The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-01-09
UP-RUSH OF PRICES
SUDDENLY HALTED
Little Doing in Stock Market
Aside From Professional
Operations.
LIQUIDATION IN N. & w.
Absence of Outside Trading is
Distressing Feature OF Pres
cnt Situation.
LIQUIDATION IN N. & W.
by BRoADAN WALL,

Nav York January s-Young bull markets
aud CHILDREN need to be coaHen, coduieo anG
,urned -ro-day's stock market started
strong with an uprush OF prices that prom
ised an active day. a selling ORDER IN Lni i,n
Pacific placed in the London merK Sers sim s,n-
niioi stock 20 the traders here. anu as there
is little doing aside from profcsFionni opNa-
tions the advance came 10 Il mart
then moved uneVenly.
New Haven fell to 75il on heavy decrease
shown In November earnings.
continuation OF liquidation In Norfolk
down TO 100 The street has reached the
conclusion that the Pennsyiyaniia VIII ,,,,i
ii necessary 20 dispose OF Its holdings in this
stock which amounts 10 something more
than 100000. 1t would. OF course. be I'm
possible 10 sell the shares In tho open mar
kAt and Il distribution OF the holdings 70
Pennsylvania stockholders Is not improo'
trading dropped around noon. when the
copner Producers Association issued the
December report showing an increase OF
was quite the poorest tepoIa ss. ,,s
the assoc.aton began It's monthly Teperh
some four years ago AS evidence or
lack OF speculative interest in tho copper
shares. Ainalgamated lost but point on
the day and Utah Copper and Anaconda only
>, each. No liquidation appeared ana 'ioa'
retired In disgust
some 5000 shares of Reading were dealt
in The price closed unchanged. but there
was a firincY undertonc. and the high inquire
TOO NAM small dealers had anticipated a
burst OF public buying 10 follow the an.
nouucement that Union Pacific directors mad
approved the plan OF distribution of Baitt-
more and Ohio and per cent in cash fug-
cestcd by tho executive committee nothing
OF tho sort occurred. Traders faced ehch
then IN sheer friGh, began to sell breaking
tie price to l61 in few minutes. AZ this
level good buying appeared.
steel Is barometer.
steel common swings along with the rest
Of the market acting as the barometer OF
general sentiment.
rhe close WAS frac,ionaiy lower. Rumeley
shares lost their early advance. Harvester
was strong, selling at one time at 1888.
Of points from the high figure OF few
days ago. Many of the minor industrinls
scored losses OF from lpi points.
Bonds active and strong. Southern
Pacific convertibics gained on the statement
that the company was not considering any
convertiples We're fractionally lower. New
Haven convcrthics wore strong. despite the
weakness Of the stock Steel IS were in bet
ter demand around loola. Rock Island coll
lateral ~ We're heavy, a condition that has
become chronic OF late.
With IL reserve oi 49.35 per cent compared
with $40 last week, tho Bank OF England
reduced IT, discount rate from TO AZ per
ON dealings in the London or New York
exchanges,
tinues good at improving prices. Local and
out-of-towu banks seeking offers OF
hich-grade securities, an assurance that
banker. anticipate easy money.
An alscnce Of outside trading IN stocks Is
the distressing feature OF the present
situation The UNDERGONE OF the market is
strong, ana there arc many Indications that
speculation VIII broaden with AN improve
mcnt in prices.
were symptoms % weakness in various quar-
ters at the outs't today tho general move
uent Was upward. Reading especially was
ON active demand. The market failed. how
ever. To ma'Atain It's strength. and during
lsle "a rrpG tpT lS.
luw Yesterdays close.
Reduction in tile Bank OF l3ngland's dis
important Influence for a time. assisting In
the uptGrn The effect of the change ia the
showing OF the banks weekly statement. dts.
closing an Increase in the proportion OF re-
serves 70 liabilities from SS.a9 10 isSi per
cent There pa evidence OF improving con
diucns in the-domes-ic money market also
,"l loans Werd renewed at 21a per cont. and
lower rates were quoted FOR time loans a nd
mercantile discounts The afternoon reces,
zion IN stocks was Influenced by several de.
vsiopments The monthly copper statistic.
showed an increase in stocks of 1900 0Gi
pounds. much larger falling off ia consunip.
zion than had boon expected. Domestic dc.
iiverits were the smallest Of any month o
me I'VE years IN which tho Producers Asso
cation has beeu issuing reports Cope.
stocks which had held up weil in the fore
nooi. SOLD OF sharply on the appearance.
mother Disturbing feature was the acu,,
over points New Haven also declined al
ruptly owing 20 the poor showing OF IN,
ROADS November statement.
Bonds were Irregular with am unusr,
trend United States : advanced !. on call
Panama IS coupon !cll q.
New York January s-Monoy OIL call ,as
isr' 2G2. ruling rate ~; closing. 2s.G9s.
Time loans. weaker; sixty days. laf. n,net,
days ia. six months 4l.G4i7 Prime n,er
camille paper. vU5ir Sterling eNchans
strong al $3.50 for sixty days aud at s. 61
icT demand. Commercial bills - seiy ma
silver. 6l4. Mexican dollars 49,, Govern
inent bonds irregular, railroad bonds irreri,
lar.