would wipe out call loans to a
large degree.
Trade conditions in iron and steel
were reflected In an advance review of
THE Iron Age" which says that iron
and steel manufacturers and con-
sumers are quite at sea as TO the course
Of demand and prices in the remainder
Of the year. With the signing Of the
new tariff bill there has been let loose
an assortment of rumors naming def
mite reductions in prices Of various
products, usually 50 a ton. In general
these statements are founded only on
the conceded possibility Of placing
good sized orders at lower prices than
the mills have been quoting.
Business has fallen off. and in the
last week there has not been enough
really TO try out prices. Consumers are
waiting partly to see what the lower
tariff brings TO pass. and a dull mar
ket may be expected for some weeks.
Aside from tariff effects there are pres
ent the usual symptoms Of an attempt
to find a new level after a period of
well sustained prices, with its inev-
liable limitation Of buying.
In the local money market, while
quotations were not materially changed.
a f1rmer tone prevailed in time money
and there were few offerings bv lend
ing institutions. Call money was re-
newed at 4 per cent. The local banks
exhibited a further loss on Sub-Treas-
ury operations. transfer Of $500, 900
to San Francisco was reported and an
arrival Of French gold Of S212, 900 fsm
Cuba was part Of the days develon-
ments.