The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-01-10
FIRE HAS EFFECT
on STOCK MARKET
BILLION OF MONEY AND sECrRi-
TIES WILL RE TAKEN OUT
OF RUINS.
DELIVERIES SUSPENDED
STOCKS ARE WEAK THRotsaoaT
pAf--FaifED AVENUE sioAh
AND WABASH BONDS ARE
EXCEPTIONS.
DELIVERIES SUSPENDED
a.. THOMAS c. sAoTwELL.

- a.. active issues. Trading
was on very light scale ana tiat'
actions were almost ehtTeiS Piohs
.,onal. Features OF the oay we're
strength Of Third avenue sto'N @iio
Wabash bonds. $3.50 ..,
whea, prices broke SHARPLY and cot
ton aas heavy folio" ing anhouiiSe
ny the government that ~ .So@''oo na'ss
had been ginned up TO JaHoh1.
Th,. t,opuer Producers Asssoeia-
,,,n announced that OH January the
.,ocks OF metal on hand were SI'sso'-
4as MOUNDS smaller than al the his'
~. tho nreyious month. This had uceh
sxnected and exerted but little ihliu-
ence on the market. The steer ''"ss
report Of untitled orders on hahn wiz
10 made public tomorrow. but a pesei
,nistic feeling is growing again III stseA
because Of the low prices At when III"
lsrve volume OF business has Deeh Nah
I'll. ..,.
The stock market was inrueRced pS
sne FIRE that destroyed the Equitable
life Assurance building. More than
one billion dollars OF securities ana
money are buried In the ruins. Exam
nation late In the day proved 1hat al
these securities are safe, ana tan he
taken out as soon MS The vaults ceoi'
puf NJ first there wes some appreheH-
sion. The tying UP AZ these SECURITIES
together with the blockade or th~
streets interfered with stock oeIlV-
cries and the Governors OF tue Elk
chance suspended deliveries Tor the
.i,y Aside from the loss OF Me the
Equitable fire is II, reality good thing
for everybody concerned and particu-
larry for the Equitable Life. The build
ing was antiQuatcd but the Sociers
hes,tated to tear IL down In these udil
times That question IL now cccidea
without any person being Responsible
and a magnificent new skyscraper Will
rise at once no that the fire VIII prove
a distinct financial advantage for the
society The Hartman Company
had removed practically all of their
belongings to 1876 Broadway. the Life
Assurance records were stored IN du-
plicate in other places.
The fact that this FIRE influenced the
market 50 much Is further lndtca-
ton OF it's professional character. As
readers of this column we'll know the
market had for the last two weeks
been in Il precurious condition and tho
weakness of today was SURPRISING onty
because II came after such n Ion.
delay The important Interests favor
4 reaction. not because they are bear
ixh but because the market had been
going up too fast.
London markets were weak il the
. American department. ~ quick de-
cline IN Canadian Pacific was accom-
panied with q report that Sir Thomas
Shaughnessy would retire from man
agement OF the company. This was
denied. The London markets were
also Influenced by fears of more cx-
tensive trouble in China.
Election Day For Banks
Election day for national banks re-
suited In hut few important changes,
james S,iilInan retired as II director
Of the Hanover Bank, being succeeded
by ilitam =. ) Thornc- -Geo.ss-ASy
Fefkins resigned II director of tho
National city tiank and was succeed D.
ed by L. +. swanson. Nine new direc-
tt4rs Mere au"vo 40 The .-s.el ~ t,e-...
board and harles u. Norton was
addcd 10 the board Of the First Ma
iionai.
klmors have been In circulation re
Gently of an extra dividend to be paid
by the United States Rubber Com
pany. Il developed to-day that the
whole story has not been told. There
ii no intention Of paying an extra div
ld-nd to shareholders in general but
"A protit sharing plan Is being worked
out under which employees Ut The CEN
pany can purchase the common stock
and receive an extra dividend Of three
per cent. yearly II they huid positions
with The company ,or "A period OF nv.
years.
The market for some stock was not
SO good ar the quotations wntiid indi~
cate Virginia Iron Coal and Coke. for
instance. which recently sold AZ 20 was
traded In at . showing an eight point
decline. but late in the afternoon the
best bid al one time was 60
Number OF shares sold today, 4SS,-
sD2. ii year ago. 3g3.S3U.
Par value Of bonds sold today, 81 e
$40 GOO; a year ago, s3.0as,0e