The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-12-19
PAUSE IN ADVANCE
PLEASES BANKERS
WILL ENCOURAGE REIMBURSEMENT
OF LARGE JANUARY DIVIDEND
DISBURSEMENT.
FORM COPPER COMPANY
INSPIRATION Is ITS NAME-AMER-
ICAN TOBACCO COMPANY PRE-
FARES TO CUT IT'S MELON
AMONG FRIENDS.
FORM COPPER COMPANY
By THOMAS c. sHoTwF1L.

NEW YORK, Dec. 1S.--Iiigh prices
Of stocks in the early trading at
tracted proft-taking in Wall Street
today. with the result that net losses
we're recorded at the close of the
session in most issues. London brok-
ers reported free selling from New
York in advance of the Wall street
opening. No news was made public
during the day to justify selling OF
stocks and the movement seemed to
be purely technical. 1t will proba-
bly, be discovered within a few days
that some important operator has
taken his profits in preparation Tor
a Christmas holiday. The movement
was general.
Encourages Reinvestnent.
This pause in the advance in the
market was pleasing to the conserVa-
tive bankers, for it will encourage
reinvestment OF the $220.o0o.ooo that
investors will receive Tor olVldehos
and interest the first week of Jan
uary. IL the market were to ad-
vance continuously from this level
persons receiving dividend and In
terest payments would undoubtedly
hold off before taking more stocks
and bonds. A reaction is therefore
advisable for investment. as we'll as
speculative reasons. The reaction Is
al the more cheering because It Is
not attended With any w1td stories OF
trouble. The financial atmosphere
seems clear, and for the first time
in months traders feel encouraged TO
attempt something on the exchange.
Lehigh Valley was the only stock
to display great vitality. on heavy
trading it climbed to 1874 IL.
New Copper Company.
Copper stocks were sold and show
ed the effects of this at the close
of the market. Shortly after the
market closed official announcement
was made of the organization OF the
new Inspiration Consolidated Copper
Company. with capital of $4,000
900 in shares Of $40 par. This COM
pany represents the merger OF the
Inspiration Copper Company and the
Live Oak Copper Comps The price
at which the two companies went
into the merger is not announced,
but as Inspiration sold today at 10 IA
and Live Oak at Al. 1t Is assumed
that they went in at the proportion
of four to one. Miami will not be
included in the consolidation now. as
OF stock will remain in the treasury.
there are hopes. Inspiration has So
900. 900 OF ore in sight and Live Oak
If, O0c, 900. making total OF 45.eoo,-
900 tons Of per cent. ore by the
new company, which Is controlled by
the Cole. Ryan Thompson group or
operators
News from Washington was reas-
surfing. and consisted chiefly OF the
abrogation Of the Russian treaty In
such manner as to avoid a clash,
with Russia, and an estimate by the
Department of Agriculture OF the
production and value OF important
farm crops for the year.
Snow Good for Spring Wheat.
The production figures were some
what under the. previous ones. but
In nearly all cases except wheat farm
prices were higher than last year,
thus evening up the situation for the
farmers. One reason this report did
not depress any one in Wall Street
was the abundant snowfall reported
In tho spring wheat section. Five
feet OF snow IN Dakota, as reported
today, goes a long way toward In
surfing a crop next year. The coun-
try in general received liberal sup
plies Of rain and snow, and any long
distance forecast or next year . crops
must be cheerful one.
The American Tobacco Company
win begin tomorrow mailing to stock
holders certificates representing their
I'equity In subsidiary companies. The
one In which Wall Street Is most
heavily interested Is United Cigar
Stores. Of which a large volume is
already in the hands of the public,
In anticipation Of selling by persons
, receiving the stock tomorrow. United
Cigars sold today at 201 on the curb
market. This compares with ESQ.
the price at which II sold about two
weeks ago. This decline must GER
tainly have discounted any possible
| selling. All summer United Cigar
Stores stock was bone OF conten-
ton. as the American Tobacco Com
| pany was anxious to retain 1t. The
Cigar Company bought $2b.0o0,0oo OF
Tobacco from the parent concern
| this last year, Its business haa
grown rapidly IN recent months, par
| ticularly since dissolution was order
ed, The presumption Is that the
Cigar Stores Company was thought
f,il enough to load up with lot
Of Tobacco at inside prices before
! the goyernment's decree went Into
effect. | The Cigar Stores Company
H. to DO reoruahised early tp III