The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-11-23
COPPER MAKES
HIGH RECORD
MUST BE JOINED QUICKLY by
UNION PACIFIC AND
STEEL STOCKS.
NORFOLK AND WESTERN
STANLEY COMMITTEES STILL HOLD
ING ATTENTION OF spE-
CULAToRs ON En-
CHANGE
BY THOMAS c. sHoTWEI,I.

NEW YORK. Nov. zz-speeu.ators
refused touay TO follow the eoup.r
STATES IN their ieaaeI snip OIL the mar
hea. Ahe result vas euuslueiauIy If
esuiar ana pronts were taxed in all
oiA ectAoAs. .>esSrtneiess II is written
that the eoppers must be aavan. Ell.
eniess they are joined Very QUICKLY
oy Union racine ana steel they are
hAeiy 10 lead a foriorn nope, tor the
speculative puoilc As AFRAID of the
coppers. But there has really been
considerable improvement in tne mar
ket Tor copper metal. because OF the
past record OK copper shares they will
not give the stock market creait TOR
TINS improt ement tnaa they keaiiy
ueserVe: Amaigamated. Anaconda,
anu Utah maze new nigh recorus tor
the NOV ement. One reason the cop
pers are not liked as leaders in the
tact that Anaconda sells at $40
snare, while Amalgamated sells at
about $50. The Amaisamated has
IN its treasury after making allowance
for cash on hand, two snares of Ana
conda for every one OF Its own shares
outstanding. Amalgamatcd should
therefore sell for $50 a share, or Ana
conda sell for $3.50. The situation
in connection with Butte coalition is
jLst as bad. There is something
wrong and as long as .Amalgamated
Is operated as mystery II Will be
considered danger signal whenever
it becomes active.
Norfolk and Western.
Norfolk and Western attracted
much attention because of its further
advance along With q runor that the
Pennsylvania would lease the prop
erty. guaranteeing six per cent Nor
folk atoekh holders do notneed any
guarantee of a six per cent. dividend.
but II might be very profitable for
the Pennsylvania to exercise It's right
as majority stockholoer ana MAKE
such u lease. The majority stock
holders would stir up sucn a racket
that Pennsylvania would be COM
PEELED to buy all the minority stock
at a fancy price, or go to court. and
railroads are not looking Tor a enance
TO apper In court THESE days.
Third avenue continued Its down.
ward movement. The reorganization
plan will be pushed through ana the
Metropolitan. which is also in re-
ownership. expects to be renabilitated
within three months.
Quiet distribution was detected in
many directions, particularly In Union
Pacific and steel. Naturally this was
blamed on a leading oerator, who Is
planning trip to Europe; but. an
other operator, equally important. and
much more daring, has just returned
from q vacation SO that from pro-
fessional standpoint the situation
should be unchanged.
1t il most probable that some OF
the liquidation was due to the fact
that the Union Paeitic-Southern Pa
ciiic divorce suit will come up before
the Supreme Court at Washington In
January and to the Ia CT that steel met.
believe the Unitei States Steel Cor
poration is only making IS q ton on
its out"ut and is not quite. earning its
dividend. Estimates OF the earnings
for the current quarter run as low as
S2l, 100000. An advance in the price
of steel has been discussed for some
days and that may help out the trust
situation Serious.
Ono cascouraganx development ssf /
the day was the continuance OF the
Stanley investigation. 1t IL difficult
to see how any citizen or the United
States, who ever had ojcial relations
with the steel corporation can be in
duced to testify before the Stanley
other than in a purely
I erfunctory manner. because all the |
steel trust officials past and present
are liable to eb arrested at any min !
ute, for President Taft has promised !
to enforce the Sherman antitrust law /
TO the letter, ever though Theodore |
Roosevelt does say such enforcement |
means business chaos.
Number Of shares sold today. Az |
09S: a year ago. 2b1.757.
Par value of bonds sold today, ST. |
$4,000; a year ago, sl.S73,o0o.