The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-12-19
ADVANCES FOLLOW
LOWER 0PE N|NG
Heavy and Persistent Selling for
Foreign Account Too Much
for Market
LONDON MARKET UNSETTLED
Commission Houses Start Efforts
to Encourage Bullish
Operations.
nN NROAnNN WALL.


Jagged edge to-day.
AFTER "a lower opening firm tone dev.l-
oued with advances OF lG2 points In Union
psc!Hc. Reading ana Nmalcamated Copper.
Nui heavy ana pcrs!stent selling Tor foreign
a'couut proved TOO much for tho market.
drop of ~ points from the previous day
ard a sheer iail @; ~ points in tho last ten
icnlon Eorliu AND |aris SOLD canadian
l'lclne as direct orders and ,hrourh nc
~nowct SIGNS ~ strength, rrlvttc cables in
oicateu % dcaid'ti. unsettled market IN
Loulou wl;h fears ;lat Paris is IN for
urthcr liquidSi'u Beside some 1890 sh"res
of Canadian Pacific an equal amount oi
inlon T.,ciHc ANA AuulEamated Copper was
soH for London and the Continent.
early enthusiasm IN Union Pacific &c
that IT had 81; aside S5oopoec0 IS a reserve
Cor dcpreciatlon OF securities This cffec-
uYeiy disposed of the hope that stockholders
ili rcGciyr any diroct benefit .rom the
southern Pacific sold OF iracionaiiy' trad,
"rs arguing. thai the Union Pacific would
now he without funds TO purchase Central
iaciae should the courts decide upon tho
separation OF this company from TIA. South
Contra! Leather rose point on the. re-
nevai OF rumors that dividend would be
declared on the comiron when tn" director"
meet next Tuesday. While some are IN FAVOR
~ distribution II WAS stated hy u director
amy action viii be taken. and i s under
stood thai FOR some tiluo tho matter VIII
oven ho discussed
Breaks Low Records.
American Express continues 10 break low
records with each succeeding sale It sold
ycar ago tho shares sold at $50
Tho publication of Tho Postlnustcr-Gon-
erals annual report advocating government
ownership of telephones. had been fully dis
counted. ana although were was am carly
advance IA American Telephone on short
covering tho price for the STOCK closed I'M
changed. The convertible bonds were a feat
arc OF the bond market advancing q fun
shortly before The clos, neadine general
Philadelphia that tho company was about To
offer Sli.cC505o 81 those bonds 10 tho plhtc.
Tic weekly statement Of ;hc Rnnr OF Eng
land reflected loss OF Sf0NGlD IN bullion
Tie continued wsakness in iiritiss cousois
foreShadows "a further lowering OF security
call MONEY continues easy and ,iue funds
m9nths funds freely AZ 3 Per cent
tciupts To encourage bullish operations on
Inc theory that tho early passage Of cur
rcrcy hi4 wou'c revive Interest in stocks
,hus!asn Waucd before the day Was out Il
Is ia!r conclusion. however. that thu first
be on the upside OF The market.
Now York. December ls-Prioc movements
ana IN til end ua!y slight changes We're reg
shares "lth?uEh ther" we're wito move
ments IN isolated cases Tho FIRST tendency
ed and leaders rose 70 ponts above The
low hSures t.a'- in the session reaction
Sc; IN WIN the average clos to ycsterday's
Ina! range cannAinn Pacific was weak
urorpAe q. Am"s!cun Express yeldcl ~
i.i"e u Year. m" Early tone was illlu-
tnccd hy el'nG Tor foreign account. Lon
t@n W., rr,ai.rt W i{a diSposins OF $4,000
nE Ph:is H.Eiu ana London. Houses with
International connections ascrinet The move
inenL - unsetNenont In foreign financial