The times. [volume] (Richmond, Va.) 1890-1903, 1901-10-18
HARMON ak
RAISES PRICES.
Belief That Western Railroads are.
Uniting Their Business.
THE PuPLlc REMAINS TIMID
Waiting for Changed Conditions Before En-
tering the Market-iiore Confidence
Manifested Poor Bank State
m:nt in Prospect.
THE PuPLIC REMAINS TlMID

Wall Street traders Used the organiza-
ton of the new Chicago. Burlington and
Quincy Railroad Company. with a capital
stock market yesterday morning. They
succeeded in advancing prices about one
/. point en- Northern Pacific, Union Pacific
and ST. Paul. and in strengthening the
ever, prices began to weaken, and the
close was at near the lowest figure Of
the day, though fraction above the
close of Wednesday.
All sorts OF speculation is rife in regard
to the real purpose for which the new
company was organized The ostensiole
purpose was to take over the old CHI
cago, Burlington and Quincy road, but
there turks in the minds OH ,tinanciers
and railroad people an idea that this
company is part Of the much talked 'of
plan to organize the Northwestern rail
roads into one gigantic company and
thereby perfect the community of interest
plan.
AFRAID TO BUY.
On the strength OF this belief many
SPECTATORS are entering and others are
anxious and ready to enter the market
as soon as normal conditions obtain.
There is an uncertainty surrounding the
stock market at the present time that
produces procrastnation among some
people wanting to invest their money.
Many believe that the market will sell
lower before any bull movement is in
aug,wated. They are waiting to secure
batter bargains. Others only buy when
the market is buoyant and the excite
ment III stock circles runs high. The lat
ter are in the majority. They are in
huenced by the profits made by those
who were fortunate enough to buy at
bottom prices. The latter are seiuom
MONEY makers.
SUCCESSFUL SPECTATORS.
The men who study conditions closely
and refuse to wait for bargain counter
prices to buy and likewise for top prices
to sell are the ones who generally sue
coed in the stock market. The men who
are buying stocks now believe stocks are
cheau at quotations. They apparently
are Indifferent to the Fact that they may
go lower. They are buying to hold until
the tide of money changes. when they
know nrices will advance. They Will sell
for a -rea sonable profit to those VINO are
waiting for a buoyant marketln when
to buy. The latter may make some mon
ey and then they may not. At least, they
will own stock and pay interest.
COPPER CONDITION IMPROVED.
IN. co,,re; kings disc!aim any lr'eh-
ton OF reducing the l1lce en- SoPpei' 'Sia
clai;: nave thu sS:t,l"' CT ven II: liahu
Cop-2er orencd at SIS IL anu clossu a. -
Sc.
IL. Lawson, OF Boston, - iel''i. ~ 80
ing a bull on. copper
,,be principal changes in stock quota.
t;ons Yesterday were as follows: ST.
Paul opened at 1874 3-i and closed at 100 l-o;
Atchison opened, at Il II and closed a.
II as: Sugar opened at III IL and closeo
at IFS rs; Steel, common, opened at 10
ard closed a 40 IA: peferred opened d.
81 and closed at 50 T.
The PROSPECTS for a favorable bank
statement tomorrow are not good
MODERN MONEY. IAkERS.
Harpers Weekly in its current issue,
quotes a French minister as saying: II
You wish to grow rich quickly buy IN
dustrials; II you wish to sleep wen buS
governments.
This journal claims that the distress
which has cvetaken some oil the lt'oos-
trial companies was due to the capitaliza-
ture years made for them by their pro-
moters.
JUDGE NOT ALL.
"Too ra pic; conclusions have been drawn
of general business conditions from the
unsatisfactory affairs Of few concerns
representing a small percentage OF trace
interests. Because a company controlling
the visible supply of copper in the United
States, and itself dominated by the most
powerful aggregation OF capital III Il
world has reduced its dividends, OWING
to an unsatisfactory foreign demand Tor
it's product, but primarily as a step IN
a gigantic plan of ciutcl1ins more firmly
the copper industry of the world: because
a, car-mal1ing concern, a glucose prodtl-
GER q bicycle and Il rubber trust, and pos
sibv two or three other corporations
identified with minor industries, have not
been able to show q prosperous side to
the various fields of business enterprise
with which they are identitied-the cry
has gone up that Investigation will re-
veal a waning state of commercial Vi
tally in other sections.
But the skater Goes not avoid the fro
zen pond because there are danger signs
at isolated points
SPLENDID PROSPECTS.
THE conclusion has been reached that
DI lil6 c!lO tlliS I'd. oIdSiS LIZ iiSNi
IL a million and half tons OF steel rails
will have been placed with American rail-
makers by American r ailroads. The
United States Steel Corporation has just
shown that it is earning more than its
projectors claimed for it. These are two
facts that illun1ine another side of the
Industrial picture. Then. in milking a
broad estimate of conditions that make
for general prosperity. it should be re-
cogn!zed that the material well-being of
the United States is more accurately
measured from the earnings and earn
ing CAPACITIES of the railroads than from
those of industrial corporations.
Railroad revenues represent the ac-
tivities Of all sorts of manufacturing en-
terprise, and in addition something of the
volume Of those crops whose free export
swellS the sum of our balance of trade.
together with the OUTPUT of the mines and