The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-02-04


por,ant railroads, European investors
became frlghtened by the thought that
standard OIL may repeat tho methods
by which 1T has secured its wealth md
power III their railroads. This consd-
Grafton and the impending huge Issue
OF new railroad bonds were the prln-
cipal forces that convulsed Wall Street
during the most part of the last few
days, Outside Of speculative pools and
poorly marEsned accounts. American in
vcstors have not thrown their stocks
away. Tho cool -headed among them
take hopeful view OF the future, for
they know what great rejuvenating
power this country is possessed OF, and
that the remedy for abuses and excuses
Ii always quickly forthcoming in this
country az soon as the people once
awaken 10 Assert their rights and their
power.
Have Stocks, Struck Bottom?
That leading railroad stocks ike those
or the New York Central and pcnnsyl-
wanna have dropped TO a level out OF pro-
portion to their present dividends,
prompts the question how far lower
can they or other good stocks of assured
value go. New York Central and Penn
syivnnia, considered from the standpoint
Of what they bring investors at present.
are almost as low az they were during
the darkest days Of 1909. Are we to see
values go evsY Epder the prices OF that
Period OF indigestible securities and
widest speculative cxcesses? While
everything is possible In this world and
IN Wall Street, especially it Is that the
unexpected happens. yes, there are few
whose nesSimism goes so far as 10 cx-
pect q further crash In stocks like New
York Central. Pennsylvania, Baltimore
and Ohio, st. Paul. Northern Pacific.
Great Northern or Chicago Great West
crn. They all have atructs almost the
panic prices OF a W.. SO far the denrecia-
ton IN thfrtv-HVe leading stocks amounts
to over St9,o G90.GaO. That the dawn Is the
nearest In the hour OF the creates, dark
hess Is probably indicated by the APP
pearance OF ricl, bargain hunters in the
brokers Office during the last twenty
four hours OF the past week. They, like
the first birds on an ocean vessel. who
Indicate the nearness Of land. are usually
the first ones "a ind out wien stocks
lave struck E3ttnin. Mrs. Hetty Green
iG said 10 liare4bcen one OF the first bar
pain-hunters when she learned tina Penn
asyivanla had dropped under 100. IT Is
circulated that she succeeded In picking
up about 1900 shares between 129 anc
100 Ittis said that about three years ago
shares or Pennsylvania between liz and
HI and two years later parted with them
around $50.
Industrials Comparatively Strong
If the severe sumps We're not mostly,
due to the desiraScf European investors
to get rid of Yankee stock" and the
reaction WAC prompted by real dangers
o. the prosperity or our country. 1t would
hAtr oh fv,flt ff-f1 sfn tor II
AS II did the rails. But this was not
the case. In l903-l9pi the industrial stocks
were the first ones to suffer under the
onslaught of the panic. and the last
ones 10 recover. This time these stocks
suffered the least, and when they drop
ped met with q surprising absorption by
Investors. Especially was this the case
with the issnes Of the railroad equipment
companies which are all considered as
having under present conditions a bright
future.
A Rotten Bond Market.
The bond market remains in poor.
condition. The sales of bonds listed
on the New York Stock Exchange have
dropped Off e-half, as compared with,
those Of January, 1905, when they
amounted to over sloo,00Oooo
II there is one department OF the
security market overloaded with in
dlgestible issues, 1t Is the bond market.
Many bond houses which usually sell
to savings banks complain that they
cannot even make expenses. per cent.
and 41-2 per cent bonds can only be
sold at good concessions, so as TO net
the investor at least per cent, while
per cent. bonds. II offered at price
so as to net the investor between 8 1-2
per cent. and per cent, meet with
good market, especially among private
investors. This shows that attractive
bonds whose interest rate is attrac-
tive. that Is. IT corresponds With pre-
Sailing ideas what money ought to
bring at present, are liable to ind
eager buyers.
The Magic of Printers Ink.
for YOU In the hour of their need
for a market the big bond syndcates
have turned to the press to attract in
Nestors by advertising. In the last
few years only two bond syndicates
have turned out. a great success, and
have made money, and they both did
! 1t by newspaper advertising. These
were the syndicates that placed the
Cuban and Japanese bonds on the
market, Both subscription Offers
through the advertising columns of
the press. have netted the syndlcates
handsome profits, j, p. l,organ and
Company and Kuhn, Loeb and Com
pany, who are now trying to sell $4O,-
100000 convertible bonds OF the Ameri-
can Telegraph and Telephone Com
pany. through advertising, may have
the same pleasant experience. These
houses, like all other large and small
bond houses, have found that bond Of
fers by circulars sent to investors
broadcast all over the country, hardly
meet With any notice. and that the
best and cheapest way to reach In
vestors is BY advertising to attract
their attention at tho time when they
read their favorites house paper.
Copper Stocks.
The strongest speculative stocks have