The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-11-24
MARKET RUMORs
ARE NOT kEE0Ep
ALREADY HAS SUFFICIENT NO.
MENTUM TO CARRY IT TO
- HIGHER LEVELS.
u. P. AND STEEL LEADERS
STORY OF SEGREGATION OF Z. r,
BRINGS REMINDERS THAT
WILL PREVENT ANY
UNDUE HASTE.
u. P.A\D STEEL LEADERS
BY THOMAS c. sHOTWEI.D.

NEW YORK. Nov. es.-Union
Pacific and United States Steel were
made the market leaders in Wall
Street to-day because the traders OBJ
jected to leadership of the coppers /
1t was easy to furnish rumors tol
account for the advances and. al
though the same rumors have done
service for years. they were taken
seriously once more. The rumors
were not necessary. for the market at
the moment has enough momentum
to carry 1t to higher levels Result.
of the days trading was a general
advance In active stocks.
Authoritative reports from steel
headquarters are to the effect that
the tonnage of untitled orders hast
increased materially. The trust isI
operating rs per cent. Of its mill
capacity. reduction was made In
tin plate. but steel prices In general
are at such a level that an advance
Ia expected In the near future. Much
of the strength of the railroad stocks
Is due to the low price at which they
are buying material Improvement
is reported In the coke trade. winch
can only mean that the steel trade
Is improving. Railroad earnings ana
bank clearances remain at high
figures. Individual business men deny
that there is any improvement but
there are the earnings to prove that
there Is improvement.
Nothing Gained BY Haste
In connection with Union PACING
the old story Of segregation was re-
lvived, but with this difference that
the Union Pacific Is now anxious 70
hurry UP segregation and readJust
Its finances before Congress can paas
any laws restricting the output OF
securities That IL what the railroads
tried to do with freight rates . TX.
Tie more than a year ago. They trisd
to hurry up the advance oe1ore lne
Interstate Commerce Commission
could have any formal authority, and
what happened to the railroads on
that occasion Ii sufficient answer 70
the rumor that Union Pacific Is going
to run Q race with Congress.
II business is improving as railroad
gross earnings and bank clearance
saw il Ia then stocks are cheap anc
will not be necessary to rush out new
security issues to get ahead OF Con
gress Segregation OF coal proper
ties by the coal railroads VIII come
as a matter of course and Is neces'
tSlfy ulQGT eAIsllHE A0"~
Reducing Surpluses-
overrrovn surpluses are unpopu
lar lust now and some companies are
moving to reduce them. recent no
table exceptions being the Atlantie
coast Line, Brooklyn Union Gas and
. the National Biscuit Company. Tne
Edison Electric Company made
very bad Impression to-day by re-
! fusinr TO make public the terms OF
which il furnishes current to severa
, large users. A public service cor
poration ought to have no secret con
tracts with any consumer, ana
is just such incidents - that o. 70
day that keep alive the feeling O
resentment against public corpora
lions The Edison has no compot'
Itor from which 1t il necessary to con
, cal ITS business and its refusal .
.. make public any contract Jnstines I'M
ru,nicion that Il is favoring eeftaii
consumers. The matter presents
Legitimate excuse for an invesusa
5 ton. . ra..
Line bonds attracted much afternoon
. lThey were very active ana advance'
ia point. Southern Railway
strong because OF the increAse % -
,ncome from investments fCSiowln'
thA extra dividend paid ny the GIN
csnnati. New Orleans and Texas Paci
nc. Illinois Central advanced NOR
than four points. ~,
Frisco certificates for Eastern uil
nots rose four points. and Sears Hoe
buck was up III.
Number OF shares sold to-day
ss7.sIS; year ago. holiday.
par value OF bonds soid to-0e'
lsI.ox2,000; year ago. hohoas'