The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-12-29
TRADING ON CHANGE
GROWS IN VOLUME
United STATES STEEL AMONG
LEADERS IN RALLN, WITH
SUBSTANTIAL GAIN.
RAILROADS LEAN YEAR
SOUTHERN SHOWS DECREASE FoR
NOVEMBER OF MORE THAN MIL
LION AND QUARTER IN GROSS
RECEIPTS.

New York, Dec 2s-From Satur-
days record duilness dealings in
creased in todays stock market to
600 shares, a total well up to the
average of the volumes since the re-
opening of the Stock Exchange As
nearly as observers could determine
Saturdays stagnation. with its reyela-
ton of lack of pressure Of offering,
and its demonstrated scarcity Of
shares. was the direct cause of the
decided all around upward movement
of prices with which the new week
opened, The list was generally strong
from early in the forenoon and gain
ed in strength az the day advanced.
closing at about the best figures
Leadership for the rally was sup
piled by Reading. Union Pacific,
Amalgamated Copper and especially
by United States Steel. which showed
that an important stock did not have
TO rest at its protective movement
merely because ii had reached it.
Final figures exhibited a substantial
average of gain In a large number
of issues. Short covering undoubted-
ly played q part in the dealings and
there was more than a little indication
that short selling had much TO do with
some Of the recent heayiness of the
market
Aspects Of Money Aids Buying.
Anticipation of the reopening of the
London Stock Exchange may have
entered into the Wall Street reckon
ling, and il is possible also that the as
poets OF the money market encouraged
buying Still it will not do TO try TO
establish connection between ordinary
Developments in the field OF news
bearing on values and the immediate
action OF securities There was quite
10 little favorable news while stocks
were going down in the past fortnight.
and they strengthened today in the
face OF depressing information, which
sincIuded some very poor railroad re-
ports for November. The bond de-
partment was quiet. but Arm. and in
this quarter of the securities market
there Is a more evident direct response
TO the persistent cheapening Of money.
Among the November returns Of
railroad earnings that of the Atchison
was conspicuous for gross gain OF
is311500 anu a net gain OF $if2,oe0.
The Southern Railways report of a
decrease of $1.2ss.000 in gross with a
net loss OF half as much. and de-
creases Of sS55.000 and $4,000 In
the CHICAGO and Northwesterns GROSS
and net are presumably more repre-
sentative Of railroad results Last
month.
Call Money Rate Lon.
Call money was renewed and ruled
today at the rate of y per cent. the
Lowest rate since the exchange openc'i.
Time money was ~ per cent bid for
all maturities up to six months. and
Is likely TO lend below that ngure in
a few weeks Commercial paper rs
quoted at to Az per cent and the
banks are unable to fiDd anything like
a satisfactory offering of 1t in which
ito invest their increasing plethora OF
flor all forms of remittance. and sterl-
ing sold at the lowest OF tire year. with
demand at 4S6. A variety OF gossip
and conjecture about the possibility OF
gold imports was INDUCED in and it
will be interesting to see what attitude
British finance takes toward this cues
ton when 1t becomes practical.