The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-10-07
STOCKS ARE HEAVY
AND RATHER WEAK
Selling Pressure Appears, and
Few Feeble Rallies Have
But Little Effect.
INDEPENDENTS CUT STEEL
New Tariff Appears as Unfavor-
able Stock Factor-Foreign
Markets Depressed.
INDEPENDENTS CUT STEEL
HY BRoADAN WALL.

Sew Tork. octobc: G.--Stocks were heavy
aaa weak to.dsy. Selling pressure IN con-
t~o or three feeble rallieu were attempted.
prices showed little resistance naa ended
near the low figures Of the day.
steel common received the brunt, dropping
10 IS loss of points from the opening
points from the recent high figures. Sell
ing for commission houses and offerings for
ROOD ,rAders. who sold short and found
niue difficulty In covering their trades az
good profit.
Independents Cut steel
Further cutting OF prices by independent
manufacturers OF steel products re-
ported. although the United States steel
ues The corporation reported decrease
IN unf'led ,on IN. dS a, the end Of septem
about the same as those shown for August
and are better than expected. decrease
business is being booked at n slightly in
creased daily average over the previous
month.
Between bs and bsi5. excellent buying. in
the common appearcd-the kind of buying
i 1ins frequently preeedes rally. Union
AmalGamated Copper was firm. The cop
per production. TO he published at noon to-
morrow. is expected to show further re-
tucticn in the surplus stocks of the metal
Prices in the trade were easier with deal
fngs at l63.c. against tho previous rate OF
isItc
Tariff Is Unfavorable Factor.
The new tariff comes in for considerable
I've general that. a stock market factor
II Is unfavor2hlc. The advance In call money
10 . per cent was attributed to the with :
"ra"als OF cash for custom duties at this
Port. Estimates place the amount turned
nj s,5OO'ooo
Depressing reports were received from
Washington. indicating that the government
would resume its attacks on corporations or
trusts as soon as the currency bill was out
OF the way.
American Telephone and Telegraph was
X.
over of 800 shares.
Foreign Markets Depressed.
Foreign markets we're depressed before
our opening. Government, securities ruled
lower and underwriters have increased their
burdens by taking nj 80 per cent of recent
Canadian issues Tint the public would not
buy
commodity markets were weak. Cotton
broke - points and wheat ana corn were
under pressure ot large offerings.
Elea, Northerns gross earnings for Sep
,enber shoNed an increase of $1,000 200
which reflects the extent OF the heavy move
>ncnt of grain tn market.
Speculation looking toward higher price.
ing markets arc dull heavy. Bankers are
r universally conservative with growing
lendency to hoard gold. Traders look for q
rally IN prices tomorrow.
New York, october g. Pronounced prcs.
sure today was applied to the stock market
ana Tor, time prices declined rapidly. Pro.
i"Ssionai selling was on " large scale among
the favoritc stocks. London unloaded /,
considerable volume. aud Boston ana Pitts
hnrgh sent in selling orders. Trading dur.
lne the forenoon was active. and Leadinf
stocks were hammered down IG2 noints
Pressure WAS loss severe in the latter mar
OF the day and LOSES reduced.
steel again bore tho brunt OF the attack
which forced ii down points to 81 \ Gu
AZ = ton In steel plates and steel sheets an,
expectations of further reductions In stoe
products promoted tho growth of bcarisl
sentiment. Uncertainty as to the effect q
the ncw tarif schedules had n good deal I,
do with tbs reluctance OF the traders TO on
pose hear selling
Money market conditions were uniavor
able. The poor bank statement OF Saturda,
ana the further loss OF 81. 600 GOO to the Sub
treasury led To general tightening O
rates. CAP monca. fosc > per cent FOR IN
irst time since. Apr1l.. and interest rates 10
alltimc loans We're advanced.
New Ravens annual report showing de
i'clt OF over S,6oO.etV. and threats Of n strib
on mat road led 10 selling of the stock Tn
l"iroaG stocks in general. and 81. Paul il
particular continued to reflect the dccreas
IN net earnings shown in August reports
IN the bond market there !, hligh
ncciining tendency. Total sales par vuIue
s-oo'.Oo0. United States Is coupons decline,
:. 20 ION = new low record. Bid prices ia
~ issues We're unchanged. Total sales wer
lG9 W. shares.
New York. October G-Money on cal
tieacy ., Sua' ruling rate 81: closing. 4,
- Time loans. strong siNty days 4iS6i4s.
ninety days and sis months, 5@5l, prir,
i"erc"niue paper. S'.UG per cent Sterliui
"Aenange heavy at si.si70 for sixty dnys nm,
~ Ni.sl5 for demand. Commercial bill,
- HH. Bar silver. 81; Mexican dollars 4