The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-08-29

INVESTORS STAND PAT

NEW YORK, Aug. LIBERALIZATION
By short traders that the recent brsak
Ok about = points IN Union Pacinc,
~ points in Reading, and ii poin}s
In steel mad probably discounted rail-
road strikes, reduced earnings and
political anIAgonism. together with the
fact that the Market was heavily
oversald. and In position Ter ma
teriAl rally, caused short covering to-
dag that marked prices up from one
to two points.
Steel led ii point Of activity Up TO
,be last halt hour OF the session. when
L aion Pacific assumed the head OF
the advancing list. Final prices were
within small fractions OF the best. and
showed gains of from two to three
points from the low figures recorded
SATURDAY. The small UP turn vas
encouraging H.asmuch as brokers said
the tone OF the trading was decidedly
better than en- any Of the previous
up turns s.n~4 the inception Of the
down movement.
Exceptions to the general up-turn
were found IN Northern Pacific, which
declined 20 q new low price for this
year Of ia Ia and Canadian Pacific.
which early in the day broke &l-2
points on selling originating in Mon
,real and Boston. Mere than half this
loss. however was made UP in the
late trading,
No c. p. Retrenoh rent.
That the Canadian Pacific does not
contemplate inauguration o. a RE-
trsuchrpant poney was obvious to- dav
when II announced that II had in
creased the wages u all its mechanics
employed In Western Canada s per
cent.
/ Another stock to make r. new low
price for this year was Nirginia-C Caro-
/ Ina Chemical common Rt ST IA. There
had not been a sale Of Chicago ana
Alton in so long time thar the price
broke ten points when some one sold
too shares.
TIE heavy trading IN Steel may be
accounted for by the fact that Steel
men let Il be- known to-day that
earnings Of the United States Stee!
Corporation for the current quarter
will. probably be the bes; fer any
period OF three months SO far this
year,
These men are Of the opinion that
the corporation NlM earn, enough this
year 10 warrant continuation OF the Z
per cent dividend on the common. and
cover adequate charges for deprecia-
!ion.
Althoueh the Moroccan situation
was reported 10 snow improvement
foreigners continued to sell Americaf
stocks and London sent over a lower
range of prices prior 10 the opening
here.
Investors Not Alarmed
Several large stock market opera
tors and many small margin trader.
have been hard HIT by the recen
depreciation In prices, but the rea
investor. who takes his stock certif
Gates and places them In his stron.
box has stood firm on his investments
and showed no disposition TO becom'
alarmed at the present critical sftua
ton;
This is especially true to holders o
public utility securities which In spit
OF the recent drop IN the stock fnarke
are selling near recent high prices
! While 1t ia true that non diViden'
paying stocks Of Public Utility oCm
panies are from 4 To : points unde
the recent nigh figures, il liz also
fact that the common stocks payin
dividends are only from two to thre
points under the best and preferre
issues are within a point OF the hig
quotations.
Those pessimists who have bee
shouting ruin for the railroads re
ceived some encouragement when tn
Rock Island lines reported decreas
Of seT0.11T In net for July, but the
We're taken clear off their feet whe
Erie reported an increase In gross G
s224.343 and a gain in operating in
come OF s119.476.