The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-01-03
lNET STRENGTH
URP RISES STREET
y 1aOvEMExT CONSTANT AND CLOS
ING PRICES ARE best OF
ENTIRE DAY.
1 AMERICAN CAN FAVORED
NEW YORK TRACTION ALSO ~
vEREsTS BUYERS AND WABASH
HoNDS ATTRACT C0NslD-
ERAHLE ATTENTION
AMERICAN CAN FAVORED
n. THOMAS cs,soTwf1.i..

Nv THOMAS e. SitoTWft.i'
NEW YORK. Jan. 2,--Strensth al
shs. steek market ta-aay-iook nearly
everybody In Wall Street by surpr'se'
: *, many expressions al ahhaehSe-
/. we're made on New Years bay hs
lending authorities that there was
really considerable Investment BUY
ing and the professional traders de-
,s3ded Il was not the time Ia stay
short Of stocks. Trading Was on ii
moderately large scale. nearly aoV.oVV
shares changing hands. The move
snent was constant throughout the
session. displaying It's greatest
strength al the close. Net gains rang
: cd as high as "A point or more III
the active issues. United states Steel
Union Pacific and the local trsctlon
shares were the chief features OF
-tfatiffae, t.af-FaaHy+ ai1ae4.s4i!ss NJ ere
prominent.
Among the speoialties American
Can common and preferred We're
active. The report persists that the
accumulated dividends on the pre-
ferred stock will be paid, but II inns
IL done il will be paid IN bonds ana
not In cash The dividend TO which
the preferred is entitled is per cent,
and while The company has had ~.
unusually good year. it's earnings VIII
not go enough above I per cent 10
Justify payment OF the fun DIVIDEND
Owing to the close financial relations
between American can aud l.ehigh
Valley, the latter stock attracted
speculative attention also. There
gems To be little doubt about the
announcement Of segregation plan
xone time by LehiRh Valley ana
opinions differ nn1y AZ 70 when 1t viii
b. done. oificials are silent bat some
of their close friends are buying the
stock on the theory that the an
nouncement will come this month,
New York Traction.
Local traction shares were actiFe
and Wall Street heard that an an
nouncemcnt viii be made tomorrow
In relation 10 the subways that the
city will permit the PETERBOROUGH
Rapid Transit to build. IT is Gfi~
sier~tood the company will be per
snifted to earn interest on whatever
money that ii il In advance and after
that the city Will share Ia the profits
Of operations. The interborough
Metropolitan bonds are a FIRST class
Investment. but the stocks ar. among
rfle most highly speculative Issuer ON
the exchange.
New York Central made sur
prisingiy good report for November,
,ilgs and decrease Of operating
expenses SO tf1Ht the result Was ii net
increase OF operating income. amount
ing 70 $5322s5 The Pennsylvania
showed a material Increase in ops
rating expenses SO that its net was
smaller by 1878, tss thHn for the Same
month last year on the Eastern lines
i,,,t only $s5,39s smaller for the
western ones. The Frisco showed q
net increase OF s223, 4s7. These earn
inys were all considered very favor
able.
Wabash Honds Strong.
In the bond department of the mar
@-ket Wabash per cent. first and re-
funding bonds attracted the most at
y tention because Of their strength In
the face OF the announcement that
the interest would not he paid by the
company. The commit - are Of
fering to advance this interest as u
loan, but very large number OF
hondhoiders are apparently standing
:aiof from the committees. preferrins
to ike their chances as individuals
when the final roundup comes With
In few days court proceedings may
throw SINE light on the II -ysterious
receiverships of the Wheeling ane
N Lake Erie and of the Wabash Pitts
burg Terminal thus enabling bond
I
Tobacco shares came to the from
.satn with ii report hat common
stockholders OF the American Tobacco
Company would get a stock dividend
III twenty five per cent; TO reimburse
them for the cash dividend that wa,
passed in 1911. The old stock ad
RANGED Is points from the low point
Of the morning and the stock ex
- hsid4a E1es MAS at-one- time Ia points
lntu Ialta II nf ray III
trading day.
Europe Buys Stocks.
Europe Was buyer OF stocks to
.lay, principally of Steel common. Tn,
discussion regarding the steel trad.
has induced sesera! important bank
ing firms to send experts out to in.
ses;igate Reports coming from these
experts indicate that the improve
ment is genuine and they confirm nj
that has been said by officials of tn,
trust. II Is true the profit per tor
ii very small. aat direction Is NOR,
important than distance.
The copper stocks improved only
slightly. Nevada Consolidated is beinl
B picked mp by the insiders beeauss
while Utah Copper is the best o
them all. Nevada Consolidated is tn.
hest part of Utah. II Is selling abou
three paints ..snnder it's parity with
Utah and should production be in
AS Kill haze to be soon /
the copper metal market is genuine
Nevsd Consolidated will gain NOR.
" from The ins:t assss atlsh ans At her .Asn
cern,
Gas stocks, Consolidated People,
and LacIede were strong.
Number Of shares sold today. 4Sl =,
h3s; year ago. $685..
Par value Of bonds sold today, So
FSu. eGg; a year ago. ss,2f2. Gee