The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-13
STOCKS TOUCH
LOWEST LEVEL
orERAroRs RELIEVED BIT j. r.
4 MORGAN AND COMPANY II
REPORT IN STREET.
REBOUND WITH VlGOR
nEroRr OF DEVELOPMENT OF
ucLy SITUATION IN EUROPE
CHECKS RISE LATE IN
REBOUND WITH VlCOl
THOMAS c. snoTWELL.


sounded today with consioe'a''e
~tror. after another drive that sent
awe ,xs,,es 10 lower levels than they
49, touched since the recovery from
-. 1907 manic. Union Pacific, IN par
..e,,lar suffered, selling down TO
rsos-4. At the low price the uso"'
r4,n,ors gained currency of big opeF-
.tars being relieved by the BANKERS
md one story said that j. T. Morgan
u COMPANY. had helped out thleae9 :
o,,pr~tnr hy taking fifty thousa."
shares Of Onion Pacific at lbV ine
err, would not dignity TINS reP"A
NTH a denial Rumors of chahse %
eontroI OF Union Pacihc were IN CIR
i eniat.on, and these received attention.
becausa control has been aft0at III N'''
street for more than a g'"''
J, Ease OH Again.
ra4. In it. dav leading issues were
.~am one u eve points above the 4
ss.- nriccs Of the morning, but In the /
ses+ fsyc minutes they began easing !
~ again because OF reports from
rr,,rcne that ngly situation had suo-
II da,.ly developed as between Austria +
ara Servia. Money rates were ao- /
ganced abroad. ana sterling Went up
n New York Bargain hunters were
present IN the street IN great num-
bers.
Great exciternent vas created by the
xnddar hrea1z Of Union pacific. While |
Y-n;an Pacific was breaking wildly
southern Pacific stood up nearly two
nasnts abova the previous days close
The uecuiiar action of these two STOCKS
caused considerable alarm, and fears
rere expressed that a corner might De
run in Southern Pacific. The whole
4 list turned weak. and tina market was
very active during the morning.
Suddenly shorts in Union Pacfnc
attempted to cover. and they ran the
prie. up five dollars n share in less
than an hour Two points of the ad-
vance were accomplished in less than
q essa minute After ii advanced 70
4ss1-2. the stock fell back TO 1885, and
remained irregular throughout the re-
rsainder Of the session Trading was
u characterized by tbs very large blocks
TINT changed hands in the active Sc
csarisies.
T-~-r ~ ffTf ffTrp can re no t0uuf that
Yhe market is very largely profession
d, and that the break Is due partly
10 raidine en- a MAGNIFICENT scale yet
shere can be no doubt that much
n Jfas1s5ation has taken place. The fear
" the Democratic party has seized
upon the minds OF security holders.
and they refuse to be convinced that
The big crops, and the fact that the
country has Just emerged from q panic
will counterfeit any mistakes made al
d washington. The public is justified In
this view because Of the remarka bic
things being done by the Pujo inves-
tigating committee at Washington.
Union Pacific Stock.
Under some circumstances II is idle
to discuss values. Union Pacific's an
nouneement In the pamphlet report
that 1t earned less in the fiscal year
ending June 3oth, than 1t did the pre-
vious year Is Of Importance simply
4 as further evidence that there was
\ n crop failure IN 1911. This year crops
In Union Pacifc's territory have brok-
en- all records, and so has traffic over
I thai system. Earnings OF the road
this year viii undoubtedly be the
creates on record for the account of
thu common dividend. The road. how
ever, even after the bad crops OF 1911,
esrned enough money TO pay the full
ten per cent dividend. with Southern
4 Pacihc's income not counted.
Several persons have inquired
whether the writer Of this column is
y as buliish now on American Can and
Canadian Pacific as ne was some time
ago. He is. Statements in this coll
ufnn REGARDING those TWO stocks were
y made after careful investigation of
d eafnlnRs, not by hesrsay. out from
Y inspectlon of OF ciai f1gures- Inere
are scores OF absurd bargains IN wan
4 Street just now. nut among them Ca
naaaan racine, at ESQ, ana American
Il IAN at ~, are conspicuous This.
II however. Is no time Tor persons to at
tempt 10 buy stocks on narrow mar
gins. fer roulette Is an investment
& p-opesition compared with margin
trading in Wall street just now. II
y entirely possible that because the
stock market world has been stirred