The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-12-12
CHEERING NEWS
BOOSTS STOCKS
MARKET CLOSES HIGH AT CLOSE
OF DAY OWING TO THE
REPORTS.
TALK TOBACCO CASE
THREE MATTERS AFFECT MAR
KET THOUGH ALL HAD BEEN
PREVIOUSLY PREDICTED
BY BROKERS.
pv THOMAS G. sHoTWILL

NEW YORK, Dec. 1i.-From all
quarters cheering Information came
to the stock market to-day and the
result was a general upiift in prices
that left the market materially
higher at the close Of the day. The
urgent character of the buying was
the best proof that most of the pur-
chases were for the account OF shorts,
but there was considerable invest
ment buying, too, for the develop
ments were OF most substantial
character. Looking at the market
from q strictly technical point OF
view, however, II seemed as though
Il should be sold on this movement
because most OF the developmen ts had
been expected or had been actually
in possession Of Wall Street for a
week or more.
The greatest Importance was at
tsched by the Street to the Hadley
report on railway securities that
President Taft submitted to Congress,
to the approval by the Supreme
Court of the tobacco plan and to
the advance Of 81 ton in the price
of wire These three things were
really not news at ALL for all had
been known in advance, The Had
ley report was In Wall Street two
weeks ago and had been thoroughly
digested by the leaders.
The essential feature of the report
are the recommendation that the gov
eminent attempt nothing more than
complete publicity in connection with
security issues. that 1t permit the
railroads to make more money and
pay liberal dividends and thus put
themselves in position to furnish the
facilities for which the country is
badly In need. Federal supervision
81 issues ia deemed unwise because 1t
would conflict with so many State
lava
Expected Confirmation
After President Tafts message to
Congress nobody certainly had serious
expectations OF anything else than a
confirmation by the Supreme Court
Of the tobacco plan. which the
President approved in superlatives,
tho importance OF the tobacco set
Element 10 that the courts have proved
once more their determine ton to pro-
tect property rights in America
The advance in Steel prices was
announced In these dispatches nearly
three weeks ago and came somewhat
later than expected. Wire Is put up
81 ton for February delivery. but
for deliveries later than that still
xAB ucT pIINSS dTt 10 10 eudCtSu. II
may be worth while to call attention
70 the fact that the surprising tn
crease Of more than 100000 tons In
the unfinished business on the books
Of the Steel Trust at the end OF this
month includes one order OF $4,000
tons OF pig iron sold at the END of
November.
Thus, the three great pieces of
news In Wall Street for the day were
not news at all and had been dis
counted by the big people. Nobody
bought any stock on account of those
three things who had not had ample
opportunity to do SO any time in the
last two weeks, save perhaps that
small percentage OF the public that Is
compelled to walt for official an
nouncements. The making permanent
by the Commerc Court OF the tenn
porary injunction against reduc-
ton Of the intermountaip rates by
the Interstate Commerce Commission
was a matter that was also known to
be coming.
New Developments.
Among the new development of
the day were the announcement that
the threatened strike on the English
railroads had been prevented by
conference. the advance Of copper
metal to IL LIZ cents a pound, which
n 1-s Of a cent above last weeks
figures and the fall In money
rates following the remarkable good
bank statement OF Saturday. Even
the money situation. however had
been understood by the leading
bankers. who knew that cash was
being horded by interior banks IN
expectation Of a call for condition
BY the controller OF tho currency
That call having been made the banks
are now free to send their money 10
New York. which they are doing
freely.
The department OF agriculture's es-
innate on the cotton crop means that
the crop Is we'll above 100000
bales.
Rumors were heard of an inyesti-
cation OF the New Haven railroad
m the Department OF Justice at
Washington to see whether Il had not
violated the law In buying Ali trans-
pprtation lines. steam and trolley. In
the New England Staten
Number OF shares sold to-day,
Se3Isee: q yesr ago. 44s.S62.
~ Pr value Of bonds sold to-day,
Sss11. eoo: year ago. s,.2o7.ooo.