New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-04
stock MARKET REVIEW
Steady Declines in Standards,
with Lower Closing Prices.

4 In a similar position to the boy VINO
stood on the burning deck. traders yes
terday were on the edge Of uncertainty
while the stock market PROCEEDED "
slide on a downward scale and reacheu
lower levels. In view OF so inucn
mixture Of politics and irreguiarlly III
trade conditions, it was not remarKa-
hle that hesitation should be dlstin-
e,,ished in the attitude Of stock mar
ket operators in making commitments
II was this hesitation that allowed
moderate degree OF selling from Lon
don TO influence ope.-ing prices and re-
shifted in lower quotations in the ini-
tial trading. The leaders, such as
Union Pacific, Reading, Southern Pa
ciic. United States Steel, Amalgamated
Copper and some others. opened with
fractional declines below Thursday
dnal prices.
One Of the exceptions was CANADIAN
Pacific. which had an opening price
above Thursdays final selling point IN
response to a statement made by the
president OF the road, indicating that
money taken from earnings for the de-
.velopment Of outside properties woulu
later become available for distribution
20 stockholders, but at the close TINS
stock sustained a loss. Tnere al-
peared to be nothing in the form OF
raid in the selling Of stocks, and the
downward trend became a matter Oh
easy descension rather than sharp
decline. The lack Of support when
TRADERS attempted to take pronts
seemed to encourage bear operations
and United States Steel was subjected
10 pressure which allowed that issue 10
keen on its downward move during
most of the day, with few evidences OF
lrallying power.
While there was no aggressive press
iure on the decline, prices sold off con-
tt,nuously, and In the afternoon the
Lowest quotations Of the day were re-
Icorded. American Locomotive felt the
teffect Of the attack on the company
lnade by one of its stockholders and
sold down along with many other
stocks on the list, Notwithstanding that
the American Locomotive Company is
tsued it's annual statement not long
ago. which was very satisfactory ana
rave no suggestion Of mismanagement.
tone of the features Of the decline in
1.-THE afternoon was the selling OF
limited States Steel to a new low Level
Ton the report of reduction OF y
ton in steel prices.
In the bond market the falling OF
United States government per cent
bonds to 95 in the bid price, establish
ing a new low record for the year, had
a depressing effect on investments. in
the late trading the market displayed
some recuperation, and at the close an
element Of firmness prevailed. featured
nv Union Pacific. Interest in affairs
at Washington was centred in the cur
rency bill and the income tax pro-
vision; the tariff measure received only
passing attention. The Street was con-
siderably interested in the outcome OF
the other two important issues before
Congress, and there was an impression
that the currency bill would drag along
until the regular session Of Congress
There was considerable speculation as
TO the working out Of the foreign tax
provision of the income tax law. In
view Of the peculiar provision Of the
bill, which provides for only the COM
iputation of the normal tax.
Sentiment was not helped by the re-
port of foods in the Southwest nor by
a statement Of the Chicago, Milwaukee
G. st. Paul, which showed a decrease
of S241, 900 in gross and a net loss OF
iS1O45,OO0 for the month Of August
Other news Of the day included the
failure of a Milwaukee Trust Company
and several minor failures in India
Some discouraging financing develop
,ments were reported in connection
with the Brazilian loan brought out II
England. and an announcement wal
made of the abandonment by Uruguay
OF a contemplated loan owing to th'
lunfavorable conditions existing. Loca
monetary matters exhibited no change
so far as actual transactions were in
volved. The volume Of business WI:
small and rates remained practically
unchanged for time accommodations
Call money was renewed at per cent