The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-05
STOCKS WEAK AND ,
CLOSE VERY Low
su1mEEr HEARS WILSON Is DICK
EnIxG WITH ENGLISH MAN
4 UrACTURERs.
sIONDON IS A BUYER
AMERICAN CAN AND LoRIILARD
INCREASE DIVIDENDS WHILE
UNION BAG AND PAPER
PASSES IT'S.
LONDON IS A BUYER
Nv THOMAS c. sHorWElL.

NEW YORK, Dec Stocks were
the bottom price. Those prices repre-
scented In many instances the lowest
levels for Ave months There was no
snap 70 the slight rallies that took
place from time to time through the
day According TO the bear party,
President Elect Wilson Is at Bermuda
dickering with British capitalists for
Hhe opening OF factories to supply
American markets. said capitalists
having contributed literally to the
Democratic campaign fund.
Another announcement was made OF
esta blishment of peace in Europe, and
that was probably the true reason for
the break in the market. Money eased
of materially after the first hour. ana
did not get above 8 IL per cent, even
then. The report of an end OF the
Balkan war has come go many times
that the financial world refuses to be
iieve in It, and money abroad did not
move freely although London was buy
ing stocks on balance.
Dividends Advanced.
At home the events Of the day were
the advance of the dividend rates on
American Can preferred and Loriliard
Tobacco, ana the passing of the divi-
dend on Union Bag and Paper pre-
ferred The advance of the Can rate
was not as large as had been expected
and free selling OF that stock resulted.
The stock gets It's full per cent rate.
with IA per cent on account OF the
"a per cent of accumulated dividends.
An extra dividend of between / and
y per cent was looked for. and II Ia
Understood that considerable pressure
had to be exerted by the ultra con-
Gervative members of the board to pre-
vent such a declaration.
Daniel G. Reid. VINO represents the
dominating influence in the board, said
tonight: I'm the first ten months OF
this calendar year the Can company
earned, in round numbers, $1,000. coo
net. Business has been better than
even I. expected I'VE were urraRsle 60
DO all the business offered, and are
compelled to increase our factory ca
pacity at Baltimore, and at our New
York and Illinois plants Great g the
business was this year the outlook
fer year 4s rfrtrr-t +fetftr than it
was az this time last year. We are
now in such financial condition that
we are Independent OF the money mar
ket. We had promised some extra
payment and the s,nalI amount de-
clared is only a beginning, The extra
disbursements will increase IN size as
the business expands, J cannot say
how long il Will take 10 pay off the
back dividends on the preferred Al
together. hut il will pa done much
sooner than Wall Street expects.
Union Bag Passes Dividend.
Passing of The Bag and Paper pre-
-4@rFnd dividend vas .. -ghncA-sa- NtEA
Of statements made Last summer by
persons identified with the company
that the company was doing the great
est business tn i;s history It seems
that the whole aspect Of the paper
business had been changed in the last
fsve months But Tobacco shares al
dividend to 20 per cent and the stock
moved UP a point. SNUFF made an
other new high record. SO did WHY'S
Overland Automobile stock. Somebody
thought IL good time to buy Il bit Of
Erie second preferred, and got II just
Ia points above the previous sale.
Petroleum stocks were strong. Mexl-
can and California both showing net
advances for the day.
Less was heard eff the Union Pacific
Southern Pacific decision. II is certain
there will be years Of litigation In
regard to the right of Union Pacific
preferred stockholders 10 participate
in revision of the Southern Pacific
spo!ls unless some way is found for
retirin. the preferred stock before dis
fribufion is made.
In view OF the fact that all is well
m all departments OF business, the
svnspicion is gaining ground that the
Sorid Of share holders is really alarmed
at tariff reform, and IN planning slip
ping out ~ THE market in anticipa-
zion or some Wierd undertakings by
the Democrats.