The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-10-01
OPENING IS HEAVY;
CLOSE FAIRLY FIRM
MEss DONE IN LAST
HALF HOUR
STEEL BONDS SELL
FAyoRITE WAL LsTREET METHOD
OF EXPRESSING DOUBT As
TO PREPARATION
OF TRADE
STEEL BONDS

NEW YORK, Sept. 30.--After q
generally heavy opening today the
stock market hardened and hello
fairly firm throughout the forenoon.
Even when it was announced that
the Union Pacific executive commit
tee had met and adjourned without
developments In line with Wall
Streets recent hopes the list ala not
weaken materially. In the early af-
ternoon IL was still steady with trad
ing in the state Of dullness into which
Il had fallen after the first hour, but
towards o'clock rumors began to
circulate that an indefinite postpone
mfnt OF any conclusions as to an
extra distribution upon Union Pacific
shares might be looked fer. At the
same time selling pressure on United
States Steel and ttnTUU ! ACIrtC IN
creased, and the market turned dis
tinctiy weak under the influence Of
these leaders which seemed 20 give
way rather easily.
A Busy HALF Hour.
Very nearly half the days expanded
volume Of business was done in tho
last hour. and the close was weak,
with only slight rallies from the
lowest figures. The general average
OF net decline was not proportionato
to the heaviness Of the list in the late
dealings and the concentration az
trading in Union Pacific and United
States Steel was an Indication Of the
speculative character Of rne mharket
AT the same time II was manifest
that real liquidation from speculative
quarters was being forced by the
efforts encouraged OF bearjsn pressure.
accompanied by the disappointment OF
delay in making a public determination
OF Union Pacific conjecturss. II was
more evident than ever that the dis
tTibution Of stocks earlier in the month
had left the market in a position where
prices were vulnerable TO beurish at
tack.
The Union Pacific matter has prob
ably been exaggerated, but the APP
preaching completion or tariff re-
vision has found the financial district
In a frame Of mind not disposed to-
ward an optimistic construction of the
relation Of revision to general bust
ness prospects
The selling. Of United States steel
has become the favorite Wall Street
method of expressing doubt as TO the
preparation Of trade and industry for
readtustment 10 q materially lower
level OF tariff duties The fact that
trade abroad and throughout the
world has been manifest from the re-
dictionary tendencies is regarded as
hamperinE the tariff read tnstment OF
domestic business. but there is no par
tfcular reason for assuming that Wall
Street is going to begin a process Of
discounting extensive business depres.
sion.
Show of Strcng tn.
OF the reactionary character Of the
market in the last fortnight Il may be
sai6 that the dealings must already
have gone far towards correcting i'm
pairment of the technical strength Of
the list. Before the prices gave way
this afternoon there were manifesto
tons of strength in various directions,
which were directly attributable to
favorable Information. The discovery
that Missouri Pacific responded 10 the
company's floating debt to the Gould
interests had been at last extinguished
The London stock market was
heavy, but the Continental hourses
were Arm. Cold demand on London
caused discounts to harden further,
q circumstance which may have help
ed TO cause the strengthening of
foreign exchange here 10 4.s67o az the
close for demand, although there were
signs that remittance was required 70
pay for stocks which Europe had been
quietly selling