The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-06
DRIVE AT STOCKS
NOT CONTINUED
Market Narrow and Dealings
Largely of Professional
Character.
HOPE is GAINING GROUND
Little Doing Now, but Street
Expects Better Things
Soon.
HOPE is GAINING GROUND
ny BRoApAN WALL.

New York. January S.-Stocks closed
nr,n to-day under the lend OF Union Pa
c!fc. which advanced SIS. The drive
at prices on Saturday was not con-
tinued to-day. For the greater part Of
the day dealings wero entirely pro-
fessional in a narrow market TINT en-
oourared the small operator to play
for reactions.
This dullness on declines is called a
favorable feature Any attempt to
purchase stocks In quantity brings the
whole list up with n snap.
California Petroleum attracted early
attention by ten-point rise In the pre-
ferrcd to CO. and four-poin advance
Pacific Slope of the bringing IN OF a
b.O0o-barreI we'll. Mexican Petroleum
moved up in sympathy from Al to
~ j-4.
The belated annual report OF tho
Southern Pacific Company was con-
strued rs highly favorable document,
with It's showing OF nearly 10 per cent
earned on the stook, The shares re-
sponded fccbly. enthusiasm expanding
itself In the upbidding of Union Pacific.
Al tho same time recovcries OF a point
or more took place in the general list.
President Farrelrs assertion that he
regards business prospects as bright,
the first optimistic statement on the
steel situation in some time, brought
fractional rally in Steel common.
copper shares were neglected with
somewhat heavy tone.
Trading in Canadian Pacific was very
much confused. Early prices from
London showed a decline of 1-2 points.
which was recovered. only TO be lost
by two-point drop later In the day.
Selling for foreign account was noted.
Another Canadian issue, by Sas-
katchcwRn, of n fivcyear loan at %
ncr cent will BIO offered ut 96 12-
further rejecting the urgent need OF
Canadian provinces for additional
financing. This had = depressing effect
on the London market
United States government bonds were
firm. Other high grade Issues devcl-
oped broadness and all-around strength
was noted In the general bond mar
kct. New Haven convertible debentures
rose to OIL and Boston and Maine notes
jumped to rs. Less than n week ago
they sold as low as 80. Rock Island
bonds made substantial reooverics from
the low prices of Saturday. For the
fourth week Of December, Canada n
Pacific showed n decrease of SS41, 200
and Missouri Pacific S145,70o. Louis
willie and Nashville for November
showed loss OF $4,000 in net Ches-
apeake and Ohio declined $4,000 gross
and $4,000 not, while Norfolk and
western lost $4,000 net.
Unfnvoratlc traffic returns were
somewhat Offset by the announcements
of railroad shops resuming operations
Checrfulness is becoming more ap.
parent as the days go by. although
stockholders chafe under the narrow
markets and consequent meaGrc com
missions.
Attention is no longer rivetcd OF
Washington with dread OF new attacks
against business. An aggressive trade
probably could bring about a genera
advance in prices by the judicious dis
;ributlon Of buying orders for Il few
thousand shares.
New York January d.--Atter moving with
IN narrow ana irregular limits for tn,
greater part OF tho session. to-dRy's stool
market became quite active In the later deal
ings under thr lead OF Union Pacific. ant
closed with a l1,Inbrr OF material gains.
Early trading was dull and changes othe
than fractional were limited to the oil
shares, California Petroleum issues. especial
Is the preferred stock making sensational
gains uuconhrmed reports that "a "guaher'
OF great volume had been discovered. Othc
petroleum shares moved up in sympathy
Tie late rise ir Union Pacific was attri
buted to short covering. The strength o
Southern Pacific followed the publication
III tho company's detailed annual repor
showing earnings o: almost 10 per cent ap