The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-11-16
Honey TIGHT AND
MARKET IRREGULAR
SG0OD or SPECIAL SESSION Is
81 EXPECTED TO OUTWEIGH
ANY DAMAGE.
SEEK CHINESE LOAN
auMoR SAYS PART or 1T MAY
NE TAKEN HERE--soME
sPECIALTIEs ARE NOT
ABLY WEAK.
nv THOMAS G. sHoTwEIIA

MEM AoRh. Nov t5.--1AB IlTSSu~
lar stock market today was the re.
suit of fairly tight money rates and
uf further spread of the belief that
President Elect Wilson would call
special session Of congress to revise
the tariff and for other purposes. To
tne minds of the big people the good
tNat may come out OF special ses-
Z sion of congress will more than out
weigh the possible damage of tariff
reform. There is virtue in quick
acfion when an unpleasant duty is
70 be performed.
Money was firm, partly because.
being Friday brokers loans made to-
day had TO be carried over until Mon
day, The foreign war situation re-
manned unchanged, but the crisis
abroad has passed and now It is mere
III question of adjusting affairs up
Set by the war between the Balkans
and Turkey. The real great fear in
regard to the war was that 1t might
extend To the big powers. Such an
extension is now out OF the Ques-
4 tion. In the last few days there has
I been most excellent buying of stocks,
both directly for foreign account and
Indirectly for the account of foreign
Fers here.
Look For Chinese Loan.
Another reason for holding money
firm lis the expectation that some part
Il 81 Chinese loan may be placed in
4 Wall Street. Rumor today had 1t
4 that James Speyer was indirectly in
ferested in the loan. There In no
evidence that Mr. Speyer really is
4 fnterested, but the belief that he is
I has taken strong hold among bank
exx identified with the six nation
syndicate,
Some specialties were extremely
weak. notably Union Bag and Paper.
which will be hurt II there Is drastic
4Ariff reform International Paper
saeclined in sympathy. On the other
hand. stocks Of Industrial companies
I that will not be affected by the tariff
reform, were strong. Among these
we're American Locomotive. Rubber.
Car Foundry, American Can and
h AMerscan Cotton OH. -"s' -.|,N - -
In cotton oil developments of i'm
pprtance are going on. To begin
q with, II can be stated authoritativcly
That the dividend Will not be paid
\ on the common this year. The report
AeNexai daNa ago that it. would be
paid was based on INSTRUMENTATION
4 The reason the dividend will not be
paid is. that the, s1,2e0,0o earned
this year and that would pay per
cent dividend, is to be employed to
INFECT new life into the business. The
business methods that made National
Biscuit one OF the marvels OF the
last decade are taking hold OF Amer
acan Cotton Oh after an extended and
Sf1etaiied investigation. The wonder
\ fnl trade record of the Proctor and
SEsamble company is to be duplicated
by the American Cotton Oil. The
n gold dust twins were busy in Wall
4 Street today and put the stock or
\ the company up more than point
@fa a new high record for the move
uaent
Railroads were inclined to be
heavy.
Smelters Are Weak.
Weakness .of Smelters stock has
heen noticea BILE recently and yester-
Il day attention was attracted to Federal
Mining and Smelling. What was evil
n IDENTITY the work of bearish interests
took the shape of a false announce
merlt to the effect that the Guggen-
helm interests did not coEtrol the
Federal Mining company. The Fed
crai Mining company IN controlled by
4 the American Smeiters Securities com
q pany, through the ownership of So
II 900 600, or one-half OF the common
h stock. The 100000 OF preferred
B stock of the Federal Mining company
does not vote
Official denial was made that Dan
Nfel q. Reid would enter the lnspira-
Essea Copper board. although no de-
4 NAL was made of the rumor that ne
q had become interested in the secur-
I@jttes of the company. Concerning
1 Miami. which copper men believe VIII
woon be merged with Inspiration. >. b
\ Rosenstein. a director, said today that
n early In 1913 the company would ne
EproduciHg 100000 pounds OF metal
@n month. The company now has
u q l. 900. 600 tons of ore in sight. and
4 diamond drills have disclosed much
aiarger supplies.
Number of shares sold today, 2S2,-
Ess5; against 1854, IFS ID year ago.
Par value of bonds sof> today, ST.
;aax11 1af. L aS2 nln a year ago.