The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-12-15
MARKET IS DULL.
BUT FAIRLY FIRM
For First Time During Week 1t
1t Turned Over to Room
Trading Element Alone
FOREIGN NEWS Is CHEERFUL
Cessation OF Selling OF Stocks III
London for Account OF
Europe.

New York. December 1t-To-day ioi
the first time in the present "efh '"e
.tock market seemed once more tu' NJ"
over 10 In. hands OF the om-trad'ns
element alone. That Is 10 say IL was
Gull fairly hrm and more or less nv
Iected Changes in prices were shia'i
mill shortly before the end Of busi-
80 when they receded somewhat
under the lead OF q decline in Amalga-
mated Copper and American smelling
and Refining. common. Finally prices
we're generally below those Of Frloay
The news OF the day comprised
chiefly various indications OF more
cheerful sentiment Ia the foreign IT,
uanciaI markets There was cessa-
zion of the selling Of stocks in London
cor the account Of Europe that mas
tcen in progress for the last TWO o.
.hree days. and diplomatic develop
rneo,r were altogether Of a more raw
ora,1s nature. Here the only item %
.,,no lance was the weekly bank
statement published. as usual, after
he stock Exchange session was over.
The returns reflected the strens IN
ching Of the local bank position Dy
the weeks liquidation in stocks. ana
also by the increase in the amount o.
hank cash held. \ reduction OF over
$50. 00O. 900 IN bank loans was report
"a and an increase % the surplus
reserves Of over 100000 In yoth
terms Of the bank statement. In"
actual reserve now stands as some
ming over s. 600. 600. which does not
indicate the probability Of any hSht
money over January L.
over In the clubhouse to-Hal they
40 not exauIt over the testimony OF
no officers Of the Stock Exchange VINO
ser.. on the witness stand in Washing
Ton .Ianv % the members thought
nc explanations were Inadequate anu
wondered why the witness did not eA-
uiain the desirability and the necessity
u the manipulation. the experience o.
other exchanges which have attempted
20 prohibit the so-called short selling
trading in stocks on margin and :"
IN There was an occasional suSEes-
zion, that most OF the testimony that
has appeared In the papers consisted
Of Inc questions Of the counsel. rather
than the answers OF the witnesses
hut that explanation was not conVlnc-
ling An open and fra exposition Of
the theory and practices or the ""
ork stock Exchange and the CLUBS I'
other financial centres. II was thought
uonId certainly be permitted II the
officers Of the club had requested IL
There was a great deal OF gTumblin2-
~ .vso Of the brokers circulated srounh
and spread the joyful tidings tnat the
defense was Withheld until the Oppose
zion had exhausted its ammunition
Offerings of seats at sacrifices were
then Withdrawn
Washington dispatches to-day sai2
mat the Pu5o COMMITTEES had all cu,
decided on recommending that ali
| ma uip,ilation be curbeo. that snort
sales be made at the STOCK ESchaAs"-
rbe sales occur TO The one who start
- la, something about Stock ES-
rhance practices and II Is singular
that the public has forgotten that
very one or them was disposed OF b.
the Hughes commission
FOR instance in regard TO manipu-
fation. the Hughes commission salu- .
u subject to which We have deN"teu
much time and thought. Is that "i
the manipulation OF prices by iaTS.
interests This falls into two general
| classes: /. That which is intended loi
IN. purpose Of making a market ioi
| new securities. >. That which Is de-
.iened TO serve merely speculativ.
! purposes in the endeavor TO make q
,roft as a result OF fluctuations
which have been planned in advance
| the first kind Of manipulation mas cell
tain advantages. and when not accom-
named by matched orders Is unoD-
| .ectionabl. per Sc II i essential 70
m. organization and carrying through
Il important enterprises
The second Kind is undoubtedlN fpl
too serious criticism mere nav"
I.cn instances % gross and unjustl-
liable manipulation While We nave
i..eu unable to discover any remedy
nor, Of aboiishing the stock EN-
h. .sIar n b.
that the exchange can prevent the
-orst forms Of ;his evil by exercising
- influence and authority over the
70. mbers to prevent them
while members Of the club kno"
that their case has not been proper!
presented At Washington. they ALSO
know that the governors OF the eA-
change have been deTelict- Just one
Instance sufficcs TO- that proposition
The notorious and outrageous mani
puiation Of HocAing ~as permitteD al
ter the Hughes commission had COM
ncnted as follows. This committee.
In sefraining from advising the incoi e.
noration Of the exchange. does 50 ia
,be expectation that the exchange will
n the future take full advantage OF
the mowers conferred upon - by It's
voluntary organization. and will be &C
hive in preventing wrong Going such
ax has occurred in the past &c Dc
Xlievc tna- there will be no serious
criticism Of the fact that II is no, in
-orpora-cd r. however. wlOuga oinS
s~curs and IL should occur TO tn, pub
M, at large that the exchange has
been dercsict In exertinE its pov ers
and authority to prevent "a. we believe
tast the public will insist upon the
deterioration Of the exchange an. is
subicci-on 20 state authority ana ST.
pcrvision-
View YORK. December if-Morey or
al nominal. Time loans easier. sixty
and ninety days. per cent. SIX months
Las 81 Close. Prime mercantile
naoer. per cent sterling exchange
strong with actual business IN bank
.r,' bills 81 sF.Si for siNty-day bills
ana At slSsso for demand. Commet-
WE WANT YOU TO OPEN AN &C
~~r-.-r xt,rTl THIS RANK