The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-11-11
STOCKS DISTINCTLY
WEAK DURING DAY
INDICATIONS OF THE RENEWAL OF
LIQUIDATION sIGNIFI-
CAN'T.
RALLY DURING DAY
IT'S EASE CREATES IMPRESSION
IY-AwARD or TRAENMEN
ARBITRATION BOARD.

NEW YORK. Nov to-Froui a
narrow poinf cf view cf she stock mar
Ret the most significant develapmen
OF the last fsw days IS she Ind cation
Of a renewal % liquidation. There -
nc doubt that tGR direct stimulus %
this hes beer derived from speculative
pressure. which has served 80 pmpha-
size MI the far9 .sjar adverse lnaaen-
ces IN finance and the Fa.lsles opera
tive aEa4ns: values f0- s. rae time go
re$her WITH .he new factor - rec sU-
szcd increase OF reaction IL trade aud
industry
AT tha same time the position Il
the share EgT has lost some # its
ftrraueEs as a result of The larger a.
mour; q real selling. although the
proportion Of speculative transaction
seems 70 have been greatly IA excess
IT genuine liquidation even IN the
weakest quarters Of the market
Ready te Respond.
Moreover. SO acute has been the de-
preston OF Wall Street sentiment and
So obvious Is the fact that the level
Of prices is low enough ta discount
great deal Of adversely, that many
careful observers Of the dealings have
been inclined 10 think that the tech
nical position OF stocks might be
strong enough To make tho market
very responsive 10 deyelopn ents, or
considerations OF even slightly favor
able import.
Whether or not the Mexican sttua-
zion caaid provide encouraging in1iu-
eDces the larger amount Of attention
paid 20 this matter at the beginning
1T the rev week would suggest that
immediate stock market impulses
might be more readily derived from II
than from any other financial faitor.
Stocks IN today's session were more
distinctly weak during the greater
part OF the day than for some time
past They did not start downword
abroad. although in the subsequent
trading here substantial sales wera
reported for European account They
gave way rather early IN the Wall
Street session. however. and in the lrs'
three hours while declines were order
~ the list had very silky appear
ance.
Buying of {. 6. Steel.
There was no determined buying Of
United States Steel. which had an ex-
tensive support from London, not else.
where resistance 10 pressure Was fee
Bile indeed The outcome was an ex.
panded volame Of dealings, and {
material a-xaE1@a-a f-4.aa!.a 44.r-4h4
day, although In the last hour price.
turned upward rather sharply OF
short coverings, and the symptoms O
some aggressive bidding up of value
in various directions.
II was the ease with which the raj
~ was effected towards the close this
produced the impression that the mar
ket was nversold spocuiatiyely despit
the renewal of liquidation, an impress
sion confirmed somewhat by the Dor
rowing demand u stocks after tn
close At the same time the fac
could rot be overlooked that ono
more business had Increased at thh
expense Of values and the numbe
Of important issues were sold at mex
law prices not only for the year, bu
for several years
Selling OF Railroad Issues,
There was heavy selling of IN
railroad issues for which no obvIou
explanation was furnished, but Wa
inferentially connected with Vari0u
matters pending before the interstat
commerce commission. The statu
OF railroad stocks was not helped b
the report circulated in the afternoo
that the arbitration In the case {
Eastern trainmen who had eemande
an eighteen per cent increase
wages, had decided to make an awar
approximating a ten per cent increas'
Active selling OF the copper share
was g further response u the re
lapse In the market for the metz
which has placed the COPPER trad
lately in line with other Industries,
Call money responded 10 the In
proved bank position by droppin
to renewal rate of 3 Ia per cen