The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-04
MARKET IS WEAK
THROUGH SESSION
Numerous Declines Scored, and
Day Is Disappointment
to Bulls.
ny BRoADAN WALL.

| New York, September 3.-To days
stock market developed weakness with
the opening, and never recovered a firm
declines were scored, some Of them
violent. and altogether the day was n
disappointment to the bulls.
Amalgamated Copper opened n full
point below the previous days close,
and distinct pressure in New York Cen
trail. New Haven and Reading featured
the early dealings.
News was unsettling. Railroad earn
ings continued to show decrease in
net.
Time money rates were harder. and
banks here were called upon TO make
large currency shipments to the in
terror.
Some disappointment was felt when
the Southern Pacific syndicate bankers
announced that about so per cent OF
the Southern Pacific stock certificate s
had been subscribed for by Union Pa
cifc shareholders. 1t is understood the
scribed balance within the next fort
night. The stock will be widely scat
tered. as the membership consists of
representative bankers in all financial
centres both at home and abroad.
In the second hour trading became
very dull, with saEging tendency.
The decline in New Haven was checked
by the premium demand OF borrowers
in the loan crowd, which indicates that
the market has become oversold. South
ern Pacific dropped to SO 3-S, Union Pa
oihc, Reading and Amalgamated Copper
slid off easily on light offerings
The government weekly weather re-
port was distinctly unfavorable. indi-
eating the continuance of n Widespread Il
deficiency of moisture and high tenn
peratures over an extensive area east
and west of the Mississippi.
Missouri Pacific lost nearly n point.
while Rock Island issues were decided :
ly weak. the common touching Is 1-2
and the preferred &c 1-o.
Reports from the steel trade Indicate
tfat september tonnage will show i'm
lrofement. steel common was weak
end failed to develop support between
b3 IA and GO. although around the
latter figures good buying turned the
price for half point rally.
The passing of the dividend on Cali
:ornia Petroleum common had long ago
OF some fifty points. The net loss for
the day WAS l SIS points.
July railroad reports were poor. st.
Paul. with an increase in gross of sS46
600. showed a decrease in net of $751;
600. Rock Island displayed n loss in
net of 100000, and Louisville and
Nashville. with a gross increase of
$4,000. only increased net some $50
200
Foreign markets were irregular.
trading was quiet, London houses buy
ing 5000 shares on balance.
All the commodity markets were very
strong. Cotton advanced over forty
POINTS. wheat went up / IL cents and
CCrn 3-4 cent. These markets were
active and speculative interest was dis
tracted from the stock market
Bonds continued strong, with a good
demand for hiEh-Grade investments,
and ii is the opinion of bond brokers
that this improvement will continue
Banks have lost since Friday nearly
So.o0o.0O0 to the government subtreas-
ury operations This drain is expect ed
q continue.
With practically three days of de-
Ginning prices the stock market has
reached the point where recovery may
be expected. or IL will be fair to CON
clude that the recent advance has run
itself out and we are in for Il period
CT lower prices
This point may be determined by the
end Of the week.