The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-04-11
MILES
after PLUNGE
E6Lfrrcs At FIRST AFFECTS
PnacEs nit DEPRESSION -
sIR SHORT LIVED.
u CONFIDENCE is SHOWN
OF FORMAL
AGREEMENT BETWEEN MINERS
AND OPERATORS HAS CHEER
ING EFFECT
CONFIDENCE IS SHOWN
nv THOMAS c. sHoTwELr..

NEW YORK. April 1o.--AIthough
disconnected by the Roosevelt VIC
L tory in Illinois. the stock market
s Kicked Itself up late in the day and
before the close the INCIDENT WAS OH
eaally forgotten. IL will take some
further distinctly important develop
nnent TO bring politics into the mar
ket again. Tho quickness with which
1 the list recovered today was signiti-
cant. 1t proved that the leadership is
strong and confident. There were
scores Of operators OF the second
Grade ready TO run when prices start
cd downward at the opening. But
the absence of important liquidation
was reassuring.
Reaction Useful.
The reaction was overdue. and
might have come from any other
cause or without special cause. II
was useful as proving that If the
public iiy is in stocks TO any eX-
! tent &. is no disposition to sell
In hurry. Ii proved also that the
leaders have calculated the chances
Of D few Roosevelt victories and de-
cided to ignore them.
Announcement late In the day that
there had been formal agreement
hrtween the anthracite operators and
miners TO arbitrate had cheering
influence. Nobody has believed there
would be q, real anthracite strike
4 but Wall Street was anxious TO see
how the situation would be handled
The same men who are responsible
for the anthracite mines are fore
most in the stock market. Their
action of today seems to suggest q
desire TO have peace and quiet as
n "a nj is
they are ready 10 grant an increase
Of wages and the coal strike may
therefore. be considered at an end
Another helpful influence was the
report Of the Steel Corporation thai
the volume OF untitled orders on It's
books was reduced only 14a,357 tons
IN March. This Is important because
the mills of the company were operst-
ed at 90 DER cent. OF capacity most al
the month. rising to "a per cent. at THE
close. New orders were greater thar
expected. They are now said to be
coming in at the rate Of 10000 tons
day. or In excess of full capacity
The iron Age stated today that the
Steel Trust is now turning out thc
greatest volume Of business In its his
tory. An advance of prices Is among
the possibilities Of the near future
The steel dividend is safe. Even Re-
public Iron is earning its dividend
4 and Ii is the expectation of the direc-
tors that by the end of the year divi-
dends can be resumed with an extra
payment for the period sssed. That
expectation Is the reason for the
strength of stock the last few days.
Big Gold Output.
The Rand established new high
record for gold output for March.
Money is easy and credit Is begin
ming to crawl from under cover. Cop
per metal and steel are in good de
mand at rising prices. Everything II
! favorable but politics. and there /,
such a racket in that direction that
Wall Street begins tn look for new
men OF conservative type to come
forward and save the country.
Rooseselt's victory in Illinois was
d genuine surprise TO Wall Street. but
ii quickly developed that a few lead
fr~ bankers had expected something
Of the kind. The market started &c
react. but II WAS quickly checked h,
buying orders traced to Chicago. j
Was carefully explained in bankina
circles that there are six factions II
the Republican party in Illinois. The
Street also censoled .~elf with the
belief that Justice Charles f. Hughe:
would be brought out as a compro-
mise candidate IL Roosevelt developed
unexpected strength.