The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-22
MARKET IS FIRM
WITH PRICES Up
TRADING WAS DULL AT TIMES,
BUT NEVER DEVELOPED \
WEAKNESS DURING DAY.
BEARS COVER ON u. P.
STILL BECOMES ACTIVE AND
AMERICAN TOBACCO hD-
vANCES TO 2s7 ON
SMALL TRADING.
BEARS COVER ON u. P.
~ RROAnAN wAIi..

nv BRoADAN WALL
N-r-yv Work Ian. 2l--T, sday's
sto~s market closed firm. with prices
a. th, best or nearly SO, and a feet-
ing that Tor the present at Least trad
cry had overdone short selling, ana
prices might be expected 10 al lance
further.
The market never once deve loped
weakness. For the first two hours
tradinr was very dull, with steady
tone in Steel and Amalgan tated.
About noon three Of The larger room
traders began Quietly buying ana
their operations started covering
movement that grew in BREADTH II
became Auown that there was con-
siderable block of short Steel stopped
a. Ga and, to use the expression OF
the floor raiders went cunning Tor
this order When the figure was
reached trading became active. som"
fweuty-fnur thousand shares G hang
Ing hands in the last fifteen mi nutes.
AmalEamatcd Copper adv anced
easily 80 70 SIS, net gain OF Ia
points 1t IS now believed that the
forced selling of copper metal IN Lon
don on Monday marked the II rn In
the market for thc metal, nm d the
trade looks fer further Improvement.
Bears Cover on L. z.
The sharp rise that ocCurr@ cd on
Monday in Union Pacific ma he the
bears suspicious of this stoc *, and
they ran II cover quickly when steel
became active. There was a ate ru-
NOR that the conference between the
Union Pacific authorities and the law
department of the government might
result in an early announcement re
Farding the settlement Of the man
aRement Of the Central Pacific line,
American Tobacco advanced 10 2s7,
q rise Of IL on trades of less than
s4fEaHHg WOW 81
-f7;trcft;rr-r,
1,i00 shares
The coal stocks improved sharplY
or covering and indications OF colder
weather in the East AS an nlpstra-
ton of the narrowness Of tho market.
Erie was quoted nominally st 30 in
the morning, and closed at so is on
dealings Of 100 shares.
Operations for foreign account were
of a negative quality until late in the
afternoon. when private adVices from
abroad indicated a more favorable
view Of the Balkan situation. About
I0.000 shares including Union, Steel
and AmalCamated. were purchased
here on the expectation that the Lon
don market would be higher at the
opening tomorrow
street is Optimistic.
Wall Street IS in the main optimis-
tic To the trader the sun rises at
ten and sets at three. His universe
is limited 10y his opport anities Of
profit. There is always saore dan
ger for the trader on the short side
of the market than the outsider who
is a bull OF late there had been too
much company in the bear crowd.
and the change IN sentiment that &C
CURED almost overnight w widely
welcomed.
There Is a lurking hope that the
foreign situation may improve sud
denly. and bring orders from across
the water for our securities If this
could be followed BY an early settle
ment Of the Tnion-Southern Pacific
case. and stretching the imagination
still further should the Supreme
court hand down q favorable decision
Sn the Minnesota rate case. our own
investors might overlook that they
are threatened with numerous bust
ness reforms This, of course, is all
speculation.
Market Is Oversoid.
/, The rise in prices today proved that
technically the market was ovcrsold
Advances occurred and then explana-
tions were offered. This movement
may run for another twenty-four
hours. unless stopped by renewal Of
liquidation, or another political fright.
The bond market has quoted
somewhat, and prices Of new issues
are shaded slightly, but to offset this
rates for time money are easier.
The year loans were made at IL
per cent. with sixty days money
quoted al - per cent
No new gold engagements were an
nounced, bat foreign exchange was
frruer. and the situation favors ad
atti9ra} shipments 70 argentine.
The pronounce ment of J. J. Hin
only empire builder not now under
suspicion or investigation. is worth
noting. For q change. he is opu-
Yuistic
Number of shares sold today, ISL
164; Il year ago 337292
Par value OF bonds sold today ST.
o5i, GEO; Il year ago, $4,600,000