New-York tribune., 1913-11-27
REVIEW OF THE
STOCK MARKET
Very Dull Session-Prices
DeCIine-LOSSeS Shown
at the Close.

| The moderate effervescence shown at
l the opening Of the stock market OH
! Tuesday had completely died out Wheh
trading began Yesterday on the New
! York Stock Exchange. The only sign
/ of activity was in the conversation IN
dulgcd in by traders, who gave express
/ sion to all sorts of pessimistic opinions
on the situation. Comparatively few
of the important traders were TO pe
seen Yesterday, as many had gone away
TO spend Thanksgiving. There was not
sufficient interest in the stock market
TO cause any general buying or selling
and up to the noon hour many issues
ordinarily traded in had not made their
appearance on the board. PURSUING
course similar to the one followed last
week. the market fell into a waiting
attitude. and while the bears were nu-
merous they did not have the courage
of their convictions TO sell stocks, ana
the bulls were equally reserved In their
purchasing commitments.
4 little buying was shown in Amerl-
can Telephone and Telegraph, which
gave that issue an appearance OF
strength. and New York. New Haven q
Hartford moved up and down frac-
tionallv. but the trading was thin ana
the market as a whole developed no
definite trend. Amalgamated copper
failed TO respond TO the better prices
reported for the metal in London. and
there was an easing off in Reading,
Southern Pacific, Union Pacific, United
States steel and some other issues dur
| ing the second hour.
| The early afternoon brought no rehef
| from the extreme dulness and price
changes were Indifferent. There were
spots of softness due to the desire OF
! traders TO retire from their commit
ments in view of the holiday and the
uncertainty which appeared on every
| side. one development Of the day
which failed TO encourage cheerfulness
was the iron and steel reports of buSl-
ness for the week. THE Iron Trade
Review" said that owing TO the light
products an unusual vacation would be
given TO many employees, as mills gen
| orally would be closed from Wednes-
day evening until Monday morning.
! Throughout the country a general lack
of interest in the market on the part
of buyers continues and orders are
/ being placed for immediate require
ments only. Here and there indica-
tions of a slight improvement are re-
ported, as, for example, two steel
manufacturers in the Chicago district
report somewhat improved business
during the last week, but there is no
general change for the better.
! The Iron Age in a brief summary
of the steel situation stated that mills
are running about two-thirds OF capac-
! ity, while new orders are coming in at
( a rate less than one-third Of capacity.
| There is uneasiness over the disparity
/ between capacity and present consump-
| ton. but a recession of prices of steel
products to the low level Of two years
/ ago is not expected until the country is
ready TO place buying orders on a sim
| liar scale.
/ Unusual interest was manifested in
/ the gold engagements for the day,
which included $3.50, 900 for shipment
to Canada and 100000 transferred to
/ san Francisco. With yesterdays
amount the total gold engagements
/ for Canada on the present movement
aggregated 100000, and for San
Francisco the total was 81, 100000. In
| addition to these amounts S1S0,OoO was
engaged for Mexico and 100000 for
Hayti. 1t is reasonable 10 assume
that the movement to Canada will not
go much further, but San Francisco
may continue to draw on the Sub
Treasury for gold for longer period.
The local banks continued TO show a
loss on SubTreasury operations, and
the outlook for favorable bank state
ment on Saturday was not promising.
The time money market took on a
firmer tone and call money advanced to
a renewal rate of 4 per cent, rising
higher in the early afternoon.