The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-10-16
l)BACCO ANDSTEEL
STRONG ON MARKET
MEADlNs ALSO SCARS TO HIGH
POINT AND HALTs At THE
WAR NEWS.
BEET SUGAR IS WEAK
MANY AMERICAN sECt RITES ARE
SOLD ABROAD. BUT THE RIG
INTERESTS ARE QUITE
= CONFIDENT.
BEET SUGAR IS WEAK
ny THOMAS G. saoTwEiL.

NEW YORK, Oct 15.-Toba eco
stocks of all description we're exceed
ingly strong today. as were Reading,
Z Steel and some spec!alties in the in
dmstrial list. Expectation Of a doih-
Hing Of the American Tobacco dividend
sent thai. stock Zip six points in the
early trading LigRett Myers. which
has never paid a dividend. sold at 2ls
which is q high record price. lloril-
lard was strong Corn Products and
National Enameing made new high
records. cigar Stores moved 10 nearly
. record price.
Aside from thu tobacco shares, most
Interest was excited by the action Of
Reading and steel when Reading
sold at lTS is IN the early part Of the
session, Il made "A high record price
for the movement. II wavered between
that price and III for several hours.
and il was only after announcement
was made late IN the day Of fresh com
psications between Italy and Turkey
that il yielded to 156 i-2. The entire
market gave way la the last hour,
when Reading began to sink, and the
impression prevailed among profess
s5onaI traders that Reading had been
held strong 10 cover up liquidation IN
other departments Of the list.
Acting OF this theory the profess
,
a reaction Of "A point and more in
beading issues. The uudertone, how
ever, WAS strong, and there was UNI
doubted accumulation for the strong
est Interests particularly in Steel
Reading and Anna lgamated.
Abandon Beet Sugar.
NotA Bile weakness was seen in Amer
tcan Beet Sugar This is due to the
fact that the pool Of professionals that
worked in the stock for about three
years. and brought 1t up. from twenty
IN seventy-fire. has abandoned II, and
lis now working In Steel, Lehigh VAL
ley and American Can.
Although the big interests do not
qualify their bullish statements In the
least degree, IL would not be surpris-
ing to see the reaction begun today
go little further In the last week
!. there Srest tla We been fluffy 500 eos
: sharaA- American stocks liquidat-
ed abroad. This selling was particul-
ariy heavy on saturday. but because
that was holiday In New York, the
American market did Nat feel ths full
! fuTcs of it. ii WIS New York buying
In London. however, that stopped the
decline
Liquidation of surplus holdings al
ways follows d decline such as that
Of last week, and 1t is on the second
AIRY decline that stocks are taken
for the real upward movement That
is what Wall Street liz waiting for
now, and the strength of the Ameri-
can banks, the wonderful prosperity
Of the country. and the cheerful poll
teal outlook, gives traders confidence
Russia L. for Peace.
Reasons for expecting decline
were the belief that several addition
al declarations of war would be-
made public In behalf of little states
q OF Europe against Turkey Russia
ss expected to announce her position
TOMORROW In regard To the Turkish
war AS Russia has u large wheat
crop that must find market through
the Dardanelles. it Ia safe to say
that Russia's voice will be for peace.
Heaviness OF the American wheat
market today was due to expectation
Of an announcement of that kind by
Russia Wheat had gone to the
high record price OF the year on
Monday, but today it fell back Ii
cent.
The advance in Corn Products is
due to the large crop which. In the
absence Of the normal number Of ami
] mails or the farms. should mean low
price or corn for making the com
pany's products The advance OF
OIL stocks which WIS feature 81
the curb. il due IL tn" surprising
demand for oil which has pnt the
price up five and six cents "A gal
lon for all grades. on Hike copper
has reached a price level beyond
which advances will be bearish ar
gdmcnt on stocks.
Number Of shares sold today 524..
4s5: year age 372,2S5
Par value "f bonds sold to-day So
o42. GOO: a year ago 81 T8e. 000