New-York tribune., 1913-10-03
STOCK MARKET REVIEW
Trading Dull and Volume Small
-CopperS Strong Features.

The stock market yesterday was la
boring under disadvantages, due to
several causes. In the first place, the
Jewish New Year absented from the
Street many influential interests having
direct influence on the movement OF
prices, and this in itself was sufficient
to eurtail operations, with an attend
ing dulness.
report that preparation was being
made in Washington to introduce leg
islation that would insure public own
ership of the telephone and telegraph
companies had depressing effect on
securities of this class and reflected
on the whole market indirectly by un-
settling confidence in casting doubt
over the future Of other corporations
that may be subject 10 further gov
ernment control. Although the teIe-
phone and telegraph report was denied.
traders were not without some ques-
tionable feelings in the matter
Opening prices displayed an easy
tendency compared with Wednesdays
closing, but as the morning session
progressed a slightly harder tone was
in evidence. but with no display or ac-
tivity. There was nothing TO stimu-
late speculative interest, and while an
attempt was made 10 rush Steel 10
high point around the end of the hrst
hour. the bears concentrated their at
tention in that direction and consld-
erable supply Of stock kept the ad-
vance in check, so that the dulness
that followed reached an extreme at
periods when the ticker stopped entire
ly. There was more strength in the
Coppers than in other issues. and Utah
Copper was selected as the leader to
sustain buying interest.
Dealings. however. as whole were
very limited and confined to a few
professional cliques. who appeared to
operate simply to hold the market
along an even balance and prevent
sharp movements in either direction
The commission houses did very little
business, as there was light attend
ance among them throughout the day.
For a short time in the early after
noon, although the volume or puyihB
was very moderate. prices experienced
brisk advance, but the supply or
stocks met on the rise soon checked
enthusiasm. while trading relaxed into
dulness, but the undertone remained
firm until the close. AS a result OF the
rise in the Southern Pacific collateral
trust As. the Street gained the impress
sion that a sale Of Central Pacific hold
ings might occur without the necessity
of litigation, and Southern RACINE
stock improved in sympathy. Inc
largest gains for the day among active
issues were in Amalgamated copper
Alaska Gold, Canadian Pacifc' Union
Pacific and Utah Copper. Foreign IN
Auence was not important, and the
increase Of the Bank Of England dis
count rate to per cent was not d
factor on this side. Such happening
had been expected, in view Of the drain
on the gold market by other financial
centres, which resulted in heavy loss
Of gold by the Bank of. England as
shown in its weekly statement, made
public Yesterday. The return OF the
Imperial Bank Of Germany displayed
a heavy decrease in cash holdings put
the Bank Of France exhibited an IN
crease in cash The changes in the re-
turns of these institutions. which were
not as favorable as in former weeks
were due TO the october demands ana
carried no special significance. Inc
local money market was less easy IN
time accommodations. but call money
was renewed at per cent.