The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-03-09
STANDARD OIL
MOUNTS AGAIN
SELLING At NINE HUNDRED IT Es-
TABLIsHEs NEW HIGH
RECORD.
MARKET Is STRONG
COTTON SENT Up NJ REPORT OF
SETTLEMENT OF STRIKE.
IRON DENIAL 1T SUI
SIDES.
b, THOMAS &. suoTwErI..


siderable profit taking, as might have
been expected after such a rise. This
profit taking was absorbed easily,
and enough new short contracts were
put out to leave The technical condt-
ston OF the market good. In the
early part of the session the report
from London that the coal miners
strike had been officially settled, sent
cotton up SHARPLY, but denial of this
report came quickly. and cotton sub
sided. The professionals are not
pleased at tho refusal Of the market
to flatten out. and begin to realize
that IL Is based on real Improvement
in conditions.
Action of Erie and Steel confirms
this view. for none but those of the
FIRST magnitude would dare take all
The Erie and Steel that have. been
taken on the advance and not then
unless they saw daylight. The real
people must be willing to see the list
advance. Furthermore, the advance
in Standard Oil of 200 points recently
could have been postponed indefi-
nitely II the insiders had SO desired.
A rise of that magnitude is Of too
much speculative value to be wasted
on any false movement. Then the
big penple- are looking zee Innocent
Coptrr steCk reduction.
The copper producers announced
today that stocks of metal on hand
had been reduced 3.340.655 between
February / and March /. This is less
than was generally expected. the best
estimates having been between five
and six million pounds. This small
loss does not mean that sales have
been bad. Copper Is carrying in the
surplus account until actual delivery
is made, even though sold. Tho sales
for the month were as large as for
the previous month. and since March
the price has gene UP to Ia s-S.
The advance today of Amalgamated
TO II showed that the insiders did
not consider the report bad one.
SHELTERS Is acting well recently.
and today touched a new high figure
for the movement when 1t crossed -
The company must prosper along
with the coppers in general. Gug-
Esnhei Exploration Company stock
is soon to be listed on the exchange,
and at the same time a stock divl-
dend of 100 per cent. Ia to be hand
ed out, This dividend will be for the
purpose of reducing. the price of the
stock to q level where the general
pubic viii trade in it. 1t now sells
around goo 1t pays 10 per cent.
and the new stock will pay the same
at first; that Is, , per cent on the
entire issue. but IL Is earning fully
is per cent. il is understood, on the
present = sue, and the new shares Will
soon he raised to t per cent. The
stock increase will mean the issue Of
.i2 100000 more of stock. but the
company has a surplus of SIS, III.
according TO its last report. Besides
II is carrying all Its investments at
cost Among them are 404.5o4 shares
Of Utah Copper. carried at "a cost or
Ss.1Gl.767, whereas that stock at to-
days market price OF bs Is worth
s23,4s1a33. or 1929. SOS more. IL
has proved a valuable investment for
the company.
Come complaint is heard from stock
holders of the Nevada Consolidated
Copper Company, because OF the com
parAtively low market price for that
security issue. The low price Is due
10 the fact that careful explorations
Indicated that the mine has life
OF only twelve years. II is AN ex-
srencly rich mine, hut its finish is IN
sight.
Spt,eiAItics Steady.
speciaIiies were steady, and some
showed signs Of coming activity.
North American and International
Pump were two of the high grade
8 speciaitIee 10 move slightly. American
Ice showing was not active in the
market. bat rumor was busy with the
i,agiuninE of The annual hold-up Of
the company by the politicians. This
year the grafters may get sur
prise
EecsiNerShip of the Kansas City,
Maxico and Orient railroad throws
some light on the recent demqnstra-
ton against the Money Trust and
may chill the politicians. 1t WAS
known TO Wall Street insiders az the
time President A. E. stiliwell issued
his denunciation of the Money
Trust that his company was IN dis
;ress Stiuwell did the same thing
about fifteen years ago, Just before
m ts ss.tss.ia.;. t,t&, t'atss1strs ard tafaE.
now the Kansas city Southern. went
into receiVcrship. There Is no doubt
that President Stillwell IL honest in
his belief that the Money Trust broke
him both times, but tinsnciers are
equally honest in the belief that Presi-
dent Stiliwell is too optimistic for a
safe investment guide.
Erie StiI a Mystery.
Erie remained the same mystery, no
official explanation being given for
tha recent action of the Shares Per
ssssEasg Sto. have been over the~ltne re-
Gently say E;rie is new road. coans
pairing favorahlN with the New York
Central and the rise is largely due
10 a belief that when the double
TRACK ~ HniSntu ~ VIII ta5lt anu pay
n dividend on the common stock. II
has very little more water in its
stock than New York Central.
An attempt To scare traders with a
had winter wheat report from Ohio
ended in failure. 1t is too early 10
say positively what condition wheat
ID in, but from the heavy snowfalls
E. Of the winter II IN certain that the
condition of the crop in general is
good. II is 80 reported in those dis
tricts where the season is sufficiently
advanced TO make complete observa-
don possible. The Rock Island ter
ritnry is particularly fortunate in its
winter wheat situation. and stocks Of
& that system should soon show the in
g.uence of this fact.
In the Street: Number of shares
sold today. 1855; year ago. ls3.-
$50.
Par value OF bonds sold today, S2,-
900: a year ago, S2,Vl4,9oo.
e New York Money Market