The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-24

NEW YORK, Dec. 23.--The stock
market today was dull with a s1lght
irregularity in prices, and no develop
rnents that tended 10 change values,
II was q convenient explanation our
snr the morning that the Street was
ayniting the action of the supreme
court on one or more important cases
The s,.r-ies that did occur In the
nrices OF Union Pacific, and South
crn pacific, proved the unwilhngness
of the professional operator to take
a position in the absence OF orders
from public.
The ruling that Great Northern
stock shall be dealt m ex-rlShta
brough, some selling In these shares
A peculiar position has arisen, as the
increase of the $4,000. 600 new stock
has not yet been sanctioned by Inc
stockholders.
H. has been customary for stock
holders to authorize new issues in ad-
vance, and IL is not particularly pleas
inr to the public that the directors
have seen At to act first, and then ASK
that their action he endorsed
The future OF copper stocks depends
largely upon the ability IF the selling
agencies TO hold the price OF me
metal az the present price OF II 3-4
cents Per pound
A theory has been advanced that
as the Freign market is bare OF the
metal. an early settlement OF the
Balkan difficulty will bring large buy
ing orders from abroad. TINS theory
with hold providing the foreigners have
the money 10 replace their exhausted
supplies AS the general business on
the continent has been greatly re-
stricted, II is doubtful If they viii Do
~. For
time to come, In the meantime, the
metal is accommodating rapidly In the
hands of the producers and the uncer-
tainty OF the market IN the COMMODITY
does not suggest that copper shares
are a good venture for the publ!c,
American Tobacco.
American Tobacco declined . "a on
two hundred shares. 1t Is now ihtl-
mated that the extra distribution ieok-
ed for may take the form Of stock
dividend Transactions for London ac-
count were extremely light, and show
I'd the apathetic condition OF the Lon
don market.
when the announcement came from
Washington that no decisions would
be- handed down, in the Minnesota
rate case, or an opinion granted on
the question Of the Union faclnc-
Southern Pacific dissolution, there was
q short. but sharp. furry In the mar
ket. The wide changes that occurred
Ia prices on light transactions were
entirely due to tho disinciination OF
the trader to take his usual stand.
The foor trader is the gyroseope
that leans In the opposite direction
when sudden burst OF buying or
eeIlinr moves tho mArket--the "equili-
nrators' that steadies the movements
81 the day. The traders method IN
% 40 on tn. instant what the public
thinks II could do did 1t have the
chance. That Is, to buy ON dips ana
eeIl on bulges. or the reverse
just now the trader Is discouraged
and poor Restrictions OF his opera
xions caused by the rules OF the gov
ernors OF the exchange, and the State
sar ~ 81 a hundred on all sales, con-
pled with the dwindling operations OF
the public, have reduced his profits
To the vanishing point. AS an old
timer remarked today: I'VE have been
whip-sawed ham-strung. and quar-
sered. until we can no longer make
an eighth"
Speculation Dull.
Speculation is abnormaiiy dun inns
n good feature at this time, when
the bankers are absorbed IN financing
n delicate situation.
Wall Street needs "a rest to enable
The fnanciers to arrange the year-eno
endorsements. The stock market VIII
be all the better If speculation Is not
encouraged during the next ten days
The undertone of the market is good
prices are under values judged by
earnings. and previous STANDARDS
Given time, prices should become
steady and show sharp improve
snent In January.
An advance in the cali money rate
Il, six per cent near the close, brought
some selling that caused slight re-
eession In prices.
Number OF shares sold today. ga
sf3: IA year ago. holiday
Par value OF bonds sold today. ST.
n.a holiday