The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-12-11
CLOSING STRONG
IN LEADING STOCKS
Reading, Union Pacific and Steel
Retain Position as First
in Interest.
CALL LOANS AT 6 PER CENT
Strength OF Market Taken to In
dictate Anxiety OF Short In
tercSt TO Cover.
RY RR1ADAN WALL.

New York December io.-Readiug closed
strong and Union Pacific and steel scored
fractional advances to-day after a series OF
unfavorable developments in tho market that
might slave been expected to unsettle the en-
tire list.
Foreign markets reflected the unfavorahic
opinion OF Investors regarding Canadian
Pacific financing 10y a further decline OF ?ii
points. This loss was not recovered during
The day here.
from, tho Pacific Coast that MeNican Petro-
leum had passed the preferred divid:nd'
owing to the unsettled condition III NeN-
100. Both stocks dropped sharply, the
COMMON touching anu H NE pf TnntrSi
breaking the price 70 'l'. ana about lhis
time Now Haven touched 'ii.. These Incl
offered steel common down ~ Ji's. but Ii
quda,iou failed to follow and prices Stitien-
81 when attempts were made 10 regain
On runors that no change will 10 made
in Nev York Central dividend. the stock
dashed TO the floor that the regular rate had
boon maintained, the effect had heeu thor
ouehy discounted. ana the stoeh dropped
In the confusion OF cross currents AmaiGa..
short covering ii the same time Western
Maryland dropped point Missouri Pacine
developed weakness. aud several OIL the
Trading at StandstiIl.
Al ,n,erSS1 "npenFe Trs sS u n. oinns1
10 a s,andstil. which at best had been high
ly professional.
ROCK Island collateral IS developed sudden
weakness dropping from 5l*. TO 30. An at
tack on the stock followed. carrying the pre-
icrred from 2l'. TO l?A.. and the common to
70 As usual tho traders ovcrdid II. and
prices rallied nearly "a point when they at
tempted to cover near the close.
The volume Of the trading and the firm
ness Of tho price attracted particular atjen-
Union Pacific. and southern l'aclHc remain
al firm in spite OF the report that the foods
had already occasioned S2i.Ooo,oo0 damage in
Texas. wher" the water Is stll rising.
New Haven directors did not meet until
O'Clock therefore little attempt was made to
anticipate the action OF me directors. al
though the impression was abroad that ac-
ton ON tho dividend would be postponed.
British consols established q new low rec
ord. and private cables indicate pessimIstc
feeling in the London security markets.
steel tonnage, IL had been estimated:
would show loss Of 10000 ton in untitled
orders but the actual loss of lls.oep tons
WAS an agreeable surprise As market fac
tor II had little weight. Steel common de-
rlncd fraCtionally when the news became
call loans were made at per cent. with
renewals at 5is. Time loans were quoted =
shade firnier with little business doing. Pre-
limiuarv inquiries Tor funds over the end Of
the year have already made their appear
ancc. and will undoubtedly keep the money
Reading Union Pacific and steel retain
their position a. leaders. The strength 81
.mXieiy Of a large short interest to cover.
Tho uud"rtone OF the market is considered
toon, IN spite oil a hlehlE rolrSsioha! sur
race.
New York December lo-'rherc Were few
weak spots In to-days stock market, but
the general movement was marrow. The
tone. while uncertain. was better than yes
torday, and induced shorts to take the profits
shown ia stocks. which had declined sharp
~. These covering operations caused some
sharp upturus.
At the opening the whole lis, eased off.
New Haven equalled its low record OF .ii2.
and New York Central touched ?li.. the hot
tom price Tor five years Canadian Pacific
broke points. These declines we're soon
halted however. Thereafter movements
were iuconsequentia and the close Of the
important stocks showed only slight changes
IN most eases.
Mexican Petroleum slumped points and
tic preferred nearly as much on The report
That the directors had passed the dividend
ON the preferred.
Tho ilnproving tendency late today was
showing made in United states Stccl's
monthly statement Of untitled tonnage. The
shrinkaFe only llIOc0 tons. and Steel
moved up following the appearance OF the
statement.
Foreign selling Influenced the market for
time. London disposed Of about 1900
shares here. Another factor the con
timed firmncss of money. call loans were
renewed at ~. per cent as against yestcr-
day. and time rates were higher.
Bends easel OF after showing some rccov.
cry. United states and Panama bonds lost
their advances OF = 10 = made yesterday
Sow York December ic.-Money on cal
urn ~ 5Ha6 ruling rate az. closing 5'.I
a'g. Tim" lo1.s. stronger. sixty days ~
nincly days. -, -@iI ntonths >. Prime mer'
steady at s,,a for siN,y days and at $is5s
for delnnnd. Commercial bills. Si.s0'- 3ai
silver. a57.; Mexican dollars. a. Government
LIQUIDS weak railroad bonds easy.