The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-05-10

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fhnnaerstornas took turns during the
stock trading hours today In Wall
street and the market NILS strong ana
week in sympathy with the weather,
The DAY ended with mere clouds in
che sky ard the bears accordingly sold
grrufy. IN SPITE ri t}aas irregular
acton al the market. several issues
made new h3gh records during the
day. and many closed with important
aet gains. The enc weak feature Of
she day was Illinois Central, and that
went 10 a rev low record price for
the movement IL had q depressing
Influence on Union Pacific, when
.tarsS ga. at3 shares Of Illinois Gem
srsi. that cost 10. and which now
shows & loss OF S55 q share. or sl2,-
sTs Gee.
Reduction of the English bank rate
WIS next 10 The low prices Of steel
material aud the remarkably good
outlook for crops. the most important
sseter making for higher prices Of
stocks Foreigners have been selling
American stocks, but naturally Will
turn buyers now. especially as the
low bank rate makes American rail-
road stocks attractive from an In
sestnlent point of view.
Bulls Feel Encouraged
The low price OF steel is particular
II encouraging TO the buli campaign
for IL Will probably remain al low
Jewels for a couple of years, while the
railroads are expanding several hun
bred million dollars for new equip
raasst The low price Of steel viii do
for the railroads and fer fnanufactur-
ing companies that consume the I'M
sshed product exactl ywhat cheap cop
per did for this electrical manufactuT-
ing companies. The activity Of the
steel business caused 81 fresh buying
movement today In copper metal and
SOME large transactions were made
shade above sixteen cents a pound.
Continuation of the hearings III the
government suit for dissolNing The
steel trust brought out nothing new
This dissolution suit IS no longer
feared by Wall Street, because If any
thing 1t will help steel trusts share
holders. This view was strengthened
today by calculation published OF
the disbursements of the Standard
t,.r- pr. t4asaIl4at
company and its former subsidiaries
have thus far in 1912 distributed
sis,sooe0o in dividends plus stock
payments and rights" of a market
value of $s4,s4e.o0o. OF total dis
sribution of sTs,063, 00o. Dissolution
OF the Steel Trust would enable some
Of its subsidiaries TO go after bust
ness they do not dare compete for
now unless the corporation he aecus-
Cd of trying 10 ruin the independents.
Reduction Rumored.
Reduction of the Illinois Central
dividend was rnmored but the direc-
tors viii not act for more than "A
month. The company has lost heavily
in earnings the past year. purity sfse-
cause OF the strike and partly on ac-
count Of the weather In the last six
weeks it's losses have been severe in
the Mississippi flood, The company
has surplus enough TO continue its
dividend. and there is no official war
rant for the rumor of a reduction.
But the price OF the stock on the
ticker says that the dividend viii be
reduced. A reduction would be ac-
visabIe this year because the com
pany will need all OF Its surplus 20
provide facilities for handling the
record breaking crops that will be
produced IN its territory-~f II ever
stops raining,
Reading and Steel were among the
market leaders early IN the day, But
IN the Afternoon oJined the backward
movement. although both held some
of the gain. Lehigh Valley continued
strong To Tbs. close,
More Strike Talk.
Rumors came from the anthracite
regions of a. fresh demand for a real
strike Oh the part ot the miners. The
hest information from operators Il
that tho men are anxious To return
Ia cork and that after IA little more
paIaxesing AN official settlement of the
labor trouble viii be announced
Speeialties were prominent IN the
trading. particularly American Can
preferred. Beer Sugar and Ice. all OF
which made new high records. Ice
advanced on account Of the bond sale.
Beet Sugar was moved up when an
nouncement WINS made that the acre
age planted IN sugar beets this year Ia
IN & FTT Tsssers fisat OF asSet
-sv.r- ss-ftTf trtsrI conditions sss@-saa
~ eyer known BESIDES. the Missis~
si2pi floods have destroyed consider
able acreage OF cane sugar In the
lower Mississippi valley
Can Furnishes Surprise.
American Can surprised those trad
ars who have been selling Ii short the
last few days While there is no Of
Hciai announcement OF the plan to be-
gin regular : per cent. dividend on the
!. preferred, stock In January win a. ~
least per cent. extra each quarter
on account OF the accumulated divi-
dendss that IS really the program do
cided upon Thus. this preferred
Stock VIII get Is per cent. In the year
1919. and even the record high price
Of i20 touched today looks attractive
70 investors, % Tho company is prepar-
ing for a record breaking canning sea-
son and is stacking several hundred
millions IN different parts of the coun-
try to be ready 10 fill orders quick.
The cash register soon To be put on
the market by the company Is pro-
nornced an assured success
There Is a project afoot for using
the bare sides OF the two million or
mere freight cars in the United States
FOR advertising purposes. Tin signs
win be used for this bushes and 4 net !
revenue OF several million dollars
Yearly would fall into the treasures
Of the Can company's that make the !
signs The American Can Company
Is leader IN this department of trade.
And there In at least one big railroad
system that might be induced%o give /
the proposition an extensive trial
Copper Sells Well.
Copper stocks were Well purchased