The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-01-26

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4 AnsatcAs rosAcco wExT UP
TEN roiNrs on
uaANGE
\ IS. ANDO. CERTIFICATES
--.sy
STEEL MEN ASrIcsrATE ADVANCE
N PRICE AND RAILROAD
MEN ARE BUYING
ACCORDINGLY.
s.. ANDo. CERTIFICATES
M THOMAS q. sHOrwELL.p

bA lilOMA5 ssAhOA w A~~N-~'f
NEW YORK. Jan. zs.--Redpcticn
Of the ST. Paul dividend from =
70 per cent. basis. and announce
,nent by the Pennsylvania railroad OF
Nm order for 10000 tons of rails.
sd5ed 70 23.0eo ton order by the
r,ackawsnna, were the favorable IA
sfrenccs in Wall Street today.
AZ The market opened quiet but grew
IL strength and activity TO the mid
~. Of tne afternoon, showing some
material advances In the last lew
m,nutes OF trading Reading sold on
pusrt and some reaction was seen
II raughenf the entire list. Spcciaities
were strong throughout the day. Tie
ehtef of these was American Tobacco.
\ L..h celebrated Its listing on the
N..w York stock Exchange with
net advance OF 10 points. HeIme
Company stock advanced ~ LIS
points.
other tobacco shares were quiet
partIculariy United Cigar stores
which II still being hdufoated ny me
fsnancfees who were defendants In the
btg tobacco suit. Tobacco manufac-
turers and dealers report most ag-
Rressive competition for business be-
tween All the concerns .1at were or
. .z.Arly Ysrtx af the tobacco trust.
and they are beginning to regret that
the trust was ever destroyed by
the United SITES government Con
eu1ners OF oil are telling almost the
saSsie story.
Although the stock market 10 quiet
investment hoTAes are finding . con-
Stasitfy growing demand for BOMBS.
Bankers hating charge OF the WV
cot. 900 Of Baltimore and Ohio equip
ment trust Certificates. announced on
"wednesday, found applications In
their mall this morning TOT anou.
three times "a many as there were
Tor sale, The new Rock Island 1ebep-
TIRES ars also going at a rapid rate
a security like these debentures'
iyeued BY q company that has avail
able for interest payments six times
tho necessary amount for earnings,
viii naturally md a ready market,
hui up 70 the time OF their issue
that WAS q deadlock IN the bond mar
ket. The new bond issues bn sight
Tor the account of other railroads DO
rot amount 10 more than $780, 600.
600. unsess thu New York Central
should decide 10 do something on =
large scale In COMMISSION WIN the
mHFK10k or HuBS3utiAsI ~ Sottti'haA'N"'
Railroads Get Conservative.
Reduction Of the st. Paul dividend
rflI help investment sentiment. for
II shows that this important railroad
has finally decided 10 adopt con
e~ryative policy. It's extension to the
Pacific coast, with per cent. money
has been a costly experiment. al
though eventually 1t will prove proft-
able The persistence Of the difec
tnrs~ in paying the regular dividend,
when that payment was not 5nstined'
has weakened the Investment posi-
tipu of I'LL st, Paul securities. but now
thef should return to favor again.
81. Paui's troubles with the extern
zion have made 1t certain that no otn-
~ railroad system Will build through
10 the coast for several years The
Rock Island and the Burlington Will
ret ID the coast over other lines. with
whieh they now have favorable traf
Id ScpntracfK TX the Denver and Rio
GrAnte were In condition TO handle
the business II would get double It's
prexespt tonnage In exchange with
f1tssv systems. Under prevailing cir
ciin,stauces, however. the Rock Island
Will undoubtedly continue It's connec-
ftrns with the Union Pacific
Perhaps some OF the selling OF
Union E0A4nC HiBEh THAT nhS pN@AANts
the Street n due to liquidation. based
on 4 belief that Rock Island will use
the Denver and Rio Grande and West
ern Pacific In preference to the Union
Pacific, NJ soon as possible. Both
ByiF4lngton and Rock Island manage
Yner14k deny any intention of anything
more intimate than a traffic agree
ament with the Denver and Rio
Crande.
The Grand Trunk Pacific. which is
building an extension through to the
Pacific. chiefly with government
money, ID In need of funds again. and
announced today that It would issue
about 100000 Of 4 per cent. per-
petuai debenture stock. Wall Street
wondered why the government did
not guarantees more bonds. The gov
eminent has already guaranteed
buads liz the Axtsnt at s3S.sea A mils
for the prairie and I'll, 600 mile
tor the mountain sections.
II was the fight over the cost OF
tho Grand Trunk Pacific that defeat
ed the !. Laurter government at the
last Canaaian election. and not re-
Eiprccify. Al any other time recipro-
city would have been adop ed by the
Canadian government. but II happen
cd to drop In on family nght. and
ti'uders.
g, stsei men are, talking OF an ad-
vance 10 be made in the price OF
pearly all steel materials In about a
month. BY which time the Stanley
COMMITTEES should he through its
work. The low prices Of steel that
have prevailed have been responsible
for considerable uisundersta nding re-
gartiing the business OF the country.
Railroads have purchased equip
naent. not because they needed II. but
s~eause freight carr could be- bought
for $3.50 piece that were recently
selling at si.zS0 each. Purchase OF
this equipment created the mistaken
impression that the rolling stock was
reeded. whercsss tho railroads were
simply snatchinR up bargains against
tie time when they would be needed.
Number VI sllAres sold today. 24S.-
4aT. "a year ago. t:4.327.
Par value Of bonds soid today. So
$4,000: : y~ar ago. s2,Ss7.o0o.
New Ycsk Money Markct
sss N~fAxxv Ayf1 -