The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-28
STOCK MARKET IS
EXCEEDINGLY DULL
SHORTS HAVE oVERsoLD. SAYS
EXPERT AND WAIT FOR
CHANCE TO COVER.
LOOKING FOR RALLY
STEEL COMMON Is STRONG AND
UNITED STATES RUBBER
MAKES SLIGHT ADVANCE.
COPPER STEADY.
LOOKING FOR RALLY
BY RRoAnAN WALL

NEW YORK, Jan. 21--The stock
market today was exceedingly dull
IL was r convenient excuse for the
first half of the session to make the
statement that speculation was await
ing a decision on the Minnesota rate
case. 1t would be nearer the mark
10 state that technically the shorts
had oyersold and were awaiting either
"a temperance Of liquidation or some
news that would cause them to cover
their shorts
Spectators only enjoy unfavorable
developments SO long as they affect
prices and when bad news ceases to
be effective they are ever ready TO
search for fresh impulse
Underlying conditions are not con-
ductive to protracted advance. At
the same time. local conditions indi-
cate that rally is TO be expected. To-
morrow trading Will begin for the
new account in London, and as opera
lions may be carried on there for the
next weeks without interest charges,
London prices should be above to-
nights close.
Next. there is renewal Of ma
nipulatiop in American Can. This
may be expected to carry the prices
of the shares higher. Tobacco stocks
are noticeably firm, and there are in
dications of higher prices on the
highly prosperous conditions of this
industry. LAggett & Myers closed at
az, Io2, IL up on the day.
Pittsburg Coal Issues.
The Pittsburg coal issues were firm
on light transactions. the common
selling at %. an advance Of "a, and
the preferred at so. which is Ia up
Amalgamated Copper was steady
around II "a. Union Pacific lost 1 2
and closed at 1873 "a on the report
that progress In the Southern Pa
ciflc divorce was moving slowly.
United States Rubber closed at SIS,
an advance Of l-2, on n statement
from President Colt that was anything
but satisfactory.
1t is surprising that the head official
or an industrial corporation should
have SO little regard for public opin-
lon as to state that the fiuTes submit
ted to the stock exchange were in
complete, and TO dismiss all reference
to issuing by the assurance that at
is only fair that our stockholders
should know that tho entire earnings
OF United States Rubber company for
this fiscal year promise to be largely
in excess of dividend requirements"
IT is small comfort To stockholders to
be assured that prospects are promis-
ing. If the statement submitted to
the stock exchange with the applica-
ton to list the new stock, and which
shows an apparent deficit. is not cor
rect why was it made public? Until
other figures are submitted the pub
lie viii have to assume that they are
correct, Notwithstanding all clubbing
to the contrary.
Steel Common Strong.
Steel common displayed consistent
strength all day, and close judges OF
the market are Of the opinion that the
stock has been largely oversold. 1t is
noticed that all offerings are quietly
absorbed Some of the traders are
closely watching an opportunity to
help rally. The testimony of w, +.
Corey, which produced the impress
sion tina: tne government case against
the corporation had been helped, has
not brought fresh liquidation, and as
the bears In the stock had anticipated
the reopcninE Of the suit by advance
sales the technical position OF the
short interests has, to say the least,
become interesting.
The nnal figures for the last quar-
ter Of 1912 VIII be made public to-
morrow, and are expected to show
net Of thirty five million dollars, Us
Inmates Of the first quarter of 1913,
which viii include two months OF the
advance in wages, viii probably be
about thirty eight millions. While
there is falling off in the booking OF
new orders experts in the steel trade
expect The current Selr-n.l.lI be q bah
ner one in the steel industry, and with
anything like good crops, the second
half of the year should make a good
showing
Call money showed "a 7rmer tone
Another half million gold was engaged
for Argentina, with indications Of
other shipments.