The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-01-07
NJ ARKE7 ACTIVE
IN CLOSING HOUR
Rise Probably Was Merely OF
the Speculative
Order.
HEAVY BUYING OF BONDS
Cause Enough Is Found in Fig
ures OF Weekly Bank
Statement.
HEAVY BUYING OF BONDS
Especial to The Times-pispatch.


kct in the closing half hour turned &C
tive and strong. closing with consider
able gains generally shown. Very
Propab the rise was of merely specu-
iuuve order. due 70 the retirement in
part OF the contracts for the fall that
have been freely made by professional
operators since the opening of tho
market on Tuesday in the rather I'M
successful effort 10 set up decline in
prices. The real feature OF the market
to-day was the larger buying and up
ward movement in bonds which hrst
put In an appearance two days ago,
and for this plain enough cause was
found in the figures of the weekly
bank statement, which We're made pub
lie after the close OF business. show
Ing an increase in the actual reserve
for the week of SS.oi2,250, bringing the
total actual bank surplus at the mo-
ment UP to over $4,000 q figure
almost Unprecedented for the season.
In the stock market proper the trac-
ton stocks led the advance and the
idea has gained Roadway that tho city
authorities and the various traction
companies will soon come to an agree
ment and solve by their Joint action
the great problem of passenger trans
portation in New York. Almost the
only item of actual financial news de-
reloping during business hours was.
however the announcement of the sale
by the New York, New Haven and Hart
ford Railroad Company of s3o.o00.uo0 4
per cent, one year notes. the interest
rate borne by the notes being IL Of
! per cent less than that carried by
the notes issued by tho company
year ago.
or Peculiar Character.
The weeks stock market has been
q Oh 49,
prominent stocks. including nearly all
those which are commonly called
epcculative leaders. wavcrG6 back ana
forth in an uncertain way as If pro-
fessional operators were dubious in
rheir minds as TO the exact course.
nlerketw!se, that they should pursue,
and one or two of these stocks. notably
Union Pacific, have hecn distinctly
heavy. In fact. the weakness OF Union
Facihc has constituted the chief argu-
nent with spectators for selling
stocks
No reason of any Importance has
presented Itself for q decline in this
Issue. and The strong probability IL thar
lhe fluctuations of the stock. which
have been highly irregular lately, have
:, represented no moro than the market
SpSrations OF two three large cap
italists. who are acting upon the theory
That for the time being a series OF
profitable turns may be made by selling
tile stock when IL rises few points
and buying il after q similar decline.
On the other hand. tone was given to
the entire market during the week
by the great strength OF certain spe-
cialtics. Lehigh Valley, oil the trac-
ton stocks. Consolidated Gas, nearly
al the Gould Issues, Western Union.
most of the copper stocks and a great
variety of other shares wore strong
for so-called special reasons. but In q
general way beyond any question be-
cause process OF investment was
going on.
the bond market was definitely strong
cr and moro active. thereby fulfilling
the anticipate of those who have
predicted such an occurrence, basing
their convictions upon the increasing
stories OF idle money. the return of
public financial confidence and the nu-
merons ind!catfons az business i'm
nrovement
An aneviation OF the congestion In
money Is sought by d!vertlag funds TO
South America and the Argentine Re-
public and by extending loans to any
financial interest that desires funds
In Europe or for that matter anywhere
else,
There was 20 dlminution during the
r S.
rorts as 70 picking up In commercial
and mercantile business. aud ull sisns
continued to point TO one conclusion,
that stter a long period Of hand-to.
mouth buying and of national ccono-
inizinG, merchants and consumers Of
merchandise We're once more stocking
Up with goods after the customary
fashion.
Only eomperat lively langul6 inter
es; appeared 70 be excited by the talk
of tariff revision. It is generally he
lieved that q bill heavily reducing
Iron anG steel duties will pass Con-
Gress at this session. though whether
President Taft Will sign such bill
Is very doubtful. In any event. peo-
pie IN the iron and steel trade seem
to have arrived pretty nearly unau-
'snlNs!:e-a At The Judgment that a r.duc
zion In the tariff OF this sor, has al.
ready been discounted in trade co.di.
sions and prices.
: Both cotton and wheat price. wern
inclined 70 strength during Inc week
Factors making ar enormous advance
- cotton prices are, first, the c!yculn-
stance that the quotations for ina
staple axe now hoverrg around ,he
cost of production ana that cotton
spinners. especially in our own com.
try arc still bare OF stocks and NM,
soon or late buy heavily Of cotto,,
" the present trade revival zocs on
growing On the other hand. recc,pts
Of cotton from the plantations cont!nt...
80 large &c u press heavily npor ~
market, requiring the force OF q ron4
deal OF sustained buying powe. to bois
price, steady.
The element OF interest in the grain
market for the moment appears 10 ~.
the condition Of the Argentine wbeo,
crop which. It is said has be&n dam.
eyed lately by uafaYorable weather.
Gossip of Wnli Street
It wgs a dull stock .nsrge,
to-day. cniy $4,000 shares ehangtog
hands and most of tho business conn.
from The professionals but H. bonss
Transactions on the Stock Exchary"
aggregated $a.e75.o00 and III. ,roDrov-
Your January Dividends in our
C.,-Sno,c Tar. ~ $3.50.