The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-10-28
~ Al Advising coxsER-
6xusm pUR1xa last Trad
1sa wEsk.
INSULT IMAfATERIAL
slkAnx. srRrKr SETS NO VALUE ON
& llusoscs AND PAYS LITTLE
ATTENTION TO THE
BALKANS.
INSULT IMMATERIAL
s. TnoMAs {. sHoTWELL.

~ THOMAS c. sHoTWEll.
new YORK. Oct 27.--This being
ftne IaHt week of trading before the
SreoiAential election. most brokers are
1xt1etnx conservatism. They do This
%3UEArdie1s OF whether they felt that
\ ~ market is going higher or lower
with such o brief time no wait for
Gecisson BY the people IL In hardly
worth while to bother with any more
1ngecAst4- Nobody can be hurt much
- remaining quiet a week. IL must
B ~ recorded. however. that the best
Nnancinl authorities III the street are
NO1ng through this period of suspense
l 4pn9 az stocks and expecting higher
Dracee after the election, regardless on
Who may be chosen for president. The
BntkAn war has forced American trad
90 10 discount all possible election sur
I prlees and for that reason ii has been
very fortunate thing.
Traders are at last beginning 10 pay
some attention TO the statement that
NJ. Wilson, II elected. will not call
spectHl session to consider tariff re-
form. A ticket agency announces that
4 Il hag confirmed the report. But So
c7ar1tv holders n~sst not lore sight OF
i H. fact that President Taft has been
Haining strength in a remarkable de-
9ree the last two weeks. and many OF
His friends who were hopeless month
agc now sincerely believe that he will
IS reelected. Wall Street takes the
view that Reosevelts action In max
ING speech after being shot has hurt
( his candidacy because II proved him
person CT impulse rather than of
good Judgment.
Practical Not Heroic.
Wall Street, it must be borne in
Il natnd. sets no value ON heroics, being
8concerned with practical things only.
4 This II why the struggle between
Turkey and the Balkans stirs up no
/ anthusiasm. The financial world be-
4 Ifeves there Is u distinct Understanding
among the great powers Of Europe re-
harding the Turkish question. The
euuiiibrinm of money rates throughout
stise world confirms this view. Col
! lapse Of the Diaxs uprising In Mexico
1 has been helpful influence to the
stock market because ii seems 10 In
xssrn peace In Mckee fer aH extended
period.
Railroads are making "a. provokingly
\ 4SrRe eafsaiH s-sTha- report for August
shows the largest net earnings for any
August in the history of America.
Iheba earnings are larger than any
either athG1o month. NTH the single
exception Of October 1909. Such tig-
rists to maintain their claim that the
n4yernment In running the railroads.
4 HIT stockholders should not lose sight
II " the fact that all railroad employees
nrH demanding an increase OF wages,
and that III the increases demanded
Gra granted, practically all the net
earnings viii be wiped out. Railroad
sfwfea are nigh enough, unless wages
~ Id Be advanced but tho advance
ox wages without an advance OF rates
would be gross injustice.
4 Must Consider Canal.
' Promise OF the government that the
Panama canal will be opened in about
GEAR forces stockholders 10 con-
alder the effect the canal win have on
railroad stocks. As stated on several
scccasions, the canal will hurt no stock
Sat Ill. Ii will help all Of them. but
Stn particular will advance the prices
" those companies serving the Pacfhc
-AHzgt. Ii will be several years after
thA opening before the canal Is really
working proposition Even after II
I'M tn practical operation. IT VIII Dc
found that the Jocks are too small tn
accommodate enough ships 10 hurt the
railroads.
IL American ships only were to use
ta,s canal, come impression might he
made on the railroads. but thousands
4af foreign ships having not even an
indirect interest In the United States.
VIII crowd for passage through the
canal. 10 that American ships will have
10 wait their turn and the traffic pos
s3gfhtfft4cs uf the canal Will be reduced
st0 minimum 10 far as influence on
no railroads of the United States are
4cpncsrned. Railroad men do not like
IN discuss the canal with government
Il In al r44iF
thNir laughter, but even at that. the
canal will bring TO the country hand-
rome profits ON It's cost.
Opening Of the canal win come as an
added incentive to the boom that VIII
81 that time be fairly under way
Supreme Court Meets.
The Supreme court meets tomorrow,
MI the financial world will be much
SURPRISED il there are any decisions
handed down Of great Importance De-
sefSton9 are expected about the mid
s6Je of November in the anthracite
seaaea, and In the Union Pacific South
Sern Pacific merger suit The rate de-
s6lglons are not expected until Ian
zrary II the earliest. Reading direc-
stoee are prepared 10 make such dis
S4rfbutipn Of assets as tina court may
s4lnA 10 be necessary. In fact. there
n 4 large minority of the directors al.
S1eady anxious to distribute the stock
IN the Lehigh and Wiikesbarre Coal
company as a bonus to shareholders.
Should this be done. the Reading COM
any would undoubtedly first sell to
liz coal company an its boats ana
SEATING equipment Of which the Pa
srYx3A bin compeis the railroads TO d.
ut themselves.
@ unArfei1y earnings If the steel cor
fora tt0n will be announced on Tues
~ Afternoon. The street. liz expect
5A1E about thirty million dollars net for
sx&A September quarter. Hartman
6lses announce their September earn
F3Ae1 this week.