The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-08
MARKET IS FIRM
AGAINST TRADERS
STOCKS opEN HIGHER IN RE
Spouse TO BETTER FEELING
IN LONDON.
BEET SUGAR Is OFF
BROKERAGE HoUsEs ARE PLACED
IN BAD LIGHT THROUGH
RECOMMENDATION or
PURCHASES.
BEET SUGAR Is OFF

NEW YORK. Jsn b. lrnness
was the characteristic Of the day III
Wall street notwithstanding the de-
chnes scored IN some Issues snd the
attempts % the room traders 70 hr'ng
abou, lower prices.
Stocks opened higher 10 response
10 the better feeling that existed IN
the London market and the Quota
lions were sustained for the first a.
teen minutes by buying for foreign
account When these orders acre
fiiled. the market relapsed into dull
ness and tho room traders renewed
efforts TO bring about Is further recess
sion. They were at no time success-
ful, and the strength which developed
ia Pennsylvania, Steel and Union Pa
rinc sustained the rest OF the list.
Beet Sugar Is Deceptive.
American Beet Sugar was distinct
lv weak. support was lacking and
the stock acted as though the fnsid-
ers. who so confidently advised pur-
ers, who so confidently advised pur-
echases al some SO points higher,
were lacking in the ability TO coun-
teract the disgust that is freely eX-
pressed on the street Many stock
E&tfkAHESH were lldAtE1 ~ tC+p8it
mend these shares as q dividend
paying speculation upon tho en-
dorsaMent of well known Wall
Street firm that was either used or
naisused to create wrong impress
ssion about the standing Of the com
pany.
Brokerage houses also feel that
they have been placed in a wrong
light with their customers, as they
a L. 49, =
Sugar on the statement issued by the
officers OF the company.
The general market practically fg-
rorea any weakness in stocks, and
about noon tbs market was dun with
out weakness. \ fresh decline in
Western Maryland. which carried the
preferred shares % s., anticipated
the announcement that was made
after the close that no dividend would
be declared, because Il had not been
earned, and that the surplus OF SAL
80e shown by the balance sheet in the
last annual report Is not avHila bic.
rs IT has been invested In the prop
erty. This is a particularly bad ex-
ample of poor bookkeeping and bad
Business management.
Sold TO StandstiIt.
II Is q fortunate thing for those w1e
hold stocks that the general market
HE DCSA sou 10 n siHFldHAtA anu tiid
the unfavorsble news that comes K
the surface from day TO day no long
er induces liquidation.
II may be expected that our mex
buying movement will come from
abroad. There are indications tha'
the foreigners are making inquiries
particularly in our low priced shares
Orders In Missouri. Kansas and Texai
were noticeable on a, scale. This stock
is an old-time favorite with English
and Dutch investors and on any de
c.ded Improvement IN the Balkan sit
uation they may be expected to be
come active traders al rising prices.
Southern Pacific showed distinct
strength with very little stock offer
ing. There are two very decided
opinions on the street regarding THU
stock, although in the main the com
pany is expected to be able to con
ttnue its per cent divided whatever
the outeom 90 fthe dissolution.
Strength from shorts.
The strength developed in the las
ten minutes OF the session came large
~ from the shorts who attempted Il
cover not wishing 10 keep an open
book over night, with the presen
strong tendency TO anticipate COCO
news from abroad,
Less than ten days ago II appeared
that all our troubles would come to ar
end with easy money, Today money
ts a drug al per cent and currency
~ TTUUTfrg INTO ms center from the
Interior. with every indication tha'
there will lee heavy gain 10y the
banks at the weekend.
After the close II was announced
that d provisional engagement of one
million dollars, gold bars, had beer
made for shipment TO Europe.
Number Of shares sold today, 2If.
0S9; year ago +55.o02,
Par value OF bonds sold today, So,
81 600; year ago. $500. zoe: