The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-09-25
nE&H GET FEET WET IN MORN
Iss EFFORT TO RuN MARKET
BEFORE THEM.
IS STRONG
AMERICAN ALONG WITH OTHER
STOCKS MAKES HIGHEST
RECORD TOUCHED IN
WHOLE YEAR
nv THOMAS @. sHoTwELL.

~ ~ 4&a w /
81 the stock market prices today. n
rot their feet wet. In the morning
everybody was absolutely sure the
market ought TO have a reaction
There was no doubt about the ulti-
mate advance, but because of the
triiing uplift of the last few days
the wfse ones believed there should
he a resting spell, To help the mar
sket rest they took profits and then
sold some short and in the afternoon
they took their losses. The ecovery
OF the market began in the last hour
and was in full swing when the day
closed. Some stocks showed move
ments OF as much as two. points be-
tween low and high. and several new
high records for h year were es-
tablished. OF these records those in
limited States Steel, A~nalgamatfd,
Anaconda and Utah attracted most at
tentfon. American Can touched h
high recnrd- made few DAYS ago
The close was at the best prices of
the day. Professional short selling |
was caused largely by the fact that
call money touched five per rent.
Most loans were made at about 4 Ia
per cent. The banks lost heavily
To the s~ub-treasury. the total for the
week being about $4,000. 600. But the
traders overlooked the fact that the
country has produced this year the
greatest crops ever known. and that
h greatest era OF prosperity ever
known fs Just beginning. Tight money
rates NEAR that productive business
In growing rapidly. for there is no
speculation. Therefore. the higher
o goes. the higher stocks will
sell.
Refuse To Buy Amalgnnated.
aA## yao~n- ~ enc AraAr,az IiNtInn4
TO a 50 a year basis per share had
no Influence on Anaconda stock. be-
cauAe IL wa knoUn snrrIH weeks ago.
that the increase would be made. This
Increase will enable Amsigamated to
pay 6 per cent, and although there
IL no official promise that such n
dividend will be declared At the next
meeting there Is every reason 10 eS-
pect such action to he taken. A
the chief beneficiary of the Anaconda
dividend Increase Amaigamated sold
today at 81. which is the highest price
for several wears. Traders are re-
fusing to buy A~malgamated because
II is up thirty points from the bot |
tom. They prefer to wait until 1t is
up sixty points. Utah Copper made
its high record on a report that the
strike at its mines In Bingham Canyon
was about ended. The copper situation
is exceedingly strong.
Reading Is Active.
Reading was active IN the last hour,
following accumulation that has been
going on for several days. tn Su-
prenne court will meet in about two
weeks. and the coal cases may be
decided at once. for they have been
argued. one of these cases involves
the right of the Reading to own Jer-
Eey Central. Because Jersey Central
holds -four hundred miles of railroad
tracks in the State of Pennsylvania.
through a subsidiary the
ownership of the property by Read
ing is clearly illegal. because IL is
parallel and competing TO that ex-
tent. The Supreme court may order
Reading to dispose Of its entire hold
ings of Jersey Central. or it may or
der Jersey Central to dispose of the
mileage in Pennsylvania, but in eth
err event there will be something TO
distribute TO the Reading sharehold-
ers. The suit charging conspiracy
n excessive freight rates Is not
important because the experience of
the tobacco and oil trusts proved that
II is a good thing for Stockholders to
have combinations dissolved" and. Il
freights are lowered. the Stockholders
Will get through the coal companies
h they now get through the rail
roads.
Trade Position Strons.
Steel at ~ goes only a small way
to reflect the strong position Of the
trade Business continues - grow,
and orders are piiing up far in eX-
Cess Of the ability of the company
to handle Colorado Fuel and Iron
sid at a high record when x crossed
40. and other small steel companies
are making brave showings. Ore ceI-
tihcates Were also higher. The big
Western railroad stocks made but lit
tsa advance. but Were strong through
cat the session.
Some specialties showed consider
Able strength, and Wooiworth stock.
xt I04, with its $36. 0o0. 900 IF good
will. was an exhibit proving the con-
GGence OF the public in that class of
securities.
United States Industrial Al.oaol
mad d record today on two hundred
ssfsres. 1t EARNED 4 per cent last
year on 4.0ee.o ee gallons of alcohol,
NJ will make above 5000, 900 ga,-
Ions this year. Germany uses &C.
o02. 600 gallons a year of denstured
alcohol. SO there is room for the bust
ness to grew, and it liz all sold ii tin
cans.
The Atchison railroad win sever
al OF its small branches to the south
era Pacific and the Big -Four VIII .eA-
fend some of its branches IN the
Middle West. The New York Gem
frat system will be generally over
hauled in the text few months, and. |
As promised some months ago in this
column. there will be some railroad
deals Of great importance TO be an
-nOunced from time to time when I
money gets a little cheaper after the |
big harvest Is gathered in.