The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-11-18
STEEL TRUST Gets
LIMITED PROFIT
ONLY - A TON COMES TO MEN WHO
OPERATE AND INDEPEN-
DENTS LESS.
STOCKS MAKE GAINS
FRISCO SYSTEM GETS NEW ROUTE
TO NEW ORLEANS THROUGH
l.. e n, SAVING
MILAGE.
BY THOMAS G .sHOTWELD.

NEW YORK. Nov, 17.-Three small
dividend increases and more talk of
segregation this time including the
ohlon Facific. helped the markft to
nisher levels again to,day. Steel,
Union Pacific. Reading, Smelters and
Amalgamated Copper all made ma
ter1al gains and held most of the rise
The close was strong very nearly at
the best prices.
Hooking Valley increased its diyi-
dend from to per cent and
kanawha and Michigan from four
TO five per cent General Chemical
declared an extra dividend OF five
per cent, on Its common stock. Union
faciiic,s statement showing s71,-
10000 increase in assets was inter
preted by the street to be a prepara-
ton for segregation as soon az the
supreme Court decides the case now
before 1t regarding the legality of the
companys holdings OF Southern Paci-
fic.
In connection with steel it is adj
mitted that the tonnage In growing at
liberal rate, but steel men say the
prices are so low that the trust, for
instance, Is making only Sc ton
profit. If the trust is making only
50 ton profit. some of the inde-
pendents must be making consider
ably under 81 ton. On a basis of
30 ton profit, the United States
Steel Corporation can hardly be earn
ing its dividend. An increase of prices,
however, is spoken of to take effect
about the first of December.
Pacific Mail Active.
Pacific Mail became active as a
| direct result OF the collapse of the
movement of b. n. Baker, to es-
tablish a steamship line from New
York TO San Frarnisco by way OF
| the Panama canal Although Mr..
| Bakers statement Is diplomatic the
plain truth seems to he that the Sc
, curities Of his new company were UNI
| derwritten, but the underwriters de-
| cided 1t would pay them better to
work with the railroads. Naturally
! this puts the Pacific Mail into posi-
ton to reap the richest rewards from
| the canal opening and the company
ought to make enough extra money
to make up what the Southern Pacific.
| which controls Pacific Mail, will lose
on the long haul business from coast
| to coast
| Copper stocks were distinctly better.
and there seemed to be a genuine de-
mapd for them. If the official figures
| of metal supplies can be trusted The
copper situation has changed ana
further advance IN the metal must
come.
Frisco In Deal.
| b. +. Yoakum. of the Frisco sys-
| tenn, announced deal with Louis
Vile and Nashville to-day that pleased
Wall Street immensely in view of the
| peculiar action of the Goulds in throw
| ing down a deal that had been ar
| ranged with the Texas and Pacific.
| Frisco was to use the Texas and
| Pacific tracks into New Orleans, but
being disappointed In that direction It
has taken in the Louisville and Nash
Vile as the Joint owner OF the Now
Orleans. Mobile And Chicago railroad,
and has secured a line from Memphis
into New Orleans that II forty-nine
| miles shorter than the Texas and
Pacific route. In addition to this saw
ing Of mileage. tho Frisco also gets
a valuable trafnc agreement with the
Louisville and Nashville and a ton
| mayo Of from 5000 to 10000 carS a
year from the New Orleans. Mobile
and Chicago,
Number Of shares sold to-day. 1884,
ITS; a year ago, e86,849.
| Par value OF bonds sold To-day,
$4.2sa.o0o: q year ago, $2.soo,ooO.