The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-14
STOCKS ALTERNATE
STROEG AND WEAK
NET REsULr - FEW CHANGES
wrrn TRACTION SHARES A
LITTLE HIGHER.
LOOK FOR BARGAINS
NO ONE KNOWS WHERE MARKET
MAY co, But AUTHORITIES
SAY STOCKS ARE TOO
CHEAP.
LOOK FOR BARGAINS
nv THOMAS C. sHoTwE14b.

EN- 1oANs bt@~~
alternately strong and weak IN Wall
street today. The net result of opera
tions resulted in few changes The
fractions were left higher, and some
Of the standard railroad shares show
ed net advances. Petroleum stocks
were lower. The market was mucn
auieter in the afternoon.
The financial world lis agitated again
with war scareS Official announce
nlent that negotiations In connection
with the Balkan settlement had been
interrupted. caused considerable sell
ing European markets were weak.
Americans were unsettled In London.
In addition to the Balkan alarm.
the attitude Of Great Britain regard
ing the Panama canal Is receiving
much attention In the banking world.
There are many American citizens
who believe that the spirit OF the
Panama treaty was violated by con-
gress when Americans ships were per-
rnitted TO pass free. This has en-
couraged the British to assume an ag-
rressive position, and the last has not
been heard OF the matter by any
means. One rumor current in the
street today was, that the British am
bassado would. in few days. make
certain formal demands at Washing
ton In this connection. In view OF the
nervous condition OF the STOCK mar
kets Of the world even q diplomatic
clash between America and Great
Britain would be unsettling, to say the
least
Must live Up TO Law.
Furthermore, the financial world 10
now full of the idea that the time
has come for the segregation by all
big corporations OF such assets az
are not clearly legitimate things TO
hold. The Union Pacific merger de-
cjsfon shows the attitude of the courts,
and II will be hopeless for any cor
poration TO attempt TO hold on N m
yestuents If they violate IN the least
degree the provisions of the sherman
antitrust law. Under ordinary cir
x.1nasta nces the expectation Of whole
sale gegreeations xould be an argu-
nant for higher prices. The
seRrerations will, in few months be
the basis Of buoyant advances, but IN
the present humor Of the investment
and speculative world, they are de-
pressing
The wa abroad and the tremendous
CROPS at home. with the boom IN
business have made extraordinary
drains on the money market, whlcn
have been intensified hv the financial
laws OF the United States. Now
January approaches with about three
hundred milton dollars OF Interest ana
dividend payments that must be IL
na~ot.d by the banks under condi-
1lon OF stringency that has grown
mere intense instead Of being relieved
win England assuming an unfriend-
.v attitude toward Americans on ac-
count az the Panama canal. the usual
relief from that quarter need not De
expected In reality. a great money
war is already in progress among
the nations of the world
Witnes 90 Unfortunate.
Al this critical time also comes
Yhe remarkable investigation OF the
New York stock exchange by the
Pinto COMMITTEES. The exchange has
been unfortunate in the selection OF
some II its witnesses. for, not resliz-
ing that fuil and frank statements
are demanded In thee days by tho
nubijc insinpations against the STOCK
exchange Rave been permitted to go
unanswered when they might easily
have been explained. Financial peo-
ME realize the absurdity or the alleged
ax~sesure, but the general public is
bepinnire to open it's eyes and won
der such things should be permitted
things that are perfectly iegui-
mate proper and necessary
Bargain hunters were present IN
the street today in large numbers. The
best Judges OF investments said that
while they would not pretend TO deny
that stocks might have u material
break even from this level yet they
insisted that practically all the stand
ard Issues are selling for less than
thev are worth With all the world
gone frantic over imaginary disas-
ta~s. trat are possible but not prob
able. II IS idle to discuss whether the
market will advance or decline In the
Immediate future The best authori-
ties are simply taking the position
that stocfs are worth more than they
are selling for.
Number OF shares soid today 3d.
zoe, wear ago. 4s7. $50.
Par value OF bonds sold today.
s1,ssf,oa0: var ago. s3,43s, 600.