The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-09
MARKETW|SE NEWS
IS UNFAV0RAbLE
GENERAL UNDERLYING rIRaNEss
OF LIST OCCASION FoR
COMMENT.
CLOSE SHOWS GAINS
TRADING TENDS TO sLACkEN Az
TER MIDDAY, BUT AGGRE-
GATE BUSINESS FAtRLN
sUsTAINS SCALE.
CLOSE SHOWS GAINS

NEW YORK. Dec s.--EulHsh In
tentions we're displayed by stocks IN
the early dealings today, bar IN
strong and fairly active forenoon tners
eeTe operations which suggested real
.zing sales. and in the afternoon the
price movement was irregular.
Much cf the news HIGH was pub
lished during the day was rather I'M
favorable so that the general under
lying fTmness Of the list was an oc-
c@sion for comment. There were sev-
erat week features outside the special
Il class, among them New YORK Cen
trai. New Haven. American Telephone.
and American Sugar Refining.
The market as q whole WAS some
what reactionsry in the late dealings
bat the close showed an average O.
net gains. Trading tended to slacken
after midday. but the aggregate OF
business fairly sustained the scale
esta hiished when prices turned up
ward a week ago.
Canadian Pacific Advance.
Canadian Pacific was started n.
violent advance from abroad s,iInulat-
ed by suggestions Of some segregation
81 assets, which would amount 10 a
substantial distribution on the com
pany's shares ard the gain was re-
tanned here. Otherwise, pronounced
strength was not 40 conspicuous az
the pronounced weaknesses already
noted.
Various rumors circulated 10 ac-
count for the decline in New York
Central. but there was no confrma-
ton Of any of them including a re-
port OF negotiations for more fnanC-
ing. The relapse in New Haven was
attributable largely to the company's
special statement Of operating results
in October, and that first third Of the
fiscal year, the October net earnings
showing a decrease Of 1900. with
the surplus income for four months
down more than 100000 from the
corresponding period year ago This
naturally increased doubts about the
declaration of a dividend at the re
duced rate Of per cent. and In add
ton the New Haven shares suffered
from the considerations evoked by the
terms of settlement. which the gov
eminent has apparently offered the
company.
Tariff and Sugar
The conspicuous fall In American
Sugar Refining shares may have had
some relation TO the changed tariff,
bat was commonly supposed 10 he a
Consequence Of the suits for damages
Under The Sherman law which arc
reported against the company.
The recent price level Of stocks has
eanduced 10 "a degree OF long range
optimism regarding their ultimate
prospect, but the pathway to sustained
Improvement In quoted values Is I'M
Guestionably heset ny numerous OBJ
Stacles. One Of them was distinctly
denoted by the character Of the Lon
don advices British trade reaction
Is shown ny the persistent contraction
the foreign trade movement, or at
least its failure To maintain normal ex-
tansion. hut Just now London concern
IS more directly engaged with financial
matters
Cousols sold AZ a new low record
p25ce today. and while the foreign se-
eirity markets. In the main. were
steady 10 firm, the phenomena wit
neGscd In the latest London campaign
~ new financing are a bit disturbing
Saturdays bank statement, which
showed how easily loans could be
emitted, largely was n helpful stimulus
st the opening Of the Wall Street ses-
SION but before the day was over the
money market disclosed symptoms 81
8ewed hardening The ruling rate
Err cnn loans was z per cent but IN
be last hour good deal OF accom-
rsuoat!on was provided at rates rising
f.gn exchange displayed firmness. de-
msnd sterling holding around or
TITLE below ass Ia