The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-07-03
REACTION COMES
BUT IS RECLAIMED
----.~----~.-..s
TRADERS FAiL ~ ATTACK On
STOCKS WHEN WILSON'S NAM
ING Is ANNOUNCED.
FEW SHOW ANY LOSSES
TOBACCO SHARES SUFFER IN
BREAK But At CLOSE PRICES
ARE NEAR CLOSE or DAY
BEFORE



NEW YORk, July 2.-Traders at
tackled the stock market when VIII
sons nomination was announced and
caused II 10 react point or more
Although there was less than half an
hour OF trading and although the at
tack started with several issues at or
near high record prices, the decline
was checked and a recovery was al
ready In progress ri tbs close. Net
gains for the day were seen in most
Issues and those that showed losses
were such As had Just made high
records and were entitled TO reactions
rers rdless of news developments. IT
cannot be said. therefore thst the
nomination had any effect on the
market. The crops are the import
ant thing and yesterdays crop news
WAS unusually good. a high expert
on cotton reported "a cotton crop con
dition If STA for the nrst OF July
compared with 769 Il month ago. This
Is gain of "A per cent. Last year
tho crop gained only four tenths OF
one per cent In the same month. The
grain news was even better for liberal
rains were reported IN all the North
west. where rain was needed Grain
prices weakened.
Tobacco Suffers.
Tobacco shares suffered most In the
hreak. but their reaction was about
normal, for they have been advancing
il just that way for weeks. There ia
little public interest in the shares and
they are Of interest chiefly as show
ing the value Of trust busting
Standard OIL Of New York. q trust
fragment, rose $40 "a share yester-
day.
Texas OIL got its contract 10 supply
the United States Navy and the PAN
anna canal with oil for the uext year
The contract il said to be worth about
a. million dollars The stock had Ad-
vanced from 80 To 20 on this CON
tract. and reacted but slightly on con-
6rmaton pittsburg Coal preferred
new high record price. Central
Leather also continued it's move up
ward.
Electric stocks Watched
The electric stocks are being watch
ed carefully by persons familiar with
their earnings General Electric has
! already, moved ND sharply In autic1-
patton of the rs per cent stock diNi~
dend. but fher. has also been a b
sorption OF Westinghouse. The West
inghouse company under rhe manage
rnent of Guy r. Trip and with the
good Will OF the great financial pow
ers is making record earnings The
business Is the Rrea teS! In the history
Of the company In the year ended
March al. 1911. the company earned
sass1I05 available for dividend. That
year it's gross sales were $50, BIZ.
II ts nov supplied with orders that
insure gross sales OF we'll above $40
aat Gee, and a balance available .or
dividend OF not less than $500, 900.
1t takes $2.soo.o0o TO pay the pre-
ferrcd dividend, so that the common
il earning fully per cent. Liberal
dividend action is expected when the
hoard meets for that purpcaa on Sep
tember list.
Growth of the electrical business is
one of the surprises OF the present
business revival, and accounts IN A
large measure for the healthy cond'-
ton of the copper market For years
the use of electricity was expensive
because the motors and generating
plans were clumsy and were being
constantly replaced with nee models.
Now such state Of efficiency has been
attained that new models are rare
and consumers are JUSTIFIED IN making
extensive installations,
Most proflta Bile OF the electric bust
ness is the manufacture Of utensils
such as electric cookers and novelties
The Westingho Rs a leader IN this
line and its factories devoted to such
work are running over time. rms
line constitutes one-thIrd OF the COM
pany's production.
American Ice is another stock that
is being watched carefully az there IL
q suspicion that the outfit that went
short OF IL last summer and then ar
ranged an attack on the company
through the newspapers VIII buy the
stock this time and keep II from being
attacked The stock is too low to sell
short 1t has physical assets making
II worth $40 a share and IL Will prob
ably pay a dividend al the end of the
year.
on dips such AZ that Of today the
hard coalers were well absorbed as
the June earnings Will make fine
ErUwTrr