The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-10-14
MARKET IS QUILL,
THOUGH STR0NG
BONDS OF AMERICAN TOBACCO
COMPANY ARE TRADED IN
|. on HEAVY SCALE.
RUSSIA'S CROP SHORT
COTTON GOES To IT'S LOWEST FIG-
IRE IN THREE YEARS
AND SINNERS ARE
HOLDING OFF.
sY THOMAS c. sHoTWELL

NEW YORK. Oct. 13.-Bonds OF the
American Tobacco Company, both the
As and G's were traded In on & heavy
scale to-day with sharp advances In
both issues. American Beet Sugar WAS
another issue To- make high records.
Cotton made new low records, wheat
advanced ON announcement of a bad
harvest in Russia, but the general
stock market was dull though strong.
1t appears that large blocks Of the.
4 per cent tobacco bonds have been
picked up BY operators who VIII re-
fuse to accept any plan that does net
give them about par for the security.
They claim that the bond is contract
To pay par ana they insist on It's fui-,
fiilfnent. 1t would he absurd of course
TO consider the idea of the tobacco
trust being ifa:solvent and action of the
market suggests that the Insiders are
willing ~ let The company pay par
for them. The 4 per cent bonds ad-
vanced on the theory that they Will
be worth 100 under the terms of tn~
reorgan ization. They are to get $500
In cash fer each $1,000 and $500 pay
able in q seventh per cent bond winch
is already quoted on the New YORK
Curb at leo. thus making leo for the
skies.
and the buySng seemed tn be first
class. Bankers. however. are adyis-
ing the liquidation of Beet Sugar by
small investors because the high price
of sugar brought about entirely by
crop shortages IS sure 10 tnfiane ttie
public and make q demand for re-
duction of the tariff on sugar popular.
With radical congress such as will
be In session this winter there Is no
telling what will happen to stockhold-
efs OF the two great sugar companies.
Russiass Crop Report.
Russia issued an Official estimate or
crops to-day following that OF the
United States, and the Russian esti-
mate places the yield OF wheat gao
600, 900 bushels under that Of last year.
the yield OF oats l5o,oto.oo0 bushels
less and rye 4s.000,a0o bushels less.
The dry weather has been general and
the revolution In China is direct re-
suit OF partial crop failures in that
part of the country. The only respect
in which crops of the United States
showed any Improvement of impor-
lance in the latest report over those
of the previous report were the ad-
dition OF 10, 100000 bushels to the po-
tatoe crop and lo0,0uo.ooo bushels TO
the corn crop. The public in general
ignores the shortage OF 100000 tons
of has bat this viii be reflected liz
the record high prices OF meat this
winter.
An authority on steel said to-day
that the market for material is in
state of Generalization. Would be
purchasers can get almost any price
they are willing to- pay provided they
pay what i, cost to produce the ma
terial. Quoted prices are ignored en-
Nd bafh ne ief III tho indie.
pendents are looking for orders except
in rails. Rails hold firm as though
10 ssefsa the u saassa STAKES government
to do something.
Cotton ut Bottom.
Cotton sold at the lowest price in
three years and the activity of the
cotton market Is drawing many traders
away from stocks. SPINNER are hold
ing off. believing that prices will sink
much lower and about the only pur-
chasers Of options are traders who
have sold short higher up. Thus al
though short selling Is heavy the vol
ume Of short contracts is not growing
because one abort sale automatically
retires an outstanding short contract.
The great crop OF cotton instead OF
being an inspiring influence 10 devel-
oping into new cause Of trade ae-
preston,
Although insiders are iiauidating
their Reading stock as rapidly as pos
sibio without attracting attention the
price holds firm because too many pro-
fessional traders are helping the at
torney- general tn his latest BRIEF tn
the case against the anthracite coal
trust made such charges as the Inter-
state Commences Commission cannot
AFFORD to overlook II the attorney
general is correct tho Interstate Com
merce Commission should reduce the
rate on anthracite coal to one half OF
what they are ut present. The COM
mission can DO this without waiting
for the Supreme court to act and this
reduction OF rates would enable many
independents to come into the market,
thus reducing materially the Intrinsic
value OF the coal shares.