The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-09-03
VERMONT WATCHED
By WALL STREET
~EsTtr M, as,T Drc'pEp Eff
rErT o> PRICES on THE
srnek MxaktT
SCI URlTIES ARE SOLD
psTr.ook ron iNDu sTRIAL CERTI-
r1cArEs BRIGHT, ESPECIALLY
THOSE OF STEEL AND
COPPER.
ECuRlTIES ARE SOLD
~ CHARLES w. STORM.

NEW YORK. Sept 2.--The eyes CT
Wall street viii be focused toiuor-
row on Vermont for its cue as TO its
: R=..ha ai.--aeslalt -slf the pri-sideiati'i1
election.
Conservative bankers have sseriheJ
fha failure OF stocks TO advance and
discount better crop and trade oonci-
lions as due to the presence Of oar
statestnen al Washington. but now
shat congress has adjourned they say
The market should become more ami
mated following the result of the Ner-
-vsaonr election.
Brokers expect that many lsadG's
gpeculators and big operators Viii re-
turn from Europe this month and their
preference will probably be rejected
I'M heavier speculation on The New
York Stock Exchange. Many persons
xae the market does NOT need the big
st4eetslat a.esr-t .,st 1t Is a -fact- that out
side interest in dealings on the ex-
change IL never so keen az when the
bfg operators and speculAsors are
n dealing if thousands Of shares DAILY.
Iii is the activity resulting from their
dealings that makes the market and
attracts the attention of the general
public tntil these gentlemen return
no huh campaign or increased at
be- expected.
Railroads Are Prosperous.
Perhaps the most favorable feature
the past week has been the glowing
2 returns reported by the fargess 5Fdtf-
roads OF this country. The large in
s;reases In gross confirm the genuine
\ Improvement In trade. The revenues
of our arteries of commerce will cen
fsnae IL increase up 10 the latte: part
OF October 1t is between the nrst of
July, and the end Of October thai they
earn the surplus profits with which 20
pay dividends on the common shares.
Between November 1st and June 30th
almost all OF the returns are consumed
ny the payment of operating expenses,
faxes and fixed charges.
With q continuance OF better earn-
4 ings sentiment with regard 10 railroad
sisares xiii taiat "a tlrn for the hettet
FOR the apprehension felt in connection
with the Panama canal act will ht
forgotten.
Railroads and industrial corpora
i sicns are making preparations 70 tax.
i advantage 81 the bright future by sell
ing additional securities in substan-
j tiaI amounts.
The new financing VIII includ,
many millions OF short term note,
that viii expire between now and the
end OF January, but comparatively lit
tie new capital will be needed to take
\ care of these issues because most =,
q the funds now invested In those oh
1 Iigsstion which will mature viii ur
u doubfedly be reinvested IN the new
i issues.
Bonds Sell Low.
With high grade bonds selling az III,
4 lowest prices In Years 1t Is q fore
i. 9one conclusion that whatever new
offerings are made they will beal
higher rates of interest than we're oh,
tanned five years ago, otherwise the,
n will not he digested.
The outlook for Industrial certiti
rates Is very bright, especially thos'
concerns producing steel and copper
I 1T is expected that within short tim
dividends viii be started on Bethle
hem Steel preferred and resumed nl
Republic IRON and Steel preferred. TIL
heavy tonnage being received an
turned ont by the United States Stee
Corporation will Danish all doubt a
q to its ability to earn it's dividend. Dwn
rrs of copper stocks will also ger bet
ter treatment in the future Ac&otd
Ing to we'll informed interests TIL
d Amalgamated Copper company vii
Increase it's dividend TO per cent
& Amalgamated has always been traate'
with suspicion. hnt an increase in IL
rAte to 6 per cent would DO much ii
revfving Investment in copper stocks.