The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-27
ORlNG FOR An
UPWARD MARKET
NuzxxEss AND rIRMNEss CHIEF
FEATURES OF DAY AFTER
CHRISTMAS.
OUTLOOK - BETTER
SSrEEI. ArrEARs COMFORTABLE
AND corrER STOCKS TAKE
ON SOMETHING LIKE
ACTIVITY.
OUTLOOK IS BETTE

ard Grraness were the charncte1isticF
n - fodnses stock market For the arst
s. AAlf hour after the opening tradins
$500 largely confined TO the traction
mares and sharp advances were
Nnoorcd In Brooklyn 1sap5d Transit
$Nn6 Third Avenue.
The floor traders is very sceptical
4 about following a movement in these
4 Tkpcks, past experience having proved
n hat interest dwindles and the market
4nAes away without an opportunity
~ him TO undo his trade. iie ar
E3ues that local transportation Is
fscemmodity for which the price has
been standardized and no increase IL
L Possible while strike legislation ana
M1ncrcased taxes have made profits UNI
4 oertain- II IL known among the bank
SHArs that some new traction Issues
#Are shorty TO be brought out and ii
" II believed that todaY's movement
Swaa to prepare the public for an early
B 1GEering.
The announcement Of an important
EWoluntary increase OF wages by United
Mates Steel ana tho publication today
b n which the employees may subscribe
Il ~ the common ard preferred shares
during tho coming year. while both
A3ghly important were entirely with
#6ot market effect. 1t is believed that
4Aesc actions by the Steel Corporation
M1ll preclude tho possibility Of any
aAboy troubles, and encourage greater
@2tacienev among the employees.
Business Booked Ahead.
# With business booked ahead for
&nlIy six months. the Steel Corpora
a Mon will enter the new year under
more favorable conditions than at
M my time In the history Of tho COM
seDAny.
The Inactivity in the copper stocks
Nas broken in the laEt few minutes by
n y sharp advance in the price OF Anal
y oAmatcd Copper to &c 5-S. There
Il we're reports that the metal had
Aehnnged hands In small quantities ut
I'll cents per pound. but this was af-
Il Rewards denied. Tho Calumet and
3ecla reported a sale of 100000
Y sounds at Is cents. This liz special
4 Grade Of lake copper that at all times
n 6amands a quarter OF a cent above
the prevailing price and the demand
- greater than the supply. Much of
St this output is consumed by the manu-
n 4Acturers or ordnance both here and
Il abroad. A further sale OF million
pounds by subsidiary company of
4 The Calumet and Hecla was made at
&35 Ia cents. As December 2sth Is
;elose holiday In London and the con-
& &inent no orders were received from
h houses that deal for foreign account
g lid not put in an appearance all
lay.
Scare Roehuck advanced sharply
I'm light transactions This company
sWhicS does the largest mail order
n 4usiness In the world, Is expected to
" 1naleriaily increase It's profit under
the new parcel post law which be-
comes effective within few days.
United Rubber Declines.
United States Rubber declined 2
@l-9 points on sales Of 1900 shares.
There Is a stale pool in this stock
] which is feeling the effect Of the high
3 money rate.
The favorable November state
sHents of earnings Of the Union Pa
chic. Southern Pacific. Northwestern
and Atchison, produced no specula-
tive interest, although as a market
factor they were decidedly favora-
\ Bile and must be effective in stimuli
Ating public interest little later.
u The announcement that the Lack
Awanna directors had decided to is
sue $12 1000. 600 of stock at par was
Y the largest melon that had been cut
4 TOR stockholders In a long time, and
4 coEninE on the heels of the increase
zNln the Reading dividend, Is taken TO
HAndicate the confidence that is felt
va the position of the coal compan mics
PittEburg Coal issues wera firm on
the report that the earnings continue
~ record breaking rates, The de-
stnand for fuel from Inanufactors is
mot greater than can be supplied
I The company Is doing the largest
business In Its history.
Gall Loans at Per Gent.
Call loans were renewed at per
y
hetween s and II per cent. although
s1ittle business was done at the high
4 figures.
Surprise is sometimes expressed at
the fuctuation that occur In the
asnf0ney rata after the rate for renew
lis has been announced The rate of
IN per cent WAS established At about
Sl1:3o. II Is customary for banks to
Gall such money as they need from
banks about noon. These calls were
snade al 1880. ard the brokers
sMhose loans were disturbed were
s&50m PEELED to go into the open market
and borrow the money afresh at the
best rate they could make In times
like the Percent when the borrowers
SAre conspicuous and lenders not in
evidence, the rate is bid up by repre-
&oentRtives of commission houses and
merely represents the Immediate
wants for the day. With the dull
4eas that prevails there rs no in
CURRY for funds for new commit
knents. and az long as the market
1cAn be kept quiet and speculation
Anii. We should be able to go over
Tine first Of the year without an alb
s0ormal market In money rates
Locking over the market the news
am decidedlS In favor OF higher prices.
@1nich. however. should NOT obtain
s1nmediately