The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-21
F|NANC|ERS NOW
FOR THE RECALL
GOVERNOR WILSON'S APPROVAL
on RADICAL MEASURES SETS
THEM GUESSING
NO EXPANSION NOW
CROPS. ECONOMY IN OPERATION
on INCREASED BUSINESS ARE
NOT Now TO BE REAL
CONSIDERATION.
BIZ BROADAS WALL.

NEW YORK, Ian. 2e.-sshertiy az
ter the close OF to-daYs market a DIS
patch from TreRtoa stated that Gov
ernor wilson had approved bills TO
%. ba- introduced in the -A22- IeIaex Lag
stature providing criminal penalties
for yloiators of antitrust lays IL
was stated Ia this dispatch that bi.ls
prohibiting watering of stocks ana
forbidding manufacturers OF goods To
sell the goods at different prices Ia
different sections would be introduced
when he becomes president.
Hitherto the locality called Wal!
street meaning ia this case the en-
stiTe financial district. has been strong
~ opposed to the referendum and the
recall. Sentiment has rapidly
changed and there Is no doubt thak
the recall would NEST the endorsement
vs many OF those engaged in finance.
Ii would appear that IL is 10 be the
policy Of Mr.. Wilson 10 reconstruct
business thoroughly and immediate
IL, even before an announcement rs
made Of who his associates are to ~
In the cabinet.
All ideas OF expanding business OF
providing fresh funds. for ealargng
or improving our transportation ia"
ciiitles will have to be laid upon the
shelf for some time 10 come. IL Is no
longer a question Of good crops, econ
omx I'm operation, or hopes of in~
creased business. Rusiuess Is 10 be
hammered, reformed and corrected.
aid until this process is completed,
Investors who can no longer feel So
cure In their income, Will have g.
gamble on the soiutioB--that is u
they resaia their holding of securi-
ttess
Nervous and Narrow.
The stock market wss highly ner-
yous and extremely narrow. Fer the
greater part of the day traders did
little. 4 false runner about noon was
circulated on the floor that the Min
nesota rate case had been decided in
favor 81 the railroads, A sharp rally
immediately took place, Union Paci-
fe advancing from I5f IA to lbs Ia
on transactions OF 1900 shares. Il
quickly became known that this runner
was false and a reaction set in which
sessa- prices s.s-tsa- 2sie +a. ID! saasAss
AS law as at midday THIS rally oc-
CURED entirely on the fsor. and was
over before the tape could record the
transaction. Customers attempting to
operate found that their orders were
executed at figures wide apart from
these recorded when the reports re-
ported them.
1t would be well for the stock ex-
change authorities To ascertain how
the false information reached the
tioor. That it came oyer private tele-
phones IN admitted, and it should not
be difficult To trace the origin
III is felt that this sharp rally de-
monstrated that technically the mar
ket il oyersoid. particularly in such
stocks as Union Pacific. Reading and
Steel In fact there was a general
disposition on the part of the traders
10 hold aioof until some fresh deyel-
opmelts give an impetus to the mar
ket In ore direction or ether.
+..., !. CaaspeEs are hammered 4s@.
yAse .,steasss la thA sSee saf copper
metal abroad with aahte dispatches
+; reporting large offerings at the lowest
level. had a bad effect in our market
for copper shares. The opening price
of Amalagamated Copper was some
Rs per cent above the London equiv
alent and in the first few minutes
foreign bouses sold some 5,9oe shares,
Later the stock became weak here
and closed unsteady at II is. In the
afternoon selling orders appeared Ia
Rock Island, the traders took advan-
tage of the situation and assisted In
the decline. Rock Island common
ferrad touched 81. This is the low
est point reached for the preferred
/. shares since 1905, and Is though TO In
dictate that some drastic re-organiza-
tian OF the property will be necessary,
The Chicago. Rock Island aud Pacir
fic collateral As broke sharply TO 81
Is. This issue, which represents the
stock OF the parent company. has
been largely overestimated as an in
vestment bond.
The stock market Is weak. brokers
dfscouraged bankers disheartened
and the public thoroughly disgusted
The political situation is more unfa-
vorabie to prices OF securities than
was ever dreamed of before the last
election. When the financial skies
become clouded it is advisable for
those who sail on the sea of specuia-
ton to keep close to the shore.
Number OF shares sold today slT.
$40; a year ago .472.647,
Par value OF bonds sold today ST.
s2s.oo year ago. $s.352,ooo. =.
Curb Trading.
NEW YORK, Jan. 20.--The trading
an the outside securities market TO-.