The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-12-25
.HESrTA7|lON00N'|||.''...
KE { ( { 4.
Market Agitated 5s''F'rtsnzie es
Finance and & Prop scdI y 1, Rail ,s'i:l q
road and Trust legislation.
NEW YEAR OUTLOOK 3, 4 BRIGHT I
Issues Of Day Are Largely ;Ecoi IL
oi11ic$ aid Conservatism Is
/; N Likely to Prevail, $S}

I. a AZ
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(speolals to Tho Times. Dispatch Is
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Especial 10 rho Times. Dspatch.) N
PA N ~ n * DIRK, Dec 2. --Fl enry3 Jews &
Company In Z their weekly financial re-,
view, say 9. !Ss NM
ss .,ti IA good deal Of station prevails on
Tie stock ok change ana ct times prices g
show d sngging tendency III spit e OF the
isio Buyg Sc Stocks is ohee
ed ny the flood OF literatttre OIL 'freilzied
Stlnancc,1 blythe aindspos ton to under
take new ventures until after the lioli-
layssand y8agitaton et'1anatng !, IRON r =
legislation. Quite aturaly ~, SUCH 4 dis
suussbons are unsettllig, Il and the mar
Pket can hardly be expected y TO Il advance v M
while they continue TO Z \ reatei1. 10 ,,.. r
fractions ! 4 50 the market is \ tho more
sensitive for tho time bcinl, So fnr \, q !
Legislation is concerned nothing Eradicna cal
need be expected during this Hess sion I
Congress. good deal :l (, may pc 9
trusts, which will mo- doubt be ,stinlt5-5
lated by y recen t Z exposures relating 4 to-
E.'frenzied finance ;,'t# but the present scs-.
{ sion will be a short que and not very
tful5inSin1portn lei islatton. The Is
sues Of, the day are largely economic, ana
conseryatlsm is likely to pre- vail as against
radical ism. n ais
Outlook Very Bright. III
The year IS closing. Y i much better
shape hail expected "a Since tho harvest,
Improvement has been 50 q mark ca thtlt
much 81 Tie ground los d,lrlngatEe I q
n @ b mi Dea ig iron
production #and utherG3trustwortllyfkin dt:
&cutors all tell the tory % 4 reviva ana
there are no sigr,s vet Of the onward !.
movement in business having rea chetl 8
r<Np
brighter than that ofS1aOl, the only him
ftlrnnce to activity being the universal l
high level OF prices. This would SUI ges;tt
that IT.. ds timo to Gull 81 halt were 1. u
our industries are still unable o3meeeti
demands. We still need more houses,
more footl, moro clothing and better
Stransporta ton, and until these$ demands
ARE satisfied there; Gil II be no $se riOtls re-!
scesslon IVA ues ,5si ss sa ,sA
rs Stock market val ues 1t is also true ARE
high; lin many G toothlgll.i
fBut&it must be remembered that many
Epropertlcs 4 have Increased r in value. not
inerely because OF improvcncr,ts and seX =.
$penditurcs, but because o the countryss
growth There is, too, an excellen t III
Yestment demand, ~ hlchi is sinot$ likely 10
slIbside8until after tho Increased January
dtsburseme aggregat ting over Sl5o, 600
partly anticipated, but they are still Wax
supporting factor Money g con tln ~ 8
plentiful and while somewhat sfrmer
rates may rule next year there ~ IS Y no
and capable Of expansion eiual q oS5illli
Legitimate Requirement Isl VI l'sorelg 81, IN ~
change showed "a hnrdenng tendency and
gold exports might he renewed !; blitStllis
Is not the season when such movements
Slkely8to make heavy shlpmentsso OF bread
stuffs annd, & cotton during the next few
months, which will Insure a. LIBERAL SUP
SplyGo or commercial bills Should Europe
continue to buy Our securities as freely
shipments. So far there has been an
fexcellont foreign demand for our r'iilroad
bond issues, and ifif more OF These are
a con:siderabe s E.rbSSswilll
s,lnques tlonnblyf,l be placed abroad *
Il Factors in Present Conditions
K For. tho time being tile most influential
issues In Wall Street are the discussions
trust regulation Until the former dis.
appears tho market Is likely to 8rcmuin
Ecitlier3quiet or unsettled. AS for.the lat,
ter problem, they WILL loos & btects 9 +
and the securities OF concerns most likely
TO come under the ban of the law had best
he handled with care by speculative buy
crs. Gt ia 81 48 rs e .5s5it 5ss E{I
s5. Tho war between Russia and Japan l,as
thus far exercised but q slight disturb
ling ln1Lenco. 1t should not, however. DC
lost 10 sight MS with lie approach, Of
spring both contestants arc llkelys5Ito
again knock at the door for fresh loans
to be hoped tho final, campaign. Rus
3sifL would. Q f. course go TO Paris and
Berlin, chiefly the former. But the best,
opinion is that it is the last time hat
Paris will open her purse strings Il aid
Russia linSjthi war;, Japan would prob
ably depend chiefly upon London for OUT
side help:s but her own resources are by
10 means so5liearf eS haustions as Supposed,
and the extraordlnary sprl II of sacrifice
ready gnined. gives Japan an enormous
advantage over Russia wea lsened as she
is, byscorruptlon nnd3internal gdissensions
TO say nothing OF the difficulties and 8ttl \
dltional cost Il Of carrying on the war
at such an immense distance from home