The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-01-12
They Are Centre OF Decline
ON the Stock
Exchange.
MARKET is PROFESSIONAL
Influence of Copper Is Offset by
Strength of Union
Pacific.
8, ,claI to The Times-Dispatch.)


professional. and the volume of trans
actions small Selling of Copper
stocks did not put in appearance until
the second and anal hour OF business,
and came mostly from the room trad
ing operators, who. restless under the
continued extreme dulness OF the mar
ket. thought IL worth while to make
sales OF copIsrs based upon the idea
that some concessions in the price OF
the metal might be made by producers
in the near future. The influence OF
the fall In copper stocks was however,
Offset in no inconsiderable degree by
the strength OF the Southern Paeihc
shares. buying OF the latter being upon
the theory. which seemed entirely rea-
sonable, that the proposed plan OF dis
solution OF the Union Pacifc-Southern
Pacific merger would be OF benefit TO
the Southern Pacific interests. while AT
the same time not being hurtful TO
Union Pacific.
Fridays crop OF fresh Balkan ru-
mors that circulated in the foreign
markets on the day were to-day con-
trsdicted. as usual
Sterling exchange was firm. ASIDE
from this there was no other financial
development The bank statement was
notable for its showing OF large
transfer OF loans from lenders inside
Of the clearing house to institutions
not represented in that body The
process was at It's height as the week
closed. and resulted In a decrease OF
loans in the clearing house OF over
ss0.00o,000 in the actual form OF the
stock
The stock market held hrrnly through
the week. but without making any ad-
vance.
The bond market was comparatively
much more active and strong. and the
tmpelliny Impulses were, OF course, the
enormous accumulation of money at
this centre which has revived interest
in investment securities. The thrush
OF money has been so great and the
change from financial stringency TO
pronounced financial ease has been so
sudden that there are many people
who seem TO think that there is some
thing unreal and fictitious about the
situation. The truth is that the whole
world and particularly our evSl coun-
try oyer-prepared for the expected
financial strain around January l.
Loans were called 20 altogether too
great an extent, and the price Of Sc
curifies forced altogether too low.
The result Of this has been not only
an Improvement in Investment securi-
ties. but an export Of gold TO Europe
Financial affairs abroad are still more
or less unsettled. and in France
definite financial straining Is still In
progress.
The chief events of the week were
the publication OF the excellent returns
of conditions By the Bank OF England,
and the Bank of Germany; the sub
loan in France OF 500, ooo. coo. and the
strong indications OF the success Of
the $50. 900. 900 Baltimore and Ohio loan
in our country.
seemed 20 be certain that u plan for
rsarranging the relations between the
Union Pacific and the Southern Pa
cifc companies. in consonance with the
recent decision OF the Supreme Court
had been virtually arranged and mad
he Of 10 AttOrncX-tyel-
ersl OF the United States
The general tendency OF mercantile
and commercial business is undoubted-
~ TO let up a little, although the WIN
ter weather OF the early part OF the
week was helpful to all retail trade
A good part of the winter wheat belt
has now at least a thin covering OF
snow.
Rather less interest was manifested
last week in sO-called exterior imam
cial circumstances such as the in
vestiSa tions of the Pujo committee;
the hearing before the committee OF
the House of Representatives. that IS
inquiring into the possibility OF re-
form OF the currency system. and the
work OF Mr.. Cnderwood's tariff revis-
ion committee. Likewise. there was no
excitement over the Governor OF New
York proposing TO send a message TO
the Legislature recommending. amons
other things, the abolition of speculs-
tive short selling on the stock En-
change. ana prohibiting people from
pyramidinR in their specul4ive opera
tons for a rise.
Wall street Gossip
While nothing much was done IN
stocks this week. there was decided
progress in the reorganization OF the
Union Pacific system. and IL wall
Street people were in a mood for spec
ulation they could have found plenty
OF material on which to base commit
ments in the market The framework
OF the reorganization plan was laid
before them. and there was plenty OF
opportunity for appraising the relative
value of various classes of securities.
hut in none Of them was speculation
at all keen. IL was not for lack or
material on which 10 undertake specu-
Istion. but. seemingly. on account
alone of that curious apathy and tor
por among spectators that the market
failed to respond to developments
Revision of the tariff was widely
considered a bearish factor when the
American Beet sugar Company passed
it's dividend on the excuse that IL had
large quantities of 1nsold sugar on
hand Jobbers would not stock UP. IT
was said. because they thought the
tariff might be taken off sugar and
the profits from beet sugar rnanufac-
turing snnulied- But when last week
the congressional committee held open
hearings on tariff schedules. it ap-
peared that as a general proposition
onlv moderate reductions were favored
an opposite opinion prevailed In the
latter art Of the week the committee
began supervision Of the steel schcd-
niles and that. in Wall Streets mind.
Ia the vastly important thing. Hun
dreds OF spectators think that as
goes steel common so goes the mar
kef. and what with the revision OF
The tariff and the suit for dissolution
- -. company there - enough bear
lshness on steel 70 keep the price down
below the average OF stocks with as
good q dividend record
II was known that the protective
committee OF Southern Pacifc stock
hoiders was in Washington. but MOTH
!nz came out in business hours as to
ne objection to Mr. Wickershsrs plan
II reorganization
u was not thought that they could
sustain an objection TO the transfer OF
southern Pacifc's holdings OF Central