The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-21
EVERYTHING LOVELY
ON WALL STREET
ARRAY OF sUnsTANrTAL GAINS AT
END OF SESSION Eek
TENsIvE. .
STOCKS ARE STRONG
EXCHANGE PREPARED TO MAKE
BEST OF THE CURRENCY
LAw--PRICE MOVEMENT
BUOYANT.

NEW YORK, Dec 20.--Stocks were
rery strong today despite profit TAX
ing sales Dealings were on a scale
ff great activity with very little relax
ktion at any time during the session.
As whole the market made Its
high prices early in the morning, but
he close was around the best figures
eomething like a bear panic occurred
IN American Telephone shares on the
announcement OF the company agree
nent reached with tho federal attor-
hey-gcnaral to separate from tho
Western Union. and admit indepen-
lent telephone companies to connec-
ion with its lines. The administra-
ion policy In this respect has com.
|nended ffEelf to financial observers.
Ind 1t ia not remarkable that Wall
Street runners began to circulate re-
bpecting the probability of compro-
misc in the United States Steel suit,
Ind I'm other litigation which the gov
krnment has started. such as that
against the Reading company.
Hopeful Sentiment.
The movement OF prices was even
broader and more bouyant than on
Friday, and the array Of substantial
Pains disclosed at the end OF the ees-
ZION was extensive. Indications that
banking interests were preparing to
make the best of the new currency
legislation contributed to the more
hopeful sentiment which has begun
10 show itself and 1t In apparent that
next week the country at large will
be made to understand what grounds
Tor recovery OF business confidence
IRE furnished by the provision for O
hew banking and currency system
The weekly bank statement was
mother gratifying return On the
bctuai showing loans increased about
4, 500. 900. but there was cash gair
hf more than 5000 900 so that an
Increase Of about $500, 600 took
place In surplus reserve despite an ex-
sansion OF almost st5.80O.oe0 In de-
eosits.
Strong Upward Movement.
Various developments contributed
10 the strong upward movement Of
ktocks after the middle of the week.
In the first place it had been quite
eiearly demonstrated by the action OF
he market in the last half Of the year
That the list had been thoroughly H.
undated and heavily overwoid. Sub
ktantial declines In special issues ow~
Ing to special weaknesses were re-
listed by the general rim OF standard
efo6KS, and Fl appeared more : SID
more that quoted values had die
bounted the worst conditions likely to
be reaiizsd I'm trade and Industry,
Moreover. the worst Of the political
program was known. and In View OF
The sensltfveness which politics has
begun to display on account OF the
GENERAL business depression. and the
Increasing idieness Of labor. II could
be- shreweIv contectured that the po-
(ittcai program might lose good deal
BIZ It's -ad!caiism. Apart from that
khere was the stimulating promise
held out by the currency bin.
Beyond question 1t was the ar-
proach Of currency legislation to
ENACTMENT which started tho share
(fst upward In tho past week. IRE
Effective OF the dangerous features OF
HE Legislation 1t was nevertheless
manifest that new financial systein
was being provided which would con-
dsce TO expansion of credits and In
crease ~ buying power whether or
bot the expansion ana tncr ease should
be described In terms of inhationa-y
processes
Trust Suit Settlement.
Possibly because OF the more cheer