New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-20
STOCK MARKET
CONTINUES DULL
Unfounded Rumors Add to
Depressing News, and
Prices Sag.

The stock market yesterday was
continued exhibition of dulness, WITH
prices displaying an irregular tendency
and traders indiffe nj to fluctuations
which were within narrow channes
and carried little significance. Ihere
was an abundance Of bearish sentiment
| involving rumors concerning all so'ts
Of possible changes and insolvencles III
Wall Street, in addition to the olstuio u
| ing elements that have preValIeo loi
some time. Affairs in Mexico oHere"
no relief from the burden carried u!
the market as a result os complications
existing, no reassurances regarulls
trust prosecutions were forthcoih'"s
and currency legislation presented rei
| plexities to banking interests thal 'lsiu
the Street in a state of suspense so al
together Wall Street could see very h'-
| tie Of the silver lining that hes unuer
every cloud.
At the opening, while trading was
quiet, disposition was shown on the Ia
vorable side by the initial gains IN Union
Pacific and New York, New Haven
& Hartford. an advancing tendency IN
United State. Steel and Improvement
in some of the specials. The coppers
were lower as the result of a decline IN
the price of the metal abroad. NO help
was offered 10 this market by London
where prices had an irregular closing
1 do
tant. In the news contained in the re-
views of the steel and iron trade jour
nails the tone for the present is decid-
eddy unfavorabe THE Iron Trade
Review" says:
NO signs of turn from the general
sluggish condition of the iron and steel
market are to be observed. Bankers
continue 10 readJu their operations to
the reduced scale Of buying, and pro-
duction on all sides this month will
show a considerable decline. Funda-
mental conditions in the industry from
every test appear very sound, and
stocks have been liquidated TO rela-
lively light proportions, so that the sit
uation ceems to be susceptible to quick
stimulation when buying on any siz-
able scale is resumed"
The Iron Age is equally depressing
and says that the slowing down in iron
and steel operations continues and in
| the case OF some steel companies has
been more sharply accented in the last
week. Buyers Of steel products are
said 10 be awaiting developments,
which is another way of saying that
| they are expecting lower prices, and
| therefore do not consider this the time
to make contracts.
| The announcement that the money
necessary TO provide for the temporary
requirements of the New Haven COM
pany had been arranged was not in
terpreted favorably by the market for
the company's stock, and did not dispel
the predictions by many traders tnat
! the road has a problem ahead to pre-
serve its dividend status. The i'm
provement in the money market, how
ever, was emphasized not only by the
rapidity with which the New Haven
notes were subscribed for. but by the
reported purchase by local bankers of
81, 100000 New York Connecting Rail
road 41a per cent 40-year bonds, re-
Gently authorized by the Public Ser
vice Commission.
The total volume of business for the
day was in excess of the results shown
on either Tuesday or Monday, but not
sufficiently improved TO relieve the ap-
pearance Of idleness which has come
over the market. At the close sag
ging tendency in leading stocks was
shown. The money market displayed
the same easy tendency that was shown
recently, and call loans were renewed
at "a per cent, while time money was
sentimentally disposed toward soften
ing tendency.