The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-19
Mill STREET IS
WATCHING PUJ0
kmEp1xG rTs EYES ON MONEY!
sRUsr INVESTIGATING com-
MrTrEE AT cArrror-
market ISIRREGULAR
RnOOsT IN READING COMPANY DI-
yIDEyDs CAUSES SHARP RE~
coyEnY-CoPPER STOCKS
DECLINE

NEW YORK. Dec. is.--The market
4 CLOSED irregular. with Indications OF
- further decline In copper stocks.
Al predicted Monday the Reading
eempaHy Increased it's dividends from
per cent to per cent basia
moyement, which might have been
h easily mistaken by the inexperienced
tor a permanent advance.
During the greater part OF the
i morning the members OF the stock ex-
change were perustng with one eye
b tire testimony given TO the Pujc COM
1 mittee thoughtfully presented In book
form by the stock exchange authori-
ties. while with the other they were
watching the news from Washington
that Mr.. untermyer had discovered
that added to the captains OF indus
'4Ty there are also captains of finance
sharp advance in Reading, which
carried the stock from 1s4 SIS to
sa17o. was due 10 the effort OF brokers
i with stop orders to cover contracts in
their hands, Another illustration of
the sharp losses that may come 10
those that sell stocks, tney do not
SEn.
When the excitement was over, the
stock closed at the same figure at
1 which II did on Tuesday.
The oil stocks are under public
\ ban. The increase in capital of The
Mexican Petroleum company, from
Il SIS. 00a, 900 to s48, 100000, without en-
4 oxpaanation that the street considers
adequate. resulted In a sharp decline
( that carried the shares to 60 IL At
I ter the disclosures Of the marketing
III vi California Petroleum. the pabl.c
mould learn that at best thess prop
gerties are highely speculative, and
their merits as dividend payers are
absolutely untried.
Attention has been directed fer
some time TO the weakness of the
position OF the copper stocks The
price for the metal IN this market
Z has been consistently maintained at
III IA cents per pound, In face of
I the fact that the buying hns decrtas-
ID to purely nominal izures, and
sthat stocks OF the metal are rapidly
s Arcunnulatang IA tlls hands 81 ale pro
ssdncers
II became known on tae street
Ahortly before the close thas the de-
partment of justice contemplated the
gtnvestigation Of the com bination that
has held tha prica at what " 1nlt IT,
? be purely artificial level.
The United Metal Sellin.. company.
4 Phelps, Dodge & Company, ana the
pany, practically control two thirdg
Nof the outpus OF the metal. and 1t has
been their agreement whether YER
Shal. oral or written, as to the main
gtcnAnce of price that lis now 10 be
sQnestioned by the department OF tna-
sfice In view of the teatim ony ell
aFeady elected before the JULIO COM
Antttee, this would clearly sem to in
Ndicafe a restraint Of trade, ami un-
AL this point Is settled, 'he copper
setocks should be avoided by the pap
United States Steel comma gas sI-
20 veal on the belief that the main
8fenance OF the rate OF s2s ton for
eoeries Of years would be bounced up
on by the authorities at Washington.
Altogether the stock exchange had
IL bad half hour before the close.
Wall Street did not take kindly TO
S4sae ntterances Of President Elect
Wilson regarding the suggested hang
s2ng OF those who would start pania.
the remark may be pedagogical, TO
Wall Street il seems pretty foggy.
The continued strength and advance
Al American Tobacco foreshadows an
increased dividend dishurse at
m early date.
chairman of the Union Pacific COM
Spany, that the refuKal Of the attor-
snev general to sanction tho distribu-
|4ion OF the Southern Pacific stock to
SNhe Union Pacific stockholders came
TOO late TO he q market factor, but
further litigation for the
Union Pacific and Southern Pacific
G0mpanies- This, however. need not
- construed as detrimental 70 values