The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-12-17
.F.RYAN ISOUT OF
TOBACCO ANY
Rumor Of His Withdrawal
Brings Forth Half-Hearted
Denial.
PUBLISHED STORY TRUE
Report Of Railway Securities
Commission Has Good Ell
feet on Market.

New York. December l6.-Another
strong market was seen I'm Wall Street
to-day with leaders moving higher
than on the previous day. Steel and
Lehigh Valley attracted most atten-
tion, but all the coalers were strong
and Interborough Metropolitan shares
advanced United States Rubber moved
to the highest price of the year. The
hank statement was good. showing
material increase In cash.
Tobacco stocks were very irregular
most OF them swinging lower than the
closing level of the previous day A
half-hearted denial was Issued OF the
withdrawal OF Thomas +. Ryan from
the American Tobacco Company The
report as published is true. Wall Street
remembers how the Standard Oil Com
pany OF New Jersey issued a pompous
and official denial several weeks ago OF
the report that John =. Rockefeller
and other elderly directors would re-
tire from the boards Of directious-
ana then few days later the resig-
nations We're announced.
cheerful news flooded the stock
market to such an extent carly In the
week that its influence was continued
throughout most of the sessions New
hish records were made in steel.
In many OF the speciaities for this
movement. Short covering was in
dnlged In extensively. and there was
considerable buying for investment
although conservative brokers pre-
tcrred TO wait for d January reaction
before going into the market extern
siTcly. What has happened the last
two weeks. however, seems to give a
substantial foundation for the belief
that the worst OF the depression is
either past or soon will be passed This
)ustifics the hope that early in the
ne" year stocks can be bought without
rear OF severe collapse. Indeed, the
leading bankers are advising tho nur
chase or stocks for permanent invest
ineht on weak spots In the market
That they really expect weak spots ia
proved by their own Inactivity. but
the weakness should not be of n
pahicky nature.
Perhaps most important of the
weeks news was official publica ton by
the President Of the Hadiev commis-
sion report on railroad securities. This
report had been In tho hands Of Wall
street bankers for two weeks. md
most OF them had supposed that IL had
becn discounted in the market. The
remarkably favorable reception It re-
ceiVed at the hands OF the public was
therefore a surprise and q pleasing
one since II proves the expression of
desire to an end of unfair at
lacks. on corporations. The report was
one that must be Endorsed by all
thoughtful people who really desire
Inc prosperity Of the country.
In confirming the settlement OF the
tobacco case previously made by the
Court OF Appeals. the United states
supreme Court Endorsed President
rats opinion that the settlement is
the best that could be made Senator
SumEiins introduced "A freak measure
In congress, authorizing the Supreme
Court TO reopen the tobacco case hut
persons who have read the Constitu-
tion OF the United States know that
inc court VIII do nothing of the kind
wabash still remained in the hands
of Its stockholders. and then, were
rumors that the Goulds might advance
cash TO pay the interest that will be
due In the near future on it's bonds
The company cannot pay the money.
Payment by the Goulds of this interest
would postpone recctvership aRd would
be hcraldcd By their adherents as
proof OF their good faith Financicrs
In general believe all the Gould prop.
critics should be reorganized In their
present tottcr!ng financial condition
thcS are menace to the country
Formal measures were taken to re-
organize the Allis-Chalmcrs Company.
IN The street: Number of shares sold
to-day, i06,690; year ago. 1850.
Par value OF bonds sold day. ST.
$4,000; a year ago. $l.709,0o0.
The trading on the outside security
market to-day was only fairly active,
hut generally higher. Inspiration cop
per was the feature, American To-
bacco closed few points below the
top price. while other tobacco shares
were heavy.
New York. December l6.--Money on
call was nominally / per cent to-
day; for the week the market for
Stock Exchange loans ranged between
1874 and l-2 per cent. Time money:
For sixty days. 4G4 IA per cent: nine
~ days. four. ilve and six months. 80
49, per cent. Very quiet. Commercial
4 paper: Prime, sixty days 3 3-4@4 per
cent; ninety days, 33-4d41-4 per
cent; four, five and six months, Ia
Gig per cent. Foreign exchange mar
ket: Cables quoted at sl,S69O@ $4S695.
Demand sterling. s4.S635dp$i.S64O:
francs. SIS "a, less l-64; marks. 951-
@95 is. plus 1-32. London discounts,
3m4 per cent: Paris discount, 3-S