The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-07

OW EXPECT RALLY
Rx THOMAS c. suoTWEIL.

NEW YORK, Dec. 6.-BarEain days
Enre becoming so common in Wall
Gtreet that they attract little at
fention from the investors. Today's
I40eCiine, therefore. saw only moderate
sX6uying for the account OF the public.
NRrofessional operators reaped another
Is harvest when they were allowed to
cover their short sales at lower fg-
#Nres than have been seen for months.
The buying at the low levels estab-
x1ished was heavy and there was
nuick rally In the last hour which
Eciosed the market without material
VI net change. There were as many net
HMdvances at the close Of the day as
met losses.
All sorts OF stocks joined in the
@4cwnward movement and ii made lit
y lie difference how great the earnings
2%se.ere or how respectable the issue.
1sAmorican Can and United States
NJ Steel declined together, Sears II oe
buck and Cigar Stores, Union Pa
I#Glfc, st. Paul and Shelters were all
In the some company. In the rally
|S4he advances were about the same
|%an all issues. There has been much
talk recently of discrimination against
|@3nanipulated Issues and against stocks
Mot paying dividends. but the action
III the market today seemed to upset
This theory. All stocks were bad on
The decline and they were ali good
IN the rally.
Money at Per Cent.
Money went as low as 3 per cent In
4hc afternoon. but the renewal rate
~as Ia Time money loaned at
3 per cent for six months. The for
eign war situation was distinctly bet
Ter and all fears OF war have APP
parentiy been abandoned.
It often happens that the true cause
Tor moves In tho stock market come
roo late for the public TO take advan~
&age OF them. Truth turned up to-
day that some directors OF the steel
thrust has been selling steel every since
the election because TREY are afraid
w what the Democrats may do at
Washington. One OF these directors
aid he was not so much afraid OF
what the Democrats would actually
No as he was Of what the PUBLIC would
bA afraid they would do. He express
"a the belief that the revision OF the
64eel tariff would not hurt the busi-
hess, but he believes that so many
rfrEats witt ne made before tariff
Mil Is actually signed by the presi-
Vent that consumers viii decide to
hold off and that much irregularity
cf business viii result
Those who have been on the wrong
kiie of the market on this decline and
rho haze neglected IA sell their stacks
nan find some comfort In the fact
Nfhat the big people who sold out are
kAew buying freely, expecting to have
A sharp advance ~ the next month.
Look for High Prices.
E These people say they would not
IN surprised IL the entire market In
fxk1e next thirty or forty DAYS sold
F&aiEfser than at any time during 1912.
fxThey believe that the present decline
has gone almost far enough 10 dis
eount the primary fight over tariff
ind since the stock market works six
|Smonshs ahead. t is the assembling
l&bf gpecial session OF congress which
EsS{s now knocking stock.
E Following the rally that they look
ter. they expect secondary strike
t3Ehen the tariff bin II actually pre-
xented for final vote in congress. Thus,
m good trading market seems to be
Ontlsned for the next six month.
z One reason for expecting Il sharp
f4raiiy in the next forty days is that
the crop outlook for next year Is ex-
F&3remely good. Winter wheat vas
fnaver in such splendid condition
E4As now. Never before was business
{ETowing at such rapid rate which
INV the same time liz sound one. In
3anuary corporations will distribute
ks~omething like three hundred million
zloi.ars In dividends and interest to
Slnvestors The European war will
Eertainly be over at that time and
&he excuse for tight money will dis
&ppear.
81 Number OF shares sold today. 71T,-
G15; year ago. 4S5,s24.
Par value Of bonds sold today.
3z,06S,e8: year ago. ss,1s7. 600.