The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-12-22
JANUARY ADVANCE
LIKELY TO COME
Movement in Stock Market
Now Shows Signs OF
Broadening.
ITS POSITION VERY STRONG
Securities in Hands OF Interests
Which Can Afford to
Wait.
~ nRoADAN WALL.

New York, December 2l.-With tho
realization at Washington that gen
eral business needs n period OF rcst
and what may be called official an
nouncment that corporations Will be
allowed tho opportunity OF adjusting
themselves TO new conditions. has come
marked change in the market for
securities This movement gives
promise of broadening and may extend
into what is usually termed tho jan
uary advance"
Technically, the position Of the stock
market may he considered unusually
sound Everything that rcsembled a
pun pool was long ago llquidatcd. or
abandoned and for months wall street
mas been without ANY concerted move
lHcnt TO advance prices. In the mean
tline securities have passed to strong
interests VINO can afford to wait until
tn" normal rebound occurs TO this
position must be added the open short
account that is Of itself a source Of
strength AS one attack after another
against corporations has III ivcu down
the price OF securities, many spccula-
tors reached the false conclusion that
INC only money TO be acquired in spec
uiation was by the sale OF other peo-
PIE securities. the profits 10 be gained
ny the ain OF government attacks. until
the point was reached whore tho ma
chinery OF the government was counted
upon TO destroy prices.
Brokers call the noatlug supply OF
stocks IN the market unusually light.
Commission houses acknowledge that
their clients. as "a rule, are in no posi-
tlon to-day TO make extensive spccu-
iatlNc purchases and during the past
twelve months revised banking methods
and new stock exchange regulations
prohibit excessive trading by profess
Sional operators
Looking. at the situation from an
prices of standard issues wcrn in many
cases as low, if not lower. than those
touched in the manic Of 1907.
Whatever differences may oNist in
the minds OF bankers regarding the
new currency bill, authorities agree
that inhation Will result. with this
piling up with the idle capital of mcr-
chants and manufacturers, II will be
strange indeed If AT least a portion
OF these FUNDS do not nnd employ lncmt
in the security market.
stocks that have been oversold 10y
the bears viii no doubt lead the ad-
vance. steel and Union Pacific are ex-
amplos. Reading must sooner or later
divest Itself of it's railroad or coal
properties Erie issues have come in
for renewed attention. The convertible
Il bonds arc considered particularly
attractive issue. Southern Pacific
promises to be Iageard. il is under
stood that a block of this stock hangs
over the edge OF the market to be
sold whenever the general list shows
Until conditions in the copper trade
( effort viii be made TO advance these
shares. An exception may be made in
the case OF Nevada Consolidated, where
& revision OF estimates has extended
the probable life OF the mine some ten
years.
New England investors have suffered
| losses during tho past six months that
VIII not be recovered in this genera
tiou. Small holders who hold fast To
their New Haven in spite of threat
| ened disclosures hastily disposed of
their telephone stock when it became
known that the Postmastcr-Gencra ad =
Vocatcd governmental control and tho
Attorncy-Gcncral thrcated anuihila =
ton. They could not believe evil OF
New Haven, they had known it so long,
bat they did believe in the govern
ments attack on the telephone COM
pany.
stock market prices will probably
reflect during the coming week, the
anxiety or confidence of the bears At
this writing, II looks like Il green