The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-18

: nv RRoADAN WALL.

e. NtTN fChhs jan. l4s-~-A<sZ uAn&IAoh
has been resumed and the stock mar
ket has developed an unfsvorable
kendency There were repeated rail-
Hes during the day which might give
y fslxe impression that the market
Was sarwn. This is not true and iii
knch case whore stocks were pressed
For sale. the buying power behind
i HE market proved very thin and
fbrices crumhled, recording many new
low Jewels and threatening occasion
kliy -tr -ssFrw Standardization.
Ri The market was particularly poor
E&or thb=rnARoT-. industrial shares. Vir-
Ek4nsa carolina Chemical and the 9TH
~ fertilizer issues showed decided
Weakness. American Telephone and
Teiegra2h was under pressure the en-
/ IRE day, touching at one time Is2.
Which was Ia points below the
EAai2 movement.
The selling OF these stocks was
En3early continuation of a iquida-
LI4nn which started with the begin
hing hr Yae week, but which was
[khecked for the time being in Wed"
EnAsday and Thursdays markets, This
Emcveutent may be expected TO con-
kinue further az many OF the mac
Five issues SIRE being weeded out by
loan clerks
Professionals at Disadvantage,
The professional trader finds 1t i'm
p0sible 10 take advantage of the move
|merlt in. the inactive issues, as Il !s
hard 10 borrow stocks IN the loan
krcwd, so their operations are con-
aned TO such stocks as Steel ana
Asnalga-nated Copper. Both OF these
xueS are oyersold TO such an extent
Rat, on any recession OF outside SELL
M traders begin 10 compete with
eaeh other TO cover their short con-
racts,~ causing sharp advances. This
occurred in both stocks today, fore
ag These stocks up sharply at tin1ea.
The rfugtrE was by no means as
btro rag sss s1nfght be inferred from the
ast sales recorded. There was dis
position 10 even up before Monday on
Expectation OF the Minnesota de-
eisson being rendered on Manday.
Southern Pacific continued Its po-
hilton OF quiet strength. Strong buy
ng appears. on every occasion that
he price is dropped TO 104 la, while
Vt Las LIZ the market seems fun OF
ltoc Lnipn Pacific was Arm. al
khour,i trading has dropped to minor
aroporftions Wall Street has recon
flied itself To a wait on the settle
nents OF the divorce between Union
md Snuthern-
Wilson Upsets Confidence.
Ol1Side Of the stock market and
kroufad the street the opinion is fire.
anentls encountered that the invest
|ng paistiAs~,hAve had their confidence
znpwet -by air Wilson to such an ex-
tent that ii4lidation will be the or
Exier Father than any retnvestment ot
i 4nnux ias industrial or transportation
Is2s0ckss The problem Of conducting
exhese Businesses prohtably with in
rreaSed taxee, higher wages, etc, hal
proved sttsea difficult task. Thos,
who invest funds for income con
xifier propositions entirely withou
heat-4or. sentiment, and a feeling oj
nncerxa1rty regarding future income
4 has beer induced by the public ut
terancEs Of the president-elect
1t Is well In bear in mind when con,
AaafemnE- this fact that 1t liz not only
THE soIinfon ~ Walt Street that Ii
being recorded. but also that of tbs
kfpnblsc buyer who merely uses tbs
aeoss IF the stock exchange
k.to complete his transactions,
Trading for foreign account in oul
market was Of mixed character
sseiling asrders predominsted, Private
sMdvsecs from London show that tht
kloek exc haage men there are in
/ Filmed 10 be peszsimistic regarding this
1mmesfaate course Of our market
NInker " shares sold today. AS,
ell: az.sear ago. 4i0,3l6.
Par value NJ bonds sold today. ST.
[. Ai5. ooe.. : yeat ago, s5,o0s ,oo0.