The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-20
VIEW MOVEMENT
WITH CALMNESS
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TsvEsroRs EXPECT TT TO DIS
corNT BAD EFFEcrs OF
DEMOCRATIC RULE
WILSON IS ALARMING
CAPITALISTS THINK HE SPEAKS
roo LIGHTLY IN DISCUSSING
REFORMS. WHICH SHOULD
ne SERIOUS.
WILSON IS ALARMING
nv THOMAS q sEToTwrIr.


NEW YORK, Jan. lS,-~%eariy all
security holders are now convinced
thai the stock marker viii have dis
counted any possible bad effects of
Democratic rule by the time Mr.. VIII
son ia inaugurated. Because of this
investors view the present downward
movement with eainncss They ex-
pscted something Of the kind and are
glad IL is being gotten out of the
way Spectators ses II with ex-
treysae pleasure, fer they know that
fundamental conditions are SO sub
sfantMI that mighty advance Will
follow the decline, There Is moth
ing panicky in tho situation. but
there are few persons either among
Il Ae- Investors -efs th9- spectators ready
so say that the market will not go
lower In many conservative guar
tiers materially lower prices are ex-
pected in some issues.
Trade reports are such as TO In
dictate that the first six months OF
1919 Will see business at a record
high volume IN the United status. II
Is this enormous actual business that
4s bewiideTing TO those persons who
have been nnabie TO appreciate the
decline in stocks Wall Street al
ways operates SIX months In advance
cf the calendar, Prices are noy
bssefa ON the possibility Of d let~up
IN al lines of trade when the orders
now pi&eed are worked out,
Don't lake His style.
Present uueasiuess has been &C
eensuajed by Mr.. Wilson'S free and
easg style If discussing reforms. He
has discussed these things more after
fne style Of ar after dinner speaker
ihaa as enc in whose hands rest the
most aeTiOus problems Of the CEN
Ays h1S
become worried lest he fan TO realize
the Importance Of his new position.
Next 10 the boarding Of gold in
Europe. caused by the prolongation Of
the Balkan WAY, these speeches Of Mr..
Wilson nave been the greatest de-
pressing influence in the security
markets. Even persons who have
90nfTdEUCp n The QITmate OUTCOME
have taken the preeaution to tighten
their security holdings.
stock market movement based on
sentiment Is much more liable to go
10 an unreasonable extreme than one
which IL based ON trade conditions
the further prices get below the
level of true value the more I'M
reasonable do sellers become Just as
they become more unreasonable In
their purchases the higher prices are
ahcye their trge value,
Market Is SENSITIVE
Fly reason CT this fact the stock
market has finally been worked into Il
position Of extreme sensitivenoEs. On
Saturday, for instance. practically
nothing was done on either aide of
the market because even the most
urskiued trader realized that ala up
roar might easily be 6aused In the
stock market The Supreme court,
sn ifs decision TN the Minnesota rate
case, which may be rendered tomor-
row, may furnish the reason for
tumultuous buying or tunultaous SELL
Ing.
This rate case has been discussed
SO much ia the newspapers that II
IN useless t. tell again why it In con-
Yiderefi SO important to the security
markets Every security holdfr and
every tracer has definite opinion
as 10 what influence it. will have or
the market. and it IS awaited by all
Of them just as the contestants in Q
foot race await the pistol shot OF the
starter. Wall street should be q very
interesting place by / O'Clock tomor.
row afternoon, for everybody is keyed
ug u such tension that IL the SUI.
prerrae court fails TO fire the pisio
sorae af the runners will start any
how
HEAL Conditions Overlooked.
So much attention Les being pale
re- sentiment that real business con
ditions are being overlooked. Trad
rnnorts show that the edge IN wearing
or tn most lines NJ trade, but trade
n This country depends on It's crops
It has been wet winter. Several Of
the Important rivers are on the ram
page FIJI the Mississippi valley. GPea
floods always mean great crops. Tht
record foods OF 1912 brought th'
record crc ps. but planting last yea,
vas delayed TO such an extent tina
the full benefit of those foods wa
not rcaped by the farmers. Even
moderately dry winter from now or
would not hurt the crop outlook 70,
Isi3, but with abundant rainfall com
ting on ton of the ground already In
good condition from last wears foods
ri Es safe ia predict even AT this earl.
date thai good crops will b@ produced
IA 1918.
Further heavy rainfall from tht
gate win mean new records again
Each year the improvement in farm
syg methods increases the yield anS
another year Of great crops will carr,
.4 tlsRa isorp.oxenaent At h4sineass GA In
se,sYssts ssiaelR, ~ 81. ,... >,.
Coppers Are Promising.
Particular attention should be- pait
20 copper stocks and securities O
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