The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-06
BLOCKS VIOLENTLY
WEAK FOR A TIME
EGGuaINEs run FROM TWO TO
T0uR POINTS between HIGH
AND Low.
RECOVERY AT CLOSE
COVER AND I'M
P0RTANT INTEREST DO SOME
SUBSTANTIAL BUYING
NEAR END.
RECOVERY AT CLOSE
nv THOMAS G. sHoTwErL.


NEW YORK. Dec. Stocks were
Efficiently weak for a time in Wall
street today. Declines ran from two
sit0 four points between high and low.
sAf the close there was recovery.
4 due partly TO covering by profess
5ntonals and partly to the effect OF sub
snfantial buying on behalf Of import
ant interests. Contrary TO popular
reports, the leading banking interests
have not turned against the market
They are simply trying TO keep u
within reasonable bounds. Nothing
has happened recently TO disturb
values, except In the imagination OF
;nrofessional traders. The anthracite
sx1ecision is as good as rendered oy
the Supreme ctSurt. and big business
SYs waiting for the Minnesota rate
case. The decision in that case
should settle whether there is 10 be
~ collapse Of investment values, or a
Further growth OF business. The de-
8u5sion is expected next Monday.
III Some of the rumors current in Wall
atreet today were go ridiculous that
{fhey were clearly the pure inventions
sscf bear pools For instance, thous-
KAnds Of shares OF steel were sold
on rumor that decision In the suit
"a the government 10 dissolve the
steei corporation was expected in a
Few days.
Many Anonymous Letters.
Even the testimony has not been
kaken in that suit. and If il is de-
eitfed In two years il will be "a record
breaker for speed. The Street was
hooded with anonymous letters quot
|nx an alleged international banker.
his game set OF letters has frequent
II disturbed Wall Street and II may
Be- as well to state here that the
suthor of them has been discovered
E1e is a petty larceny promoter. who,
about five years ago, engineered
kuccessfui swindle on the curb mar
Eef. The only wonder is that he
ets enough money together to pay
nostaxa on these numerous anony-
nous communications.
Professional traders have been ex-
Er~sn@iss successful in 'tiessr~ raid an
liz market and have become so bold
khat the short interest Is still quite
InrRc, But there can be no doubt
hiatt the strong people were buying
40cks all stRy.--Tf Steel was sold
Freely by leading brokers IL was for
iss sole purpose of, dislodginR stocks
III accumulation. Today's sales OF
Sfeel were very much like the sales
bf Southern Pacific Immediately fol-
lowing the Supreme court decision.
Southern Pacific was broken IN or
der to pick up more stock, as the
sStuck is now In urgent demand. II
Vas one of the few issues that show
"a q net advance yesterday.
Earn ON Physical Values.
Passage today by congress OF bin
zUrnyffing for trle physical valuation
&6f railroads is the beginning Of the
End of the cry that the roads are over
~ pita1ized. Nobody Is so anxious Tor
HDhysical valuations as the insiders OF
The great railroad systems, for the
EfSsspreme court OF the United States is
I'M record in several eases as saying
$xhat railroads are entitled TO earn on
&&heir value regardless of whether the
kDroperty was acquired by purchase or
KIT. 1t will be found that the rail-
krOads of the United States could not
EzHe REPRODUCED for less than one hun
Hired and fifty per cent OF their out
Standing securities. The valuations
&Iready made OF the New Haven
9reat Northern and Northern Pacific
|Sunke such statement extremely
3eonservative.
4 In regard to money, brokers. be-
#lIere that the banks are trying to put
loans into the oid-fashioned proper
lions Of sixty per cent rails and forty
#D2r cent industriais. AS customers
#rNfuse to deal in rails to more than
~ nominal extent, it is impossible for
E4Ae brokers to produce collateral ir
#khOse proportions. The result Is end.
ess confusion. The fact that the pei
bent of decline in Steel has beer
reater than in some OF the much
Infused specialties IS being realized
~ traders.
Foreign situation Better.
Europe sold nothing. but the for
$6eixn situation Is materially better. and
Europe NAV be expected TO begin buy
ing freely almost any day. Stocks In
sxan Street have been on the bargain
BOnnter tor a couple Of weeks. and
III the days prices the active issues
6ere absurdly cheap. The Steel cor
k0ration Is expected to show an in
,efease of only about ESQ. zoe tons In
untitled orders for the month of No
sfember, but IL turned away hair a
E&nillion tons because the purchasers
wanted earlier deliveries than the
Evaporation could promise. The mills
RAre filled so far ahead that persons
eanting material refused TO place
heir orders, but the business is there
&Eady TO be done, and there is no sign
III any let-up. except such az the
6eayy selling of stocks in Wall Street
! &as suggested. AS Wall Street always
U Works six months ahead, the stock
market hints that business will be up
Det next June. and even that upset
Seems TO be pretty thoroughly dis
ounted.
Nusnher of shares sold today, e64,-
4 rs. year ago, s0.o05.
@ Par value of bonds sold today, ST.
4 no, 900; d year ago. $3.90s, 900.