New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-25
STOCK MARKET REVIEW
Trading Dull, with Most Prices
Lower at the Close.

An absence or any lnleTest vi 49,
buying side of the market at the open
ing yesterday afforded an opportunity
for a heaviness to develop, and WINE
an attempt was made in the initial
transactions 10 force some activity Ihe
movement soon subsidized and lower
tendency became evident. one OF the
influences Of an unfavorable character
resulted from the decline In copper
metal prices abroad and reported
heaviness in the foreign security mar
kets. There were a few signs OF buN-
ing by good interests on the scale
down. and many traders who held alooI
from participating in business on
either side viewed the situation as
shaping itself toward a stronger teen
meal point through the accumulation
due TO a growing short interest.
United States Steel was under press
ure. but the selling appeared 10 De
purely professional and 10 represent
short commitments. Movements dur
ing the first hour We're irregular and
manifested q lack Of responsibility by
any leader or group Of leaders ana
carried the earmarks Of exchanges,
during which each side attempted 10
scalp q few profits. A little hardening
in the tone OF Rock Island issues Gre
ated an impression that possibly llqm-
dalton in that direction was about
finished. but this did not inspire any
confidence among market followers as
a whole although II attracted atten-
ton TO these securities owing 10 the
interests which they represent.
The early afternoon brought about
bewildering situation so far as at
tempts by traders to decide as 70 when
direction the market was betraying
the stronger tendency. In some circles
d bullish spirit seemed TO prevail, while
in others there was intense pessimlsm,
with predictions OF a big break In
United States Steel which would result
in a general slide down the scale Of
prices Notwithstanding these latter
forecasts Steel resisted extreme press
ure and exhibited some rallying quail
tiles. The optimists were firm in their
assertions that Union Pacific would cut
its melon in the near future, while OPP
orators on the other side were equally
positive that nothing could be eX-
pected from that quarter. There were
rumors Of new antitrust suits in ad-
dition TO the one regarding Southern
Pacific as contained in a Washington
dispatch announcing q coming action
by the government, and the heaviness
Of the London market was pointed 10
as showing the revival Of a liquidating
market on the other side resulting
from renewed disturbances in the Near
East.
In the late afternoon a slightly better
tone was reflected by a covering OF the
shorts and brisk advance in New
Haven followed by a buying move
ment in the bonds on rumors that the
company would be allowed 10 issue the
SCI 600. 600 for debentures by the Mas
sachusetts commission. The closing
failed 10 respond 10 this betterment
and the movement in prices generally
was exceedingly dull. with no feature
in the final transactions
The news from Industrial centres
covering the movements Of affairs dur
ing several days gave a slightly better
review than last week, but there were
remaining indications Of some uncer-
tainty. The Iron Age" saws: THE
impressive fact IN the present situation
in steel products is the slight extent 10
which prices have yielded in view OF
the prominence given TO the slowing
down OF demand in so many lines
September has not borne out the pre-
dictions OF a fall buying movement,
and yet II has not fallen far behind
the August rate Of new orders.
1T is probable that the first OF the
large rail orders for 1914 will come out
shortly. giving some basis for gauging
the railroad demand. From the stand
point OF Southern mills the rail outlook
is not particularly encouraging"
The local money situation showed no
material change from previous DAYS.
and remained dull but steady. Call
money was supplied at & renewal rate
Of per cent