The sun., 1913-11-04
FINANCIAL NEWS
And COMMENT
Further Recession of stocks,
with General Weakness
Abroad.
POLITICS BEARlSH FACTOR
Trust Busting Legislative Plan
Is Inferred From New
Harvester suit.

Moderate pressure in the early dealings
sufficed to cause general declines IN the
stock market yesterday. The opening was
at decided recession from saturday 3
ciose and the list In the forenoon was
rather weak. Trading was most active
IN that period and during the afternoon
there was comparatively little doing.
After duness had lasted some time the
market hardened slightly and closed at
n rally from the low figures. the list still
showing material net losses.
All the leading railroad and industrial
Fshares were heavy. with special weak
ness In New Haven and in the New
Haven bonds all Of which presumably re-
flectcd the circumstances of the company
in the light Of the September return of
earnings exhibiting II gross gain of so3.-
900 and net decrease OF $3.50, 400. bring
ing the decrease in ne. Tor the first quay.
ter OF the fiscal year up to sl.sij,0O
There was further violent collapse In
Mexican Petroleum, with which tho cal
ifprnia Petroleum issues s,mpathiz,d.
The Mexican situation was the only cause
assigned for these movements
The market as a whole had much the
appearance OF debility through sheer
WfdTiVeSs cr HlNtTS'- occurrences ana
considerations but Judging from the talk
Of the day IL derived some support iron,
tho possibilities of to.das's elections. The
Wall street expectation seemed to hc that
a sharp rally might follow any vote, In
New Jersey and Massachusetts. especially
which could he construed as dcnoting a
popular verdict against the present rad,-
salism Of political programmes al Wash
inEtou
Initial impulses to stock market req.
ton were communicated from abroad.
whore securities Mere again weak at all
the principal centres The Relapse of The
foreign stock markets has been an inter-
estinS development, accompanying rcborlS
II essential Improvement IN European
money positions. The contradiction casts
some doubt ON the bett.rmeut ou foreign
conditions in money. and it IS likely that
the signs of strain at l.undon have not
been sufficiently recognized In the atten-
tiou paid To the symptoms Of less strin-
gency on the Continent London continues
10 he sensitive to the financial disturb
ances III Brazil. Mexico and other capital
consuming countries and 20 The impcnd
ing mass of hug" borrowings for past
and prospective military purposes csti-
mated AT the moment as aggrcgating =
about 3I30.00U.ooo which European ma
provide early next wear.
Tie announcement Of the nature of the
antitrust law proceedings instituted
against the international Harvester Com
pany by the Federal Attorney -';euerai
was a factor in the Wall street weak.
! ness. Quite apart from the probabilities
| nf judicial determination ot such extreme
Issues As are raised 10y Mr McReyuols
| the litigation WAS regarded AS sienifcan;
~ tha huSfipy al yt.l,. ',
, was infe-entislly contemplated by IN.
| Administration programme for the regu-
| lar session Of Congress.
Hopes recently entertained for carly
agreement on workable and sound eur
| rency bill we're chilled hv Washington ad.
vices suggesting the likelihood Of no leg
| islatiop this year. The supreme court
/ decisions In the cases involving coz
lateral loans affected by tho uocking
, Coal and Iron crash of three wears ago
| were Of substantial technical interest e
| the banking and brokerage community
! but what consequence they would have
| for Wall Street customs was not readily
| obvious.
| A variety Of more or leg. ,lcpress n
| news made up the budget Of routine IN
| formation. Foreign visible supplies -
copper showed a shrinkare in tho las
fortnight o0October, hut the London 'uar
| ket for the metal was weak. Talk Of in
! creasng curtailIneN of operations at stec
mills atpunded. The Louisville 4 Nash
vile made an exceptional report of earn
! ings for September hccause' met earninc
! increased $4,000. TIL. Erie lost s3s5
| O00 and the St Paul s4h300O the loss.
being all In comparison with the corro
spending month year ago. Gross earn
ings have developed u we'll defined tren'
| toward decline from last years receipt
and in the first four months OF tn" Nsca
year the Missouri Pa,itic's gross revenue
receried more than s4O0.o00. Cotton dis
played renewed weakness.
That last weeks bank statement relate
10 temporary condition only Was prao
tically proved by the cours. OF call ioulr
The renewal rate. per cent, Was II
high level Of the session, the arcomn.oda
tion dropping steadily To per cent. At ia
close. Foreign exchange rallied sttftl! /
the late dealings. but there WAS nn cV
dence that the low rates Of the last fcr
days had made 1t pns.ible 10 arrange a