The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-03-22
ERlb0DI SEEMS
PLEASED TO SELL
fneFEssSoxALs THEN ANNouNcE
41sE END or THE suL,.MAR-
NET ron PnEsESr.
i STEEL. CONFERENCE ON
ysR6fNssN RAILWAY Announces
SALE OF sas.6ooooe ISSUE OF
peNDS-->F. RAtb 70
ENTER VANCOUVER.
STEEL CONFERENCE ON
n, THOMAS 4. snorwEL.L.

NEW YORK. March si.---Aftcr an
afher series Of rev high records II,
both standard shares and specinitiea
vye rsbody agreed sc-tay that The
etee.k market was tired and needed a
reaction, 80 everybody sold out,
and there were reactions of as much
as d point This seemed 10 please
The professionals, and they announced
the end OF the s,ull market II II sh
sver, thcy say. because every body has
been too cheerful So now everybody
As going to sit Down and NOPE again
and Imagine troubles and panics-~-
nsiess they happened to make a mis-
take TO-DAY. The decline YVES not very
AGGRESSIVE. and there. IS still room for
nope that i; s. a Mere setback such
as the market has been getting oe-
casfonally on the advance.
An announcement on Erie is ear
nesliy desired by those who have mono
OF the stock, for they believe that a
statement would marx an end of the
peculiar strength In the stock and
start indsscriminate selling The ten
DAYS. By the. end Of which a state
.nsent should appear. according to ID
pool member has expired. SO that
something may be known at almos.
any hour.
Among the stocks making new high
records today were hotn issues ~
American Can, Nationa. Biscuii.
Smelters. sugar and General Electfic,
/. Can preferred SOLD above par for the
first time iii its history. The In
siders insist that there is no presen
intention or FUNDING the deferred div
idends. and say the rise is on the
prospects Of good earnings tbs COM
ing summer. when unusually heavy
Ia. "A
be produced for canning. The late
spring has insured the fruit crop by
3 holding the buds back beyond the
lime of possible frost. General Elcc-
trio WAS under the influence .. the
growing business In all electrical busi-
mess. The strength OF copper metal
stocks and of Smelters was all a part
of the sa me situation.
No Hint On Steel.
The conference al steel trust head
atsuarters between producers and con-
suIners of rails had furnished no hin,
when business closed of the policy
to be adopted. II is the opinion OF
real experts that speed mania on rail-
roads is responsible for more wrecks
than can be charged to detective rails
Nothing new can come from the con-
ference, for the truth In admitted
privately by both parties to the con-
troversy over rails. Thesc confer
s'1crs are merely bunkum for public
exhibition. II the railroads want
heavier rails they will have to pay
more than SIS ton for them. 1,
must come to that soon. for the heavy
loads now common on the big roads
where high class rails are used, Hat
ten out the rails on the smaller sys-
TENS onto which these big cars must
DO taken in many cases before reach :.
ing their destination. Many OF The
secondary roads OF the country will
nave 10 be practically reiaid from
END TO end in the next two years II
they expect to handle freight IN any
volume from the big systems There
are good times ahead for rail makers
heports of discovery Of high grade
iron ore In Fulton county. Pa. were
received with interest. The discovery
Hes exactly on the line of the road
that Andrew Carnegie planned to build
Ehen his threats TO bankrupt the
PENNSYLVANIA railroad frightened Nor
gan into organizing the tSeel Corpora
a ton. Perhaps Carnekfe knew OF II
and perhaps Morgan heard of II be-
lore the Iliil ore lease was Cancelled.
II the reports are true the Hills will
nave to walt a few generations.
Virgtnian Sells Bond
announcement was made OF the sale
Of $4,000. 600 bonds By virginfan rail-
way. which was exclusively announced
IN these dispatches Tuesday night
View York bankers arc the nominal
purchasers. but most Of the bonds &c
70 London. The Rogers estate is B,
this saie relieved Of the guarantee
il gave on the notes the bond money
viii he used TO retire. AS none,
maker the road Is a failure. but Il
ought to be able to earn the interest
or Its bonds and some accident ma,
give the stock small value.
In addition TO building UP the Flat.
head Valley from Butte to Canada
The ST. Paul win build into Vancouver
The line has not yet gone az far al
actuai survey. but the directors have
decided informally that ii must b.
pht through so as TO reach that porl
III HttSrtfv after the Panama canal Il
opened. The Union Pacific will alsr
be compelled to build into Vancouver
The 500. Canadian Northern and
Grand Trunk are already on their wa,
TO that city. The Canadian Pacific
and Great Northern are there now
Within the next ten years seven grea'
railroads Will have terminals in Van.
couver and fhs Panama canal will
make the sailing of at least one TWEEN
ty-thousand ton grain ship daily a
matter of course.
< Political des4fssf,fseistst were favor.
able 10 higher prices. The attorney
general of the State OF New York
by refusing TO prosecute the ice
. Trust interfered with the annual
hoid-up of the company. Tho Demo
Gratis In Congress made further efforts
10 rid themselves OF the money
trust investigation that they finally
realize will harm the party and heir
Wall street. The same old wool tarifl
hill was introduced as. further cvi'
dence that politicians and not states.
men are on guard.
In the Street.
Number OF shares sold today, 51o.'
$40. Il year ago. l7l.9o3.
Par value OF bonds sold today, 49,,
t31.0A8: 4 year ago. si,sl5.0o0.
New York Money Market.
NEW YORK. March 2l.--Moncy oil
caif al the Stock Exchange toda.
opened at as per cent: highest
.3-4. lowest. SIS: closing 3-4
Most OF the days loans were nad
III 2a-S. There Is q better INCUR
tor time funds. All dates show som
ss Hsnrd Ar{ns n rnfNa urhich are z ii