The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-07-20
COTTON DECLINE
SENDS STOCK UP
MOVEMENT HELPED BY WILD
SPECULATION IN INTER-
THOROUGHBRED.
SCHWAUB Is CHARITABLE
MORE ORDERS FOR ARMoR PLATE
THAN CAN SUPPLY AND GIVES
SURPLUS TO OPPOSE


NEW YORK. July la.--Another
decline in cotton and grain prices.
with ideal weather reported over most
of the agricultural sections. caused
an upheavai in stocks to-day. Tine
movement was helped by Wild spec
uiation in marlborough Metropolitan
bonds and considerable activity in the
stock of the company. Canadian Pa
cifc made it's usual high record. this
time at 246 "A. All the standard
stocks did better, particularly Union
Pacific and Steel. both of which reach
ed the highest level on the last bulge
in the market.
In the late trading there was lin-
eral profit taking. inspired chiefly by
the sharp advance of the market the
last two days. This profit taking be-
came particularly noticeable late in
the day. when announcement was
made that the subway extensions
would not ae awarded during the
day BY the city. II was made plain
however. by official announcements
on the part of the city officials and
by President Shonts. OF the Inter-
borough, that an agreement had been
reached whereby the Interhorougn
Rapid Transit Company Will get about
everything IL wants In the way OF ex-
tensions and guarantees on its secu--
tiles. More than $4,000 geo par Of
marlborough Metropolitan bonds
were traded in and the significant feaG
ture Of the trading was that most of
the purchases were for the account
OF insiders Several insiders are
piunging on the long side OF the mar
ket In marlborough Metropolitan
securities
Although cotton broke badly again
and established new low records for
the year and new low records for two
wears in new crop options. the Chemi-
cal Company stocks did not move.
This was due partly 10 the fact that
they have had substantial advance
recently and partly 10 the fact that
the Virginia Carolina Chemical Com
pany announced an issue OF $1,000
ooe of new preferred stock to- day,
Canadian Pacific Strong.
Canadian Paciiic's strength was Cue
largely to reciprocity, which Is ex-
pec,ed TO add about si0a. 600 to
the intrinsic value OF the land held
by the Canadian Company. The ru
NOR Of bonus TO stockholders in the
near future persists. The insiders are
persisteutly advancing The stock be-
cause there is no speculation In the
shares. the entire issue having been
a bsorbed by investors, Besides the
company Is SO rich in sept cash and
other quick assets that any dividend
necessary could he declared TO NEE,
an erssrgeaeS.'',-. St, e. - "s> 's>~ @s.1'.
Steel stocks caused general rejoic-
ing when II crossed SO. That has been
the dead line for week and the prof
ii taking sales by traders carried IL
under SO at the close. But the dead
line has been crossed. and that Is
very important from speculative
point of view. 1t encouraged eonsid-
cradle investment buying. Stee,
stockholders were pleased at the APP
plication of the golden rule by Charles
Nj Schwah. who having secured an
-arnaor plate contract from the Cana
dian government for more tons than
Ethe Bethlehem Steel Company could
furnish turned the surplus over to
the Carnegie Steel Company.
Some of the persons who are try
ing to pull the congressional inses-
tigation of the steel trust out of the
hole into which IL has hurled itself
started a rumor that the Bethlehem
and the United States Steel Corpora
i ton had entered into com oinaticn
regarding armor plate The facts
however. do not justify any such con-
Ielusion...s The action Of Bethlehem
stock does not indicate anything un-
| usual except the unusual patience
with which persons having knows-
edge of its rapidly increasing value
| are waiting for proper time to make
! a demonstration in the stock mar
ket. President Schwab. OF tho Betn-
lehem Company, announces purchase
of enough ore In Sweden to last many
years. This Swedish ore is not SO
rich In. metal an much, OF the Amer
lean ore. but 1t makes unusually gooG
steel,
| SHE At Ice Stock.
Only 100 shares Of American Zee
stock was dealt In. but the statement
issued by President Oler. OF M
Knickerbocker Company. in answer
to the campaign that has been MADE
against the so-called ice trust by pol
iticians the last two weeks proves
that 1t is making very large earnings.
Its efrorts to give the public the
square deal that it demands for IT.
self has enabled II to sell in the first
| fifteen days Of July this year $4,000
tons more of Ice than it sold In the
last period last year. MFR. Oler admits
that the price Of Ice has been raised
| SO cents ton wholesale at the
Bridges, which Is apparently a fair
business proposition.f fin view OF the
extra charges put upon tho company.
The net result. however. 10 To In
crease tho earnings for stockholders,