The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-11-22
THIRD AVENUE
Wins VICTORY
MEANS THAT 1T CAN REORGANIZE
WITHOUT FURTHER
APPROVAL.
STRENGTH Or COPPER
RAILROADS CoMFORTED BY FACT
THAT SUPREME COURT Is
CONSERVATIVES
ERS APPEAL.
STRENGTH Or COPPER
hv THOMAS c. sHorWELL.


NEW 4OAAIA, ANUv. SIS tieIIs N or
the copper SUCKS, weaAness OIL Inru
avenue ana siierp auvau.es IN LOUIS
vitie anu 4>asnvlile aha AtianlIc Coaet
Lines, 1Uiiuwln an Increase OF tue
disiueAo OF the iatter to seven per
cent. rate, were features OF me SUCK
market TODAY. UnI.eu otates steel
recoy ered most of tae loss accustomed
by the alarm over !. p. Morsans ac-
cideiI on sunday, and the market as
whole was eneerfuI although quiet.
The 9lnners' report was a oisappuint-
ment to the cotton bears, out they
concealed their disappointment and
hammered options to lower prices
than any prevailing In recent weeks.
railroad earnings made a good show
ing.
The condition OF the copper metal
market seems to be better than tor
several years Consumption of metal
has been below the normal in this
country, but the low prices have en-
couraged Its use so that there is now
healthy growth in the use OF the
metal. The industrial boom in Europe
continues. 1t seems that the back
ward movement no.ed a month or
more ago. was oniy q reaction and
not q collapse. 1t was que largely
TO fears OF war. The copper stocks
have been neglected and pre~ent con-
dlttons seem TO justly speculative at
tention.y The really good coppers are
much too low. such stocks as Ctan
Nevada and Consolidated peing unaer
their speculative value. compared with
Amalgamated. Nevada Consolidated
Is proportionateiy lower tnan the
others. On the basis of its exchange
for Utah It ought to be se,ilng around
%.
Third Avenue Victory.
Third avenues victory before the
Court of Appeals means much to the
speculative world. Shorn OF all the
techn!calities 1t means that Third
avenue can reorganize without the
approval OF the Public Service Com.
mission. II Third avenue can do SO
then Metropolitan can also, and the
supposition now Ia that both com.
panles will reoreanize Immediately.
According to the on.clal plan for
reorganlzlng Third avenue there will
be an assessment OF $40 a share on
the stock In return for which win DO
given stock in the new company eQua,
to the assessment paid Plus 40 pea
cent OF the Old par in q four per cent
bond. This new bond SOLD To-Day at
ter the courts decision was rendered
at "a. and the new sock sold az 80
on the curb. That makes the old
Third avenue stock worth $o.95 q
share.
The new five per cent. income bonds
sold on the curb at So L.. Holders
of the old four per cent bonds OF the
system receive on surrender twenty
five per cent of the par Of the old
bonds in new stocks; twenty-five per
cent. OF par in the new IL. and sixty
in <
come bonds According to the prices
prevailing on the curb to-day the Old
bonds are worth ~ 6-S.
Increase of the Atlantic Coast Line
dividend was verincation of a rumor
tina. has been in circulation for. about
six years. This is the year rumors
come true. and when one remembers
that Brooklyn Rapid Transit. Ruooer.
and American Eeet Cugar are strictly
paying dividends, that the dividends
on Consolidated Gas. Reading and At
lantic Coast Line have actually been
: advanced, how can ore doubt that the
Lehish Valley really intends to do
lie segregating?
Railroads unhurt.
Railroad stocks were not hurt by
the appeal made to the Supreme Court
by the department OF justice OF the
decision OF the commerce court for1
bidding the lowering Of rates as or
dered by the Interstate Commerce
Commission in long and short haui
caseg. The old rates stand until the
case can be settled by the Supreme
Court. and the well known conserva-
tism OF the Supreme Court II a COM
fort for the railroad management
Railroads are making good earnings
now. and are buying their new mater
ial ut a price that represents practi.
cally no profit to the Steel companies.
The report Of the Railway Securities
Commission that IL now in the hands
Of Pre- sident Taft will be q bullish ar
gunent on railroad stocks and bonds
no matter how severe II may be. Tho
reason for this Ii that government su-
pervi~ion OF railroad Issues viii be
a guarantee Of their value by the gov
eminent.
The Chicago -ackers appealed to
the Supreme Court the question OF the
validity Of the criminal section Of
the Sherman antt-trust law under
which they are to be tried.
Number Of shares sold to-day, 3SA..
$50: q vera arc. Ss6.se3.
Par value Of bonds sold to-day, g..
29S 600: "A ye1r aRp n TIA Efl1