The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-04-04
RECOvERY
|0W UNDER WAY
14aT ox ANOTHER CoNsrRue-
1--WE NovEMENT AND STOCKS
ARE BOOMING.
"COPPER" TAKES DROP
&4gsE;N HARTMAN DISCOVERED
4sfx HARVARD BARTCH. ELECT
ED TO DIRECTORATE OF
WABASH ROAD.
"COPPER" TAKES DROP
nv THOMAS c. snoTwELL.

Spointed again today. In spite OF all
thetr hard work the list advanced !
sfmpressively and some spec'alties i'm I
Spulxveiy. IT may dawn on the trad /
ara some of these days that they are :
mot making the market, but that IL /
n unoer control OF the great BODY (
Of Investors who have found their /
nerve again. The country Is on an /
10th<r constructive movement. and the
stock market will not wait for the
work to be finished. Six months from
now everybody Will be able 10 real
re what a group Of big men recog-
misc now. and what very few saw
months ago. This is not sunshine
NOV ement, but a real recovery. Now !
n the time to Jump into debt as deep
- possible.
II looks as IL the United States
steel Corporation intended to take
advantage Of the opportunity for II 10
understood that there is total bond
aneue OF $I5o.oo0.0o0 authorized by
the directors on the Gary plant. y
small lot OF these bonds was sold
few days ago. The others may be
sold at any time, but that Is no
reason for pessimisn1 1t only proves
that the great corporation is dong
- much business that 1t needs more
working capital. The surplus capacity
4 az the steel mills will fade away just
AZ the copper surplus faded. Steel
was slightly higher AT the close.
Copper stocks Dull.
Copper metal had a slight reaction
Ia London. ana was dull here. The
stocks all felt II. II would be "A hear
argument on copper stocks to have
the metal go much higher. II is well
f known that the accumulation. OF
tnxsr nit,n s,f rappar metal gynpupS
by agreement OF the producers. The
Il Attnation was SO bad that the con
splracy" was ignored. But IL the pro-
3 ducers attempt to force any foollsn
prices for the metal the politicians
will remember that agreement made
4 In Paris last summer, and will make
aA disturbance with justice At -
cents d pound there is an extre meiy
liberal profit In the production Of
copper. With the metal 81 that price
In an honest market copper shares
~'are worth more than they are SELL
Ing for. because they viii be permit
tied to enjoy the liberal profits H.
edefanitely. But If the metal is forced
4 1k1ncn higher they are worth less than
current prices, for the crusade that
Will be started against the operators
will break up the agreement and seno
copper down for another long period
The copper men had one illustration
Of the result of hoggishness. and 1t
14oes not seem that they should be
anxious for another. An immediate
\ increase in the production of copper
metal is absolutely necessary II the
{ price Is to be held down and the
stocks are to be held up.
n. n ". Makes High Record.
Chesapeake and Ono and Norfolk
ana Western gave good account OF
Isthemseives. Inc iatIer mace d new
\ high record. They were helped by
the Increased business fnat has come
rte them because of the coal strike
abroad Iaesa peake needs great
deal of money for improvements, and
i this improved situation may be taken
advantage OF TO make sales of bonds.
II IL beng made plain that the late
Edwin Hawley was too liberal with
Chesapeake and Ohio dividends
The election of Barnard NJ. Baruch
to the Naoash road is believed by
Wall Street to mark the beginning Of
new railroad career that Will rival
I that of f. Fl. Hartman. He has been
q remarkable success as an operator in
Y the stock market, and has so CON
ducted his campaigns as 10 Keep the
good will OF all intere SITS. He Is young
and rich and made his own fortune
He gets the credit for many irnpor-
1Ant market improvements in which
Y he IL only one Of the factors. but. in
most Instances IL develops that HI was
the first to take position and was
ready 10 gather his profits by the
time the other important men got well
under way. For instance, Baruch was
n huying stocks months ago when the
l. other big ones who are taking on
hines OF investments now We're still
peaaimistic. Now that he has gone
Into the Wabash where a man of
nerve and good Judgment is needed,
Il and where he has an undeveioped
/ system on which to make his impress
i aion. 1t is time TO stop selling all Gould
issues.
Cheap Stocks Rise.
s Canadian Pacific and Amer lean Can
I: assess -'spssTss sattfed fn stfis column
Monday as the two cheapest stocks
on the list, Joined hands today in IL
demonstration The former rose to
~ IL on 81 report from Berlin that a
land company would be formed 10 take
over The real estate holdings. This
story has done good speculative serv-
ice I'm the past. although Sir Thomas
ShauEhnessy OF the Canadian Pacific,
will not sell it's land except Ivy the
acre to farmers and il In doing that so
rapidly as to make the land company
\ report unnecessary even Tor pools In
I the stock.
New High Records.
Can went 10 new high records for
the common and preferred. The COM
pany fs so far into the fiscal year that
I The directors are satisfied IL will earn
$1,000 900 net. That viii be the fun :
Der cent. o nthe preferred and nearly
Der cent on the preferred and nearly
tectors are therefore letting /, De
Known that beginning with the new
i year the full dividend will he paid on
I The preferred. The first full declara-
+ ttOn Will be made In December for
payment In January. IN addition II
- expected that about per cent. q
4 quarter vii! be paid on account of the
- per cent. OF accumulated dividends
wiping them out In about three years.
~ the end OF that time the company
3 Will be able TO pay dividends on th,
z common.
This II rather ambitious program.
DIT the management Of the Can com.
Hany seems TO Justify IT, The con-
te4nsle Mesf to be making 1000 differ
e11t articles OF tin and paper. The
! 0nAsuMptton OF cans Ia marvellous
. Qne toilet powder concern, for in
4 stance. takes $4,000. 900 boxes a year
d 4zo one canning company takes no
n kwar than three hundred million.
4 Dyotrefs with confidence In the Can
3ooues are having clients take the pre-
L f0tfo6 and common in equal mum Der
AZ n Mares. thus getting an investment
- viii carry itself.
ywEs --------------------