The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-07

PROBE BEET SUGAR

tvNftons following the Supreme CouFs
decision In the cotton corner Sa&e.
the Introduction OF a resolution call
sng for an investigation Of the alleged
beet sugar manipulation, and the
Union Pactrc's losing or its pi&n for
distribution, left the stock market
limp at she close tonight. After TO-
days events the street is inclined 20
be a little less optimistic, and to take
q waiting attitude on stock exchange
trading until sentiment IS more clear
ay defined
The rv.arLot opened dull. London
houses bought about 5,00e shares for
Foreign account in the first few min
sytes ard then became inactive. They
dld evtnce sufficient inter rest 10 wait
for the expected decisions from Wash
tngtor.
Union Pacific WAS the center OF in
rerext and developed Increasing ner~
eousnees a. the noon hour approach
ed. Trading grew extremely dun. As
an illustration Of the nsrrowness OF
the market, Union Pacific dropped
from 162 "a 20 100 IL on running
tradee of $500 shares. and then al
most Immediately recovered to
I6l ga
supreme Court Rulings.
The Supreme court ruling that the
cotton corner case violated the anti
trust law started drive against
prices. The dispatch from Washing
Ton announcing that q resolution had
been introduced asking for All tuVes-
Esgation Of the recent American beet
sugar manipulation increased the
pessimism Of the traders. who forced
these shares 10 IS Ia. At l:16 +.
NJ the word was flashed that the
Union Pacific company had Iosf on
&ye = SssFN Fts.t, 4.3zta
10 sell carried the stock TO 1853 lie
before strong support developed. II
was argued by inference that the de-
cision being against the Union Pacific
comps 81 must he in favor OF
southern Pacific, and the covering o.
shorts In this stock carried the price
to 1u6 81. This price did not hold
however, and the shares were die
tsnctiy heavy at 104 s~4 at the close
These violent fluctuations did not
bring any new interests into the mar
ket, the prices merely rejecting The
changing mood OF the floor traders
Wall street, for the moment, over
looked this important part OF the Dc
SIsion: I'm rejecting the proposal fol
distributing the stock held. We do no
mean TO preclude the District cour
from considering plans which may b.
submitted under former opinion.
In banking circles this 10 under
stood TO refer to the suggestion, mad
II by the attorney Eeperal and refused
I hy the Union Pacific directors, tina
half or Union. Pacifi's holdings o
q Southern Pacific might DO diatrihutet
TO Union Pacific stockholders and tn
other han to the Southern Paclh'
Shareholders at q price 10 be agree
upon, which price It Is understood
will be par Should this plan be 40
cepted, Union Pacific shareholder
will receive half stock or rights ant
cash for the other half. This is no
considered as a bear argument on
Union Pacific. There is no disposl
fion, however, TO encourage trading
Il All either stock until this point Il
definitely settled.
Steel is Active and Weak.
Steed common became active ant
weak ia the afternoon trading. stoci
Was sold on the expectation that
poorer showing OF new business ma,
be made In Fridays statement OF I'm
allied tonnage, particularly rs the In
dependent steel companies report
falling of in bookings Of new bust
mess
Reports Of the copper trade indt
cate that the market for that meta
is tn fair condition. The market
quiet waiting for the producers state
-rt- I. te A-tt&Atet 81
nesday The United Metals Selling
company l. understood 20 have sol'
about A.. 000;0Q0 pounds last week
most Of rhe buying coming from do
xnestic consumers.
There was good buying in Amer
tcan Locomotive on favorable repor
OF the large number OF orders on hant
The news from London that peac
Negotiations had been suspended va
used as an argument against the mar
Aet but as no selling came for for
eign account II Is not considered tina
this il more than an interruption II
/ the proceeding. Oriental diplomac
consists OF delay first. last and all tn
time
The sale Of large block OF Chas
National bank stock. by First Nationa
hank interests was significant as In
ticating desire CT the banking Ia
teres4s 10 anticipate some OF the sug
Eestions to be made by the Puto com
mittee.
Number of shares sold today, 54S,
t57: a year ago. 4S9, si4.
Par value OF bonds sold today 81,
81 -. -. 4 = ts41