The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-03-15
PRICES CLOSE At
SLIGHT ADVANCE
MARKET POSSESSES SNAP FROM
FIRST TO LAST AND is
BuoYANT ALL DAY.
BUY FOR INVESTMENT
PREDICTED NOMINATION OF TAFT
FOR PRESIDENT AND EN-
oELLENr CRoP otT-
LOOK THE CAUSE
BUY FOR INVESTMENT
Nv THOMAS c. sHoTwELL.

BY THOMAS &. SHOTWEIL.
Ntw ,Di.n. MaIcn l-.--,se ocks
reflected TO-DAY the belief that Is
rrawlnx among hIgn nnanciers, that
the American peopsr VIII not en-
dnrs. tne policy ot Reaction IA gov
arament and business proposed ny
radical politicians. The eNafnpliiica-
ytun of n recaH az aectSaons in
virginia court mad its weight. some
int cstors may also nave Den ihspiE
cd uy the wreath Of steam that Is
sued from the Panama canal aad
threatened to turn that enterprise
into volcano. Perhaps there was
lust a little hit of manipulation. But
whatever The cause the market had
snap from the FIRST To the last II was
buoy ant in come departments or
other all day and closed at about
the best prices. Most of the buy.
Ing was fer investment.
Wall Street works six months
ahead all the Tune and Wall street
nov sees Taft nominated and his
election assured biggest crops ever
known Ia America. labor troubles
adjusted, mills working at fun ca
paclty and reactionafF politicians
thoroughly discredited. IL sees the
public anally realizing the strength
Of the situation and buying stocks.
The pHlsiia ts not wanted itr Wall
Street Just now. and stock move
ments are being made TO look as
r.sck loss ale Z, -teast l.t-
pie away
Abou, the only cloud on the
stock market herizon Is that wreath
of steam engineers have discovered
in the Panama canal diggings. The
country would not miss the $500
a.
the canal should it turn into vol
sano. but the railroads would miss
the vast prosperity the canal Is goin. :
TO bring IN them all in a few years.
Perhaps destruction of the canal
might even be bull argument on
railroad stocks at first and thus start
rise everywhere. So investors need
rot worry over reports from excited
canal engineers.
speclalitles wer the leaders in the
early part Of The session today, and
professionals looked at the advance
with scorn until the standard issues
suddenly woke up and did exactly
what the specialties had finished do
ing. 1t was a broad market well SUE
tanned in every department and left
"a very favorable impression. Some
thought II travelled too fast. hut the
leaders seemed Ia think the street
needed a demoustratitI of power
and 40 gave IL
What excited most ridlcule was an
advance Of Can common to a high
record price on heavy transactions.
Tan preferred is a high class invest
fnent. but the 81 per cent of &C
cumulated dividends in favor of til,
preferred makes the common pure.
" speculative. Even FINDINGS oi
the accumulated dividends. which
officers of the company say is not
contemplated, would not helm &
much. This movement came earl,
In the day and threw the profess
SIGNALS entirely off their guard 30 thai
the substantial movements caught
them by surprise
hrie was inc chief mystery of ths
aaS. on the floor of the exchange
brokers told ole another that lame.
j Hili had bought 10000 shares q,
the common at 30 Tor the Great North.
erin Railroad. Maybe so. but thos,
VINO are buying the stock most freely
say they are taking it as an invest.
naent having finally decided that viii
double riack to Chicago il viii l.,
as big az Garner a's any other road
Particular attention il called 10 tn,
convertible bonds which are selling
sow If thh common is worth its pres
e2t price. The stock is NOT expectee
to, lay dividend for four years. al
ieast while the bonds pay per cent
interest, and are calls on the stock
the AS al SO and the BIS at Go
Telephone, Rubber. General Electric
Smelling. sugar and Tobacco share,
were all higher. but the reasons 70,
their strength is we'll understood BY
readers of this column. Canadian Pa.
cifle, however. developed new reason
and incidentally helped Pullman shares
UP about three points. IL seems thai
fhe wealth OF Canada is becoming at
great there is at times an unusua
volume Of palace car travel, and the
Pullman company hopes 70 get con
tract To supply extra cars on occasion
Ip to date, the Canadian Pacific has
built and operated its own sicepine
car service, because the volume o.
such 9sssineSs, ,hzss. besn sseaaEg staS tri-
bated through the year. American
railroads claim ii does not pay to oWL
sleeping cars because the traffic liz =,
irregular. 1t was also reported that
the number OF American farmers going
10 Canada is larger this year than
usual. Establishment OF Il line oi
ships from Russia to Canada was also
reported as / result OF the unusual
movement OF substantial farmers tc
the wheat fields Of Canada.
i, ~ Copper stack responded naturally 10
the strung trade position OF the metal
which il growing stronger. Nobody
In Wall Street hesotates because OF the
miners strikes. actual or threatened
because those are the things public
sentiment will insist on having set
+. tied quickly, particularly in America,
where the dynamite outrages are fresh
In mind. The plight Of the St. Paul
Railroad shows why copper and steel
must do better The time, by the way,
has come for investors to take back
their ST Paul that they sold between
$50 and 40 as the result OF warnings
issued in this colamn. The road has
troubles ahead. but It is also In sight
OF much go I'd times that the stock
has undoubtedly discounted the trials
II has still TO pass through.