The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-20
alNO's RATE
MOI, ADVANCED
XHMEST or OUR FOREIGN CRED.
rrS WILL NoT DE INSISTED
ON NOW.
berlin NEEDS CASH
ixrEMpT TO NEGOTIATE LOANS
ON $ FER CENT BASIS no
NOT MEET wrTH~ FAVOR
IN NEW YORK.
berlin NEEDS CASH

xEw YORK. Dec. ia.-The closing
wall street was strong at the
Seet prices of the day.
q IN the bridge of finance the baro-
.~fer il stili the Bank or England
~ta and when this was not ad-
~, ,,eefs i'm London today II was eVt-
|S3n, that the English market. wnlch
still the cerler of the financial
arid felt that we would not al
3Ais time. insist upon payment OF
III credits from abroad.
VI The low price at the opening oe"
Soted the traders opinion of the ne"
in the Union Pacific
Seufhern Pacific case. As the session
ISrrs on without any liquidation ap-
Eenrinr a covering movement start
n. which continued internftens4S
4ntfi the close.
Efforts ~ Berlin bankers to neEo-
s4ate loans on an = per cent basis
Sfld rot meet with encCura ~ M emit
md clearly depict the ssingencJ IN
I'm. money market Of that continental
Eenter.
Aayices from Paris indicate that
Ne tendency TO hoard gold continues
md until n change occurs in sehti-
neut. the French will not listen to
bEr appeals for fresh capital fer our
railroads. and industries.
shorts Cover Contracts.
] The advance in Shelters and Anal
aYnated Copper was due largely TO
{he efforts Of shorts to cover xheir
kcntracts. While these stocks do not
kppear 10 be a good speculation Tor
'he public AT this time, it should not
~ Inferred that they are shor SAFE.
1 Az MIR Morgan stated on the STAND
{odav, in response 20 the query on MT,
fntermyer, DO YOU approve or short
&eaiing?" II do not like IT, but i do
hot care to criticise it" After the
harp decline which has occurred In
khe general market, II Is more dan
Serous than usual 10 sell stocks shor',
[ehich is saying good deal.
One of our keenest market OBJ
Sersers once stated that market move
6nents should he divided into three
Masses The main movement. which
Intends over a yeHr or mere. the
IuteTmediate movement that runs
rom thirty TO sixty days. and the
|1Aily fluctuations.
Il Only the large fnanciers who have
ne patience or the facilities can take
kaxaHsage Of the first movement.
Only the floor trader, who has the
Mgslify to catch the short turns, should
trade daily The operations Of the
ouhiic will best be confined to the In
lerrnesiiatsa movement.
81 Judging the situation broadly from
The facts at hand, ii would seem that
The intermediate upward movement,
which began with the turn OF the
market on Monday. should run into
Ihe coming year, and pretty well into
HE month Of January.
Reading 70 Increase Dividend.
q Baltimore and Ohio was firm and in
4emand from the benefit accruing to
he Reading holdings of this company
IN there are $4,000. Q0a Of Reading
common in the treasury, the stock is
benefited proportionately.
The advance In the Reading divi-
END Is taken by the street to indi-
eAte that President Baer's well-knowr
IMPOSITION TO any increase in the divi-
3end, has finally been overcome. and
N is even predicted that at the next
Afyidend meeting a further increase
may be looked for.
d Chesapeake continues 10 show in
ereases in earnings which should later
~ reflected by an advance in the price
"a the shares.
N Southern Pacific may be expected to
64 an uncertain feature, until some
satisfactory arrangement can be- ar
lived at regarding the distribution oil
ne Union Pacific holdings. AT best
he shares are unfavorably affected by
HE recent suit instituted by the gov
ornment regarding the ownership OF
1pms Of the California lands.
II In not unlikely furry will occur
"a the money market during the next
Arx In fart fharsa is nnfhtnR fG
induce any broad speculation for ar
Sdvance at this time. However, the
ndertcne In distinctly stronger. and
VOW that the Pujo committee sessions
IRE over for 1912. the street may be
nxpected TO express confidence by a
higher range Of prices.
4 Number OF shares sold today. 43e.
Mt a year ago. 3s7.7s<.
4 Par value of bonds sold today, ST.
fes, 900; a year ago. 4,23e. 900.