The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-04-09
5H<9kE aAfe1 ~ q9Ae - ~ 4 Y,
70 START
REACTION FAILS
2kp nzsrusE 10 DEcLuNE MORE
xsgAN ONE roixT. TAXING
NEW TURN TT.
EAlL ROADS ST RONG
<QEuAL or STANDARD OIL STOCK
~ MADE At Soe. WHICH Is
THE HIGHEST PRICE 1T
EVER BROUGHT.
kAIL ROADS STRONG
By THOMAS c. sHorNELL.

BIZ THOMAS G. SHoTNELL.
@ NEW YORK, April s.--Following
uet0m traders attempted TO start
s4&Action In Wall Street this afternoon.
11sN opening was so strong. several
,HeW high records being made. that
VI looked like .n-easy task to send
ne market down a few points. Af-
III a decline OF one point had been
iAcccmpiisi,ed the market had such "A
okubborn look that the entir" street
ae1fned and lei It resume It's upward
wing. 1t was the Impressive buying
~ Lehish Valley. Reading. Steel
&pck Island and Can that persuaded
ne traders not 70 fight the upward
1novement further.
Money Lost on Steel.
Although the recent advance in
0tocks has been very largely at the
soxpeHee of the short interest. IL new
auA0rt interest has been built up nl-
nsost equal to the old one. With Steel
sobove 10. and with many persons be-
0evtng the company has failed to
Narn Its dividend for the FIRST quarter
- the year. there has been good sell
eng--of borrowed stock. In American
Can most OF the traders who made
fortunes on the advance from IL 10
Il ~ WSuh SIfuTt Oh the SLDEk ana iUGt
MI that money on the advance from
80 To 2e
Thus the people who are foremost
n the campaign for higher prices
MAve not been compelled to accunau-
ntc much real stock on the advance.
The technical condition OF the mar
kef II az sound as IL was 10 points
1ower.
Standard OIL Goes Higher.
One OF the exhibitions In today E
market was tho sale OF Standard OIL
~ New Jersey at a new high record
price Of a3s. AT tho same time the
subsidiaries were not offered under
610. On that basis the old Standard
OIL stock would be worth 900, which
wunld be a new high record price
An actual sale was made at 900, the
h1hc'& price on record. Tobacco stocks
oIso surged upward. r. Loriiiard ad.
s1Ancing points and Liggett IL Myers
IN points. The former held half of the
rtse and the latter held points al
the close
Coa1 Stocks Advance.
The advance Of the coal stocks un.
DER the leadership of Lehigh Valley
md Reading was logical derelop.
Ment OF the coal mine labor situation
The railroads have great surpI,.
socks OF coal which they are now
1t9posing Of rapidly. and at III. la me
Ils1e saving operating expenses by III.
30Ieness OF the mines There is nc
00ubt At 81 that the miners will be
0Ack at work before the surplus OF
0oai " exha usted. People are too anx.
ious to see business revived this wear
~ have any sympathy for working.
men who are offered practically W..
fney want in the way OF advanced
AeeS. There is no human possibili.
81 q the miners unions being ON.
claIy recognized by the operators.
ne advance In American Can to
new high records was ACCOMPANIED
with the rumor that control had her
purchased Of the Vulcan DEFINING
company. This was officially denied
Rock lsIana Strong,
strength Of the Western Railroad
stocks and particularly Of Rock Island
vas due TO the unusuaily good crop
outlook for this season. professional
traders In Wall Street and II difficult
&c Imagine the great nocd IN the
mississippi Valley as an argument for
oig.er crops. They forget that those
mHhons OF acres involved are divided
into millions Of small farms. each OF
which ~ working unit capable of
restoring order and planting a crop
within two weeks after the water has
dtsappeared. Some traders thought
me statement made the previous day
20 the effect that the Mississippi
mood would return to the country from
no to $50 for every dollar on the
damage done. was a TYPOGRAPHICAL er-
rOr. II was not, although IL may
nave been an error IN that It was
no conservative.
Crop reports will be issued by the
government tomorrow afternoon. Civ
ing the condition OF winter wheat and
Tyc up to April ]. The Copper Pro-
Anccrs' Association viii make It's re-
port tomorrow.
Anthracite miners and operator. will
Gonfcr Wednesday. and locomotive en-
uneer1 or fifty eastern railroads will
mke strike vote. There Is little
doubt OF an agreement between ca ri
til and labor ia both disputes. but
sM &nex .faN 10, agree the )a " ..wtlI step
m ond conDel them 70 continue the
work. for this country IL TOO irnpor-
eant to let any class OF labor inter-
ttrc with progress. especially when
there In u deposition 10 give the men
q square deal. "wednesday also III
the Gay on which the Steel Corpora
0cu makes an exhibition Of unified
orders as on April LIST. A small de.
0ease would surprise nobody. but II
cAn also be said on the hixhes, author
NY that the steel business has i'm.
proved 70 much in the 1ast five 8eeks
that an advance In price is among tho
possibilities of the near future
Number ~ Shares Sold
Number OF shares sold today, s593os
wear asn. ,25s.
Per value OF bonds cold today,