The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-10-02
DECLINE IN STOCK
MARKET IS HALTED
GENERAL FRACTIONAL AVERAGE
OF RECOVERY AT THE
CLOSE
COPPER STOCKS RIS
TRADING ON ACTIVE SCALE, CON
SIDERING PROFESSIONALISM
AND EXTENT TO WHICH
STORM HURT BUSINESS

NEW YORK, Oct. decline IN
the stock market came to an abrupt
halt today The market did not rally
materially. but there was a general
fractional average OF recovery at the
close, with some substantial gains in
a few of the leading issues
At the same time the hardening
movement which was most pro-
nounced in the last hour, was CON
fined chiefly 10 the copper stocks.
which rose quite vigorously, the rest
Of the list displaying relative degree
Of heav1ness Trading twas on an
active scale considering the profess
sionalism Of the dealings, and the ex-
tent to which the heavy rain storm Of
the day distracted attention from, or
anterfeTed with, business
Little Significance.
There was no indication that the
action Of the list had more significance
than that prices had very extensive
reaction from the recent high levels
The Jewish holidays, which have now
begun. may have been partly respon-
sible for some repurChases IN order 10
effect a temporary retirement from
the market. and traders as a rule were
disposed to cover short contracts II
not to take the constructive side
when they saw that pressure had
ACGNNo WV f'@N'ANf
sporadic.
A rally in American shares In the
London market before the local open
ing seemed to take the Wall Street
community little by surprise.
especially as It was unaccompanied
by any developments other than the
publication Of favorable copper stats
tics, which would account for the up
turn.
Union Pacific was a leader abroad
but displayed resistance TO pressure
rather than aggressive strength here
although this was a circumstance
which presumably Influenced greater
steadiness in other directions.
Position of Market.
II the position Of the market has
been restored by the decline Of the
mast fortnight 10 one of comparative
technical strength, the fact should be
demonstrated In the course Of another
day or SO. Whatever other support
there Is for quoted values 1T seems te
be derived less from what ~ calico
marketwise news than from tho con
ditions of money.
Cali TO answer made as high a:
4 liz per cent today. but the renewa
rate was 8 per cent. and altogether
the month Of October, which its heavy
xaish.rSa II. aata-ttz- fax-day- shifting o.
cash, and its continuation Of hnancla
uncertainty abroad is entered upor
quite satisfactorily. further illus
tration Of this Is afforded by the ap
prehension In London. that we ma,
import gold from that center.
Curious Rumors.
No new information was obtained
about the dominant subject OF Wal
Street interes, in Union Pacific affairs
Curious rumors were current that Al
torney General McReynolds had pro
tectea himself into the Union Pacih'
directors discussion Of the Pietheri'
soIvency Of the company, and ha'
even come on TO this city for tina
purpose.
The grain markets were rathe
heavy. hut cotton advanced sharpl!
again In response both to the les
xnenacing aspect OF the futures tal
nrotect al Washington, and 10 esti
mates of a further deterioration II
crop conditions last month, A &c
pressing budget Of railroad report
for August made up the bulk or Tn
days balance OF marketwlse news
The monthly figures showed eeheF
ally substantial shrtnkAses IN sfoH
and larger losses in net.