The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-12-10
MARKET FIRM ON
SHORT COVERING
Dealings Almost Entirely Con-
fined to Professional
Traders.
STOCKS ARE DISTURBED
Business Failures Reach Point
Where Street Is Badly
Alarmed.
Especial to The Tlmes-Dlppatch. ]

Especial to The Times D ispatch.l
New York. December 9.-Short cover
Ing held tho market firm to-day,
causing pome further advances. Deul-
ings were almost entirely professional.
At the close OF the BesBion the Steel
Corporation announced an increase or
1887 tons In tho volume of untitled
orders on Its books at tho end OF No
vember. compared with the end OF Oc-
tober. This Is double what the street
expected. The bank showed Il gain
OF S10.aS7,350 In actual surplus at the
close Of business Friday night. De-
posits arc reduced 33s.2s1 900, and
loans reduced $685. 600. Great
Northern Ore certificates and Wabash
were the weak features.
Stocks have been disturbed the past
week by plans for recognizing Wa
bash and Allis- Chalmers. The dts
turbance was not caused SO much by
the Importance of these rcorganiza-
tons az by the fact that they come
at Il time when business failures In
general are so numerous as to be
startling. Tho November failures are
about the worst since 1907, and De-
cember failures promise to he fully
hs bad, both in number OF firms and
IN volume of capital.
On the constructive side of the mar
ket a deal was announced
OF Ontario and Western, taking II from
the New Haven, which Will take con-
troll Of the Rutland Railroad from the
New York Central. This deal gives
New Haven direct line to Montreal.
and gives the New York Central u
greater control over the anthracite
business. The deal cannot be CON
summated until tho public service COM
mission grants permission. and that
Permission has been asked
Money remained high. lending early
in the week at per cent, and touch
ing high point of 5 80 per cent Fri
day The mysterious loss of cash re-
ported BY the banks the previous week
was explained by saying that gold en-
gagged for export to Canada had been
subtracted from the cash in advance
on the same principle that when n
check is certified the certifcation is
subtrncted from the account against
which II Is drawn.
President Taft's message was favor
ably received BY the street, particular
~ so BY insiders of the American To-
hacco Company. The Presidents de-
scription OF the settlement OF the to-
bacco trust case as the best possible
was heartily concured in BY the to-
bicco people. All tobacco subsidiaries
have been strong throughout the week
and deal of Importance is expected
In connection with the United Cigar.
stores Company. which will be re.
organized and become manufactur-
Ing. MS well az a selling concern.
Standard Oil subsidiaries were also
quoted separately for the first time.
but bankers are advising minority
stockholders to hold everything until
market Is developed that will give
some correct idea of the proper price
ut which TO sell. 1t is announced that
hnl tnF IaGa E.f
will not be permitted TO vote.
Winslow S. Pierce was made chair
man OF the reorganization committee
for tn, Wabash Road and the Equita bic
Trust Company as trustee OF its mort
snge exercised its privilege of ap-
pointing Il majority OF the board Of
directors The company is understood
10 need Slo,0O0.00o spot cash Kuhn,
Loeb & Co. are interested in the re-
organization plans.
While the most conservative peo-
pie in the street look for n further
dcclin In the stock market they at
tach great Importance to the fact that
there have been heavy rains and SHOWS
recently all over the country. The
government reports n slightly smaller
planting of winter wheat, but the dry
weather prevented or discouraged
farmers from putting in their usu.ll
acreage. This, however, will be made
up with spring wheat and other crops,
and the heavy rains. If they continue,
will within three months wash out all
the trace of panic from business and
tho stock market BY that time the
radicals in Congress will have dis
closed their worst intentions. and the
conservatives will have had an oppor-
tnnity to show what they can do in
the way of settling the trust problem
go as to encourage the resumption of
business.