The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-12-28

HARVESTER HARD Hi
Il, THOMAS &. suoTw ELL,

NEW YORK lbs -1,~~5'VeAs
turned weak IN the final trading To-
day. with the result that MANY net
losses eere recorded iur the session
In the early part ot The day TAN.
AYnalranaAted I4ehlgh Valley, Mef-
x.antsie Marine Biscuit and tethI"-
hnn, Steel were the strong features.
4 MANY traders persisted ia tie os.41|
tha, Iehigh directors really would dc
clare an extra dividend before t"t
cad OF the ia. and When thai lance
shee Imagined something IL to4Ilec~
fioU with Iaolae Mai! that pot II ap
half q point This is the proper ttHt
10 begin the songrv sSiVNe l}ni4t""
inoven1e nj in Pacific Mail
Although weakness "3S not pIV
: Eaanced it the market AA ihaail h@uie
sentiment passed over the Street ti'e'
reerued 10 forecast lower prices next
week. Nobody s,eGued 10 have any
definit, in..Th,ation. hut the Steel
Trust shares figured largely N int9
inary stories. 1t is undeistnod thA'
high Authority on steel ma pre-
pared an analysis II steel Trust
earning for 9he past year that 10
expected to cause selling OF the STOCK
The autbuTitg Was@slot named TO-DAY
h,st The r,erutr WAS taken very serious
ay In higs quarters The important
feature Of this analysis seems Ia DC
that the trust. W hile taking aFaefs
on a heavy scale, Is making hut snaA
q profits per toH and this IN connection
with the fat that not enough was
written off at thu end Of the Sep
ternbey quarter for depreciation leads
to a conclusion that the dividend On
the common stock is barely earned
In this quarter. Then there was
report OF two or three blast fuFnaees
being closed by the trust,
Foreign Affairs Hit stocks,
International Harvester Vas sold
because Of movement, in Russia to
i boycott American machinery in re-
faliation for the cancellation - irasi-
1 dent Taft Of the treaty with that
B country. Another stock hurt hy
foreign complications WAS British
American Tobacco. 1t seems that the
company really has lost considerable
money as a res}it Of the revolution
10 China. and has floating debt.
. hut as its earnings have been at the
rs1e Of more than so per cent, the
directors will undoubtedly find ways
az arranging the matter Without
making any new security issues. The
stock was weak to-day.
In the copper group Utah aud
Amalgamated We're the strong fea-
i lures but both issues lost their gain
after reaching new high figures for
the year The copper situation is
strong, but there are many good
\ judges of value in Wall Street VINO
I believe that for tn. tifne being the
copper stocks have fully discounted
the Improvement in The market for
4 the metal There has been import
ant liquidation Of copper stacks the
last two weeks
Reports persist Of big strike OF
anthracite coal miners on April / 1t
ss the expectation Of this strike that
makes some traders believe that the
Iehigh Valley Will distribute its bonus,
and try to get an upward movement
In the market so that some stock
can be distributed a coal strike is
no reason why an investor should
sell his stocks in the Goa, railroads
for It's effect would necessarily be
only temporary.
Coalers Need Business
Among the reasons that viii eft
feet the coalers along with aH other
railroads. IN the slackening up oil
business due TO the fact that orders
have been placed in almost large
volume as the manufacturing com
B p4ffies care 10 take al the low ieNe
n nj prices that prevails. purchasers
s. hesitate to pay the advances demand
ed. and while advances have been
made Officially the steel companies
have not been able 10 make them
effective A purchaser with large
order can get unofficial prices. II he
& Will only place it, The United States
Steel Corporation is about the only
pne thai can afford to take orders
on this basis and within lev
h months the virtues of competition
Will become apparent with the earn
5ngs Of the independent steel com
panics.
This slackeusrg up Of business vii
not pc reflected in railroad earnings
4 for several weeks. but NoVeinbe
SS earnings that came 10 hand today
were Disappointing. particularly thos
of Rock Island which showed :
81 xhrinkage of 1861. 900 net. Louisville
ard Nashville and Southern raiiwa.
made a strong showing III gross earn
ing4 for the third week of beeem
L her. Stocks Of these roads remaine'
strong in spite of the threat OF cot
4 tor planters TO reduce the acreag
next year twenty-five per cent. Stock
\. holders OF the American Beet Suga
b Company. lay tn. way. should lax
notice that Cuba is about 10 be over
Nheimed with about the same Kin
3f q calamity tD sugar that affecte
4 the cotton belt this year. suga
n planters say the crop viii he tn
greatest on record. and TINS mean
I smaller profits for sugar next year
In the Street Number Of share
sold TO-DAY. $500: a year age
Il 4ts,so3
Par value OF bonds sold to-day. 81;
81, 900. a year ago, $I.S52.eo0