New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-21
STOCK MARKET REVIEW
Prices Display Good Undertone
in Dull, IRREGULAR Trading.

Dealings for the account oil Loh'oh
embraced about 10000 shares pur-
chased in this market. so that 'he
opening here was given some SUM
ton, and while trading was quiel
stocks as a rule displayed fractional
gains over Satui days closing figures
The favorable showing in the pdhh
statement OF Saturday had t1n"en'S
to drive the shorts TO cover anu d
further advance of metal prices IN
London, with the prospect that s'rlhe
In progress at the Rio Tinlo mines
would be a prolonged one, assiste' III
giving tie professionals the necessary
incentive to turn their operations at
the commencement to the long side. .
Amalgamated Copper. United States
Steel, Union Pacific, Southern racine
and Rock Island all opened at an ad-
vance, but Reading was an exception
and showed an initial decline. Follow
ing the opening strength, supply or
stock was responsible for sightly
easier tone in general, and in the case
Of American Can there was reaction
oil about point. Canadian Pacific ex-
h.bited rallying tendency AFTER snow
ing a loss in its opening price, but
toward the end Of the first hour the
market had a sagging appearance ana
became very dull Throughout the day
price movements were irregular ana
while declines were followed by recoV-
cries, there was no specific tone indi-
Gated as q net result OF the day s
transactions. There seemed 10 be a
firm undertone when prices rcceded
from their average levels. and In the
bear attacks no volume Of stock was
forthcoming, but. on the other hand,
there was no buying of importance to
indicate other than the adjustment OF
commitments by professional traders
who were protecting themselves.
One Of the notable movements of the
day was in New York. New Haven &
Hartford, which sold down TO 80. tho
lowest point in its history. but later
Yone Of this loss was recovered. a
distinctly flrmer tone ruled in the lead
ing issues In The afternoon. especially
in Southern Pacific and Utah Copper.
while United States Steel, Amalga-
mated Copper and American Can were
among the stocks showing gains at the
close. sufficiently large list OF losses
was presented, however to detract from
the market betterment. The news Of the
day Of direct interest to Wall Street
was not unfavorable. as in the report
that an amicable agreement had ended
the prospect Of trouble between the
New York. New Haven & Hartford
and It's engineers and trainmen. In
politics there seemed to be less TO an
noy the bankers, and Washington ad-
vices indicated that President Wilson
is gradually coming to view some OF
the suggested changes in the currency
bill with favor.
Publication in the Sunday Tribune Of
the findings Of the special committee
| Of the New York Chamber OF Com
merce that was appointed to make an
exhaustive study Of the currency bill
was widely discussed in the Street, and
in view Of the impartial course pur-
sued by the committee in arriving at
its conclusions, the impression was
that the effect on Washington would be
pronounced in bringing about the nee
essary changes in the administration
bill.
In the local money market sentiment
was decidedly more optimistic, but in
the actual transactions Of the day no
apparent modification of rates was re-
ported, and the volume Of actual loans
| was very small. There was no incli-
nation on the part OF the local banks
to offer funds freely and the inquiry
was restricted. The commercial paper
market was narrow, as far as the local
institutions were concerned. most Of
the business being furnished by inte-
rior banks. Call money was renewed
at 81 FER cent.