The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-31
IKE MISTAKE IN
MONEY JUDGMENT
aAUSrRs TAKE pHE INITIATIVE
IN THE EARLY DEALINGS IN
WALL STREET
-A--------
EALL RAlE LOWERED
s1EKk OF MONEY MARKET PAST
AND AZ FUNDS ARE NOT
EASIER NEW REASONS
MUST BE FOUND.
call RA1E LOWERED

y
TOOK the initiative in the early deal
Ing In Wall street today, selling Read
sag Steel and Union Facihc down
1fAetionally. COMMISSION houses
we're without oruets, ana the Ameri-
can Branch of the London market
NAs busy closing a fortntxht.y settle
Naent and took TO interest In our
\ pTices.
s* The low prices recorded In the frst
30nr eApresst d the traders opini IN
E1nat money would gain touch high
rate on renewal. THIS was a mistake
4 n Judgment, as the call money mar
ket on the floor turned out TO be quiet
NHd uia.n1erestiag. Renewals of loans
we're made at seven per cent. and
money was offered at 8 1-2 per cent
~ tina same time Very little g.
rurbance occurred In brokers loans,
and the lack of demand brought the
leaders into competition. carrying the
rate down TO liz per cent at the
Close
The high rate of LIZ per cent touch
- last Friday, has attracted funds
10 this city, The out of town banker
VINO would never make a loan on
reai estate or commercial paper at a
htxher rate than per cent. will fire.
aaently advance money on good stock
collateral at any rate above
Sthts figure that he can get, and then
@unblushing to the evils OF speculation
In Wall street.
Peak Has Been Passed.
The peak of the money market has
been passed. II rates do not be-
come easier. and funds are no, Of
Tered in larger volume, other rea-
Aons will have to be assigned than
the warning to prepare for the end
nj the year disbursements
Sa Amaigamated Copper rose sharply
20 ~ Is on Yumors that large orders
had been booked for the metal These
rumors appeared simultaneously In
B1ston and Chicago. but could not
be confirmed by either the producers
or the consumers. and Amaigamated
settled back into dizziness though re-
tanning part of the advance.
Canadian Pacific was again under
pressure. selling for foreign account
appearing during the morning Earn
tnEs for this country for November
did not make q good showing. Gross
Increased s1,T91,gT1, while the net in
crease was only s270.772.
Pump and Express Decline
international Steam Pump declined
AyA points on sales of 1000 shares,
and the preferred lost seven on trans
3acf1Ons Of less than thousand. There
49, kAVA OECh n Eoou fidikeL LOT THESE
SMhAres, and the recent report, show
int a deficit Of $4,000. Is sufficient
Mxplanation fthe decline.
a loss of ten points In American
expregs ON the sale of 100 shares
illustrates how easily and quickly a
stock may pass from the investment
lack into the speculative class For
H. Number OF years express stocks
swere considered prime investments.
Tor a long time the companies were
able to defeat all efforts made to-
wards establishing the parcels post,
s1sndoubtedIy the express companies
WILL be able to adapt themselves to
the changed conditions, and pay div
E1deuds when this REIMBURSEMENT lie
I 4omplete- In the meantime their
profits are by no means secure--cer-
sAiniy not on the old basis.
No Speculation In Steel.
Fluctuations in Steel common were
without speculative significance. Re-
ports from Pittsburg continue to be
highly favorable, and although the
furnaces are working at full capac.
3ty. it has been impossible to turn
out ingots to meet the requirements
81 the fabricatcrs.
A number or important returns
were made Of railroad earnings for
November. They showed h mixed
result OF gains and losses. and had
little effect Ia influencing tho days
prices
Stock markets abroad are still in
" state Of heavines s. and In some
Gaaes of acute weakness. Any pro-
frActed delay in the negotiation for
peace VIII undoubtedly bring a fresh
SOufourst of liquidation. Until the
Mutation show a decided turn. our
own bankers cannot be expected to
sanction or assist in any active stock
market operations in our own securi-
ties however well the companies may
he doing, or however prosperous We
msy be.
Number OF shares sold today 172..
lib: a year ago, holiday
Par value Of bonds gold today,
&731.o00: a year ago, holiday