The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-29
STOCK MARKET IS
ON UPWARD TRACK
xTpps TO TAKE BREATH FOR
WHILE. BUT SHOWS FAIR
STRENGTH.
IS FIRM AT CLOSE.
AMERICAN CAN GAINS AND RAIL
ROAD STOCKS INTEREST
TRADERS. RESULTING IN
SOME ACTIVITY.
1y HR0sDAN WALL.

NEW YORK Jan. 2s.--Todays
stock market was like fat man run
ming uphill. Prices started well, then
rested as though out of breath. Later
they turned firm, closing fairly strong.
with indications of going better. Al
the first sign of hesitation rooms trad
ers reached the too hasty conclusion
that the rally had run It's course, ana
began testing the market for a reac-
ton The dullness was followed by
renewed strength, and the best prices
of the day were scored in the early al
ternoon.
The stock market has been oversoid
and the technical position of the short
interests was sufficient 20 bring about
a rally. Governor Suffers message
on stock exchange reform was consid-
erahiy less drastic than expected ana
professional traders were Wiling 10
Construe it enthusiastically.
The real incentive OF the days ad-
vance came with the renewal or ac-
tive manipulat.ons in American Can
common and preferred. Heavy trad
ing In the shares began at 81 IA at
the stroke of the gong. and this proved
the low figure of the day. On the
turnover of 105, 900 shares the com
mon closed at 81 "a after touching
IS. q net gain of rs. The preferred
was unusually active and rose from
al 90 12e Is. closing at 12s i-2,
Ia up on the oaS.
Steel Common Drops.
Steel common dropped into second
place in point Of activity and proved
a iaggard, closing at Ga SIS. net
advance Of ga. The earnings for
the last quarter of 1919 agreed with
the Streets expectation Of s35.00O.0oO.
This showed approximately $3,bu0,ooo
for surplus, after marking off depre-
citation and for sinking fund. Judge
Gary announced that there had been
a slight falling off in orders. hut
specifications are good, and orders are
unusually heavy for this time OF the
year There is still a large short in
terest open in Steel common, and
further advance in the shares is look
ed for.
Canadian Pacific broke TO 240 SIS
on heavy selling from abroad pre-
Eurnably for Berlin account. 1t
closed at 241 IA, a net loss OF 5-s.
There was sharp rally in South
ern Pacific that carried the stock to
lot IA, one and one-half gain Union
Pacific also showed a nervousness OF
the bear traders and rose to $50 SIS.
but fell to 50 3-4 in the late dealings.
an advance OF / per cent on the day.
An uneasy short interest in Reading
was largely responsible for the ac-
tivity of this stock, which carried the
price to 1914 81; in sympathy with old
issues IL shaded at the close to 164 l-S,
q gain of / as. Amalgamated Cop
per was quiet but firm and closed at
~ ga a. gain of l. Northern Pacific
and Great Northern were in fairly
good demand for investment account.
Conditions In the Northwest are
promising and the small investment
interest that has appeared on the
street seems inclined to favor these
issues.
Situation Looks Better.
Looking at the situation broadly.
sentiment shows a slightly more OPP
timistic tone. There is very little
public interest in securities, but this
may be changed by renewal OF
manipulations for the advance. There
was considerable adverse criticism
against the manipulation in the Amer
ican Can stocks by people who had
failed to take advantage of the move
Ynent and whose criticism would van
ish II manipulation had been directed
to their own pet stocks.
Public interest does not grow over
night of ttself---it must be stimu-
lated, or accelerated, by n turn over
OF stock at advancing prices. In no
other way can the attention or in
terest of the public be attracted. Such
methods are as-old- as the hills and
employed In every line OF business
The public, however. have right TO
insist that statements issued by cor
porations shall be fair and truthful
1t is announced that a stock ex-
change seat has been sold for s48, 900.
This new low figures represents
forced sale where the seller was COM
PEELED TO get the best price the mar
ket afforded.
The stock market is inclined to go
better. This without the help of the
traders who appear to be more willing
to sell for a short time turn than to
aid the rallies.