The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-12-08
MARKET MOVES
|NNARR0W RANGE
Prices Fluctuatc Back and Forth,
With Little Loss or
Gain.
FOREIGN MARKETS DULL
Bank Statement Shows Vast lnl-
provement Over That Of
Previous Week.
Especial to The Times Dispatch.


New York December ~ nile the
stock market to-day Was somew ma |
more active than IL has been In recent
months on a Saturday alf-holiday, IT'S
activity was neither at the expense OF
values nor was il Of great advance 10
them. The greater number Of the
prominent issues fluctUated back and
forth within very narrow range IN
. rather nervous manner and closed AT
almost the same ngures At which they
did on Friday afternoon. One OF the
few exceptions To this record vas the
mercuriaI American Beet sugar com
mon shares which broke sharply
The foreign markets were dull, but
displayed firm undertone, and Brit-
ieh consols advanced.
Practically the only news OF the
day was that contained in the week
j. bank statement. which in the actual
figures At the close Of business on
ESiday displayed a vast Improvement
over those OF Last week. There was
81 extraordinary decrease Of over siZ'-
os0. coo in bank loans. The item OF
bank cash in the statement remained
almost unchanged. and surplus reserves
increased 20 the large sum of Ss.o7S. e
150 This leaves the surplus IN round
numbers $4,000. OO0 as against de-
The result was achieved partly by the
heavy decline Of securities during the
week and partly or the natural cor
Iection OF the return OF the week be
fore which understated the real condi-
hon OF clearing house institutions
Outside Of the decision OF the su-
lreme Court in the important cas" al
1ectinE the Union Pacific and South
srn Pacinc Railroads case, there was
Il. sfra- 4 al
neiG last week. But this one develop
nsent was important enough at any
Iate from q speculative point Of view
II caused general confusion IN the
minds OF market operators as 70 JUST
what would be the outcome Of the ar
Tangements TO adjust the relations be
tween the Union Pacific and Southern
Pacific railroads made necessary ~
the decision OF the court Also. specu-
aators for a fan gathered courage and
attacked prices vigorously upon the
euppositious ground that the decision
bore severely against all corporate COM
blnations tina; have been formed since
tho antitrust law was enacted In
consequence the stock market declined
70 the lowest average recorded since
february. when prices were at the
bottom.
There were not wanting critics Of
1he situation, however. who aeser.eS
some such decline would come. Such
n shake on" Of this nature as has
been witnessed. almost invariably
takes place in the farepart Of Deem
her and is usually due TO the calling
"a II loans and other preparations Tor
me annual disbursements at the eEd
IF the month AS for the money situa-
lion itself last week. - steadily I'M
r,roved The call loan renewal rate.
which al the end Of the week before
Vas Il per cent. vas down last I'm
day to per cent Time money rates
were also easier. and a good deal OF
yold was engaged for import. with the
xs-cspsct that .Arther sucn engage
.nerts would Be made Sterling ca
change renewed at its recent low level
nnd everything was favorable 10 the
continuance OF metal renittances 70
this side, al least az concerns the @oil-
sty Of our bankers to purchase such
norton a. they desire Of the new colo
weekly offered for sale in London from
kouth Africa
What pressure there was in the mar
ket during the week was chiefly d.
rected against the industrial stocks;
md there is no doubt that In this
quarter something Of insecurity
based speculation has lately been going
on. The upward movement here prob
sbl,, would not have been disturbed IL
money market conditions had remain
ed easier But with money al 20 per
cent, bankers began a more rigorous
inspection of collateral offered for
loans. with the result that almost in
Nariably happens upon such occasions.
The foreign security markets were
en firm during the week but in EU-
zope. as in our own country, the jan
nary / settlements must have passed
Through with more or less uneasiness.
and doubtless will be felt until these
are completed. IL should be mentioned
that one of the prime factors making
Tor relaxation in money here vas the
issue by the Comptroller of the Cur
rency of his long delayed call for
statement of bank conditions as of
November IS. This Of course. enabled
window dressing operations by the
banks to cease. and brought the banks
once more into the money market as
lenders.
some slight hesitation in the general
pace of business was noted b. the
trade reviews. but just such is
always seen at this period of the year.
especially when an enormous amour.
OF forward business has been con
tracted for. At the same time business
NAV 'VAA'NAt'tAS = So @AN N"-f--
cleerings large
Wall street Gossip.
Almost without exception. bankers
and other business men who have given
the subject proper study believe that
the organization - membership
Corporation better safeguards for the
public than could possibly be provided
BY an incorporated bod. The great
argument. of course. IS that the present
method confers on the governing body
psenary powers % discipline which
could not be secured by COMPANY
incorporated by statute. But there Is
one very important respect IN which
the Stock exchange could. and IN
doubtedly should. b. changed TO the
xreat advantage Of the public and
also 10 the profit % the brokers. The
members should MAKE good any de-
fault % broker TO = customer kc-
cording to present rules. the value Of
the seat Of a detailing memDer f.