The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-11-28
TRANSACTIONS ARE
LIGHT ON EXCHANGE
Wan NEWS, ExCHAyGE RATES AND
MONEY RATES ARE VERY
CONFUSING.
RUBBER is STRONG
TARIFF REFORM CANNOT HURT
THIS INDUsTRf--sTREE
WELCOMES PROMISED
CURRENCY REFORM.
RUBBER IS STRONG

NEW Chh, NV. %ts@-QHiy rev
more than 10000 shares of stock
transactions were recorded on the OK
change today. Not only was the at
tendance light of both brokers and
customers, but the war news ex-
change rates and money rates were
so confusing as to discourage business.
Renewal loans for brokers were at
per cent, which was considered re-
marka bly, favorable In view OF the
holiday tomorrow. Sterling was easier.
Money went as low AS per cent on
call at the close.
Of stock movements, that in United
States Rubber attracted most atten-
ton, and IL can now be said on good
authority that the dividend may be
increased in the near future. The com
pany is earning at the greatest rate
since organization, and the directors
can see nothing hut bigger earnings
for next year. Tariff reform cannot
hurt this company dollars worth.
Copper stocks held firm, with the ex-
cepfion Of Chino, and that was re-
dictionary only because banks are dis
eliminating against non-dividend pay
ing stocks of all descriptions. Ameri-
can Can preferred was strong, but
the common was neglected.
Railroads Gain.
Railroad reports for the third week
of November continued to show
notable gains in both gross and net
The railroads have much to be thank
full for. but the one great feature IN
regard TO railroads Is the forthcom-
ing decision by the Supreme Court of
the United States on the Minnesota
rate case. This case Is the most im-
portant one now before the courts
because il will settle whether che rail-
roads are TO get a square deal
The litigation is based on the fact
that the Minnesota legislature. on
April 4. 1907. enacted statute re-
ducing passenger fares within the
State from three cents to two cents O
mile, and that on April Is, 1907, an
other statute reduced commodity rates
about 1.37 per cent. The State rail
read commission reduced general
!. merchandise rates .wsts7in the. STATE
from 20 to % per cent According
10 the facts as certified by the lower
court this reduction left net in
come to the Northern Pacific Of 200
per cent on its state business: 3.35s
per cent to the Great Northern. and
2,4s per cent to the Minneapolis and
st. Louis. Because the penalty Ter
violation OF these statutes amounted
To iive thousand dollars a day. the
railroads oheyed them, and refused
to GO TO court, bat stockholders Of the
roads have carried on the litigation
Want Currency Reform.
From "A stock market point of view,
this decision If in favor OF the rail-
roads. should be worth ten points to
the railroads listed IN Wall Street.
All Wall Street was thenkful today
that the new national administration
Is planning to take up currency and
banking reform at the special session
that Mr.. Wilson has promised to call
Sentiment is growing in favor of tho
plan of currency reform proposed five
Years ago In this column. and many
times elsewhere since. The plan sim
ply provides for the incorporation Of
the clearing houses under government
control, and the issue by them of
currency during periods of great bust
TESS activity and during the crop
movement. this currency to be Sc
cured by ordinary banking collateral
and to b. taxed sufficiently to make
ses early retirement certainty. This
law can be written in fifty words.
Tt could be put into operation with
out causing the slightest arrangement
of business,
London bought stocks today to the
extent Of ten thousand shares on
balance and selling for investment &C
count was entirely absent The mar
ket is simply waiting for the Hrnney
rate TO swing definitely lower. and the
money rate Is agitated only because
nervous people in Europe are afraid
on a var that is not going TO come.
Number OF shares sold today. l5I,-
sst; against $1,000 year ago.
Par value of bonds sold today ST.
$4,000; against $5,367,oo year ago.