The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-12-09
New Y ork
Stock Market

a. & 2 . . . H r
New York, December S.-Thc declin
lns tendency of stocks was again APP
parent to-day. The most sovcre losses
OF the week were inflicted during q
sharp attack BY. tho bears The de-
preston was general. and quotations
wcre carried down one to three points.
A rally later in the session reduced tho
declines largely. and many OF the IA.
forite issues closed only fractionally
OFF on tho day.
Speculative opinion was moro boar
isb. although there was nothing more
in the way Of adverse developments to
effect securities than there was yes
terday. the slow downward move
ment OF the week has brought bach
the list materially from the high poin:
reached last month In the rccovers
from the low prices OF the early rall
The rally, which came late to-day.
could hardly be regarded as due to
any change in sentiment 1t proba bly,
was a natural reaction after five days
of falling quotations.. the result OF
short covering as the week drew to-
ward its end.
The most spirited focar attack came
shortly before noon and was attributed
to publication of an Interview with
President Frank a. Fanderlip. OF the
National City Bank. which was re-
n
After expressing the opinion that
the outlook for business was the most
serious of years, he gave as the un-
derlyinE cause "the chaotic situation
resulting from the attempt to adjust
business to Il law
Mr.. Nandrrlips utteranccs derived
shc greater emphasis from being madc
OF n time when there is widespread
conviction that the trade depression IS
being relieved.
Higher money rates have not been
effective in stopping the outflow of
gold, as small shipments were made
to-day to Canada and to South Amor
ica. Known movements of money dur
ing tho week Indicate loss in cash
by the banks OF between 100000 and
100000. but owing to tho unexpect-
edly large changes revealed last week
there Is moro than the unusual I'M
certainty OF to-morrows statement.
Gail money Weld steady to-day around
tho recent higher level. and time
money was higher all around, with
much heavier demand.
The copper producers statement for
November. issued to-day, was more IA
vorable than had been expected. both
as regards tho refinery output during
the month and the deliveries, which
were reflected in n decrease in stocks
OF moro than 23.0oO.0oo pounds The
production fell to the smallest monthly
refinery outturn reported since Feb
ruary. Domestic deliveries were the
largest since January OF 1910, and OK
ports the heaviest since last juno
These influences were reflected In
VIGOROUS upturn OF copper stocks
Bonds wcro generally heavy. Wabash
As made a good recovery. Totnl sales.
par value. s3.eos.ooo. United States IS
coupons declined "a and the rs and
As registered is on call.
Total anles to-day, iS5.S0o shares.
American Sugar. 1900: Amer
ian Tobacco preferred, 5000; Atlantic
Coast Line, 700: Chesapeake and Ohio,
$500: Louisville and Nashville, LOCO;
Norfolk and western, 3,1oo; Reading.
S7.4o0; Southern Railway, 5000: South
crn preferred, 800: Tennessee Copper.
1.lO0: Union Pacific, 1900: United
states Steel, $1,000; NEUTRALITY-SUSPICIOUS.
Chemical, 400.
New York. December S.-Moncy on
call firm. to per cent. ruling rate.
"a: closing bid. 4 offered at IA.
Time loans very strong and active:
sixty days. 12@4 a.; ninety days,
1-4@i IL per cent; SIX months,
4d41-4 per cent. Prime mercantile
paper. l-464 1-c per cent; sterling
exchange easy. with actual business
in bankers bills at s4S25O for sixty
day bills and s4S5IJ for demand.
Commercial hills. s4.sl Us Bar silver.