The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-04-02
HEAVY BUYING
CAUSES ADVANCE
COPPER SHARES LEADERS WITH
coat STOCKS FOLLOWING
CLOSE SECOND.
MUCH HEAVY BI WING
STRENGTH or COPPER DUE TO
FRANTIC PURCHASES OF con
stMERs WHO THINK THEY
SEP GOOD 1UI>G.
MUCH HEAVY BUYING
lev THOMAS c. sHoTwEIL.

NEN fdAshs 2bTil AsT~-NN itH Top
per metal at the new high record price
of 1e cents pound TO-DAY and with
several hundred thousand coal miners
on their trienn!ai vacation. the stock
market gathered strength as the ses-
sion progressed. and closed strong
witIi many material net advances
Copper sharcE we're leaders with the
rpai stocks close benIud Amalga-
mated had-a. gross -adHahGe IF more
than three points The movement in
American Sugar to the high record
price of iSo ~ was an trade conai-
tfons. and had nothing to do with
the failure of thG government To con-
yict former ON GERS Of that company.
That prosecution viii not he worth IL
dollar either wa on the stock.
The market @as really held back h.
the Supreme Courts delay in reacna
ing decisions on the railroad rate
cases. ana the coal cases, The street
has deciued those cases as a matter
at course, but some persons still he
lieve II Would b. wists 10 Mait for the
Supreme Court TO conarm the Wall
Street decision From d stock mar
ket point OF ,k.n II matters little how
the coal cases are Gecided FOR the
decision will simply be hullish or very
builish on reading Buy the street
has decided TO take through SUI
preme court decision the power OF
fixing railroad rates away from State
commissions. and give it exclusive
= ~ tn tne Interstate rumTnerCe COM
fnerce Commission. The railroads
want oniy one master ana prefer or
hard master. 10 forty eight Whimsicai
nneE.
Heavy Purchases Cause Rise.
Strength OF copper requires no new
explanation. II is neresy the rraa-
tic purchases ~ consumers who re-
fused I" believe the stocks Of meta,
were running low The producers are
really out OF copper They will he
compelled TO increase production ma
teriAiiy at once 10 supply the Inartset.
: Naturally AiflaiSa'nated and Suelter,
will advance in price. and NIL the low
cost posftion must m.,.c up With
them The steel market Is IA very
much the position the copper market
was SIX months ago, Railroads nave
done without supplies and builders
have Postponed operations waiting FOR
still low,-r prices iintr now. ali be-
GIN 10 realize that the ssvfncr has been
turned.
Steel Locking Up.
The steel aark+ shows "a hafdthin
tendency and persons who are sure
Emitted States Steel common Is going
TO 20 lumb bling. and who may be
short of IL might with profit watch
the metal markets. The stock marker
hesitation, in regard ~ steel is due
largely ~ reputed short sales "a the
stock hy an important banking house
on Broadway. supposed 10 be working
5 for insiders Maybe that house is
night DpI tho farger the insfdcr Is Nitn
whom one happens To discuss tie
market the more hullish no is about
the near future Of the steei trade.
Itsiiroad Reports Cheering.
Reports for February published by
the New York Central aud the Penn
sylvania lines were cheering. Central
showed All increase tn operating reve-
nue. OF st.sf1, asa. and an increase
In net OF 81 062, $50 PENNSYLVANIA
showed a gross increase OF s&4li,9a
and net increase Of 81 ,oa4.las. The
current fay9slBgs rsast br even bet.
ter for the transportation OF steel
materials alone mas added consider
able to the volume 81 business
Has ia J I'M bought an In
ferest in Colorado Fuel and Iron with
the intention OF using II in connec-
fion with Great Northern Ore"
Spccialties Neglected.
Specialties We're neglected today.
even American Can not being active.
Can. like Pacific Telephone is In q
stronG position. The preferred OF the
Can companS IS now practically GER
tain OF getting all OF the accumulated
dividends within the next three OF
four years. after which II will be left
with earnings Of 10 per cent on the
common. Earnings for the next three
years are estimated at "A total OF
SCI .900.e0a. II will take less than
I'll. 0oe,peo 10 pay the fun regular
dividends on the preferred and the
surplus Will nearly wipe out the ac-
cumuiated dividend sven without any
growth. But tho rapid growth Of the
business II Its strongest feature. paci-
nc Telephone. OF which the Ameri-
can Telephone Company owns 81
per cent. Of both classes OF stock, IL
paying no dividends. but Is earning
- the rate OF about 20 per cent
Ins190S II earned 6 per cent, In 1910
the earnings were IL per cent, and
last year they were Ia per cent.
u WAs expected that dividends would
~ begun when II had surplus OF
~ ~. 900. but II has surplus OF
~ 94e.oe0. II must BE- that the in
n4oEs MAnt 70 pick up more stock
sneecfe ths public realizes the strength
~ ~ AocuT5ty.
I &ogkhagp Gecares Lane.
Ama41an Northern. nav comes 70
eoe 1R~nt Win the announcement that