The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-10-11
N. Y. Sun 5 Weekly
Financial Review

NEW YORK, Oct io.--No i'm
provement outwardly was effected IN
the stock market by todayNs trading
on the contrary the rebound from
Y prrssurc, which characterized Thurs
saay'e session. proved but "A neetins
manifestation of strength. and prices
lost ground generally. The average
81 decline was substantial. although
4 might be said that the bottom fig
u-cs were only about the lowest levels
AZ the day before. At the same time
ire market closed tonight around the
low Avorase OF the day, the only re-
sieesusng feature being "a lack OF pres
sHsre In me last hour. To what extent
his aus encouraging. was dubious,
bNonu1e up to then the market had
dtrpiAved some signs of rallying. and
the .ats trading was a sag5ins move
ment
The copper Issues were early singled
~. r~r concentrated selling, but no
Uocks -~ere neglected subsequently
x,st Of me leaders displayed uniform
weakness. or uniform, lack OF lasting
ability 20 offer resistance. but
sfeady influence was once more ex-
ersed BY the relative arnness OF
ysni;eud States Steel. Whether this
-rss ewing To determined support or
=
svaA Of course con1ectural. but i; was
at least exceptional. The American
Can shareA especially the common.
moved ap aggressively toward mid
session. and retained some of the ad-
vance. showing that degree of cour-
age existed somewhere. Continuing
features Of weakness were provided by
thc American Telephone group.
Duri.C &he day. and after tho close
G. business, and IN an even more pro
nounced fashion. the allaround ex-
preston q. Wall Street sentiment was
az a most Respondent and detected
character. II was reminiscent Of the
gloomy days last June before the long
decline in the stock market was
abruptly halted. and converted into n
very extensive rally. Whether or not
the parallel furnishes complete pre-
cedent Is. of course, coniectural, but
Ii might he noted that for the last
three DAYS the level of quoted values
In the stock market has not been ma
tersaliy lowered, despite the violent
fluctuations and confused trading,
which have been witnessed.
In the suspected commingling Of IL
quotation and hearish pressure. Union
Pacific was still a center of much in
terest, although 1t had been supposed
EIHl AiAS bfhGAta1 NAbRfittFitA va i11 ra83
would remove the stock from the d.
rect field Of Wall Street notice.
Financial unsettlement continued
abroad, but with no especially ad-
verse developments of novel sort
According to the dispatches new Sc
curty offerings in London were MAX
ing a miserable record OF failure. the
underwriters having TO take from
80 TO 80 per cent Of all promotions
Foreign exchange was Arm, being
quoted at one time as high as 4.s5 34
for demand, but the market was moi
steady. The monetary situation ir
Europe is probably affecting loca
credit conditions. but there may he
other reasons for the tightening of the
domestic money market
The United States Steel tonnage
statement of September 30th exhibited
q decrease of 219,es3 tons in busi.
ness on the books during the month
This was spoken OF an about meeting
expectations, but Wall Street appre
tensions had been for IA much largel
decrease