The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-08-06
STOCKS STRONG;
SHOW ADVANCES
WILSON'S CONSERVATIVE SPEECH
or ACcErrANCE DISCOUNTED
ON THE STOCK EXCHANGE.
ASK INCREASED RATES
RAILROADS ACT INDEPENDENTLY
IN COCO RATE 1AsES---tsREAT
VOLUME OF TRAFFIC GER
TAIN FOR AUTUMN.
81 THOMAS C. sHoTwELL.

MEM NoRk. August 5.--Stoeks were
strong today, and some material mel
advances were recorded. But the sell
ing haa the appearance Of being what
tic sireG1 calls -.4ooa- -
On the advances rea! stock was en-
ccunteTed. The reaso2 for this selling
is pisis. The general public has oeeh
enable 10 see that business has been
growing RAPIDLY, and that the crops
were promising Rig things. Nov eve
tsaiy can see thase things. ana the
wise people who used tac.r lmakina-
t4oas 8 biz. are able 20 take some me
profits. The selling is Of the Kind mat
aspasx takes place when great expecta-
a8aTs ara realized Everybody knows,
nov, that the steel trust will earn and
pay its regular dividend on the com
Nor, stock Everybody knows there
still be no money squeeze. and every
BODY g1xws the CROPS Will be vastly
larger than they were last year.
Expect Higher Prices.
Ear the real people who may be sell
ing nov are confident that much higher
prices VII DC seen before winter, thel
dc not expert more than q normal re-
action. following ofF7c publication hs
the government Of crop statistics. Gov
errnr Wilson's conSery alive speech has
also beer discounted. and its offlCisl
publication VII provoke selling of
stocks. Reading is TO have another
1IpIiff II Is on the schedule for to-
morrow. '3They" said tonight that II
would he good form to buy Reading
the FIRST thing tomorrow morn!h& and
Mexican Petroleum on Wednesday.
Action of the market under such cir
rums;ances is perfectly logical for II
means that too much stock is encoun-
tered in the standard Issues. and that
the operators turn to the speciaities
because not many have such stocks Tor
sale, ard a false show Of strength can
be made by advancing them. \ reae-
ton i'm the market VIII not mean that
!. the campaign for higher prices has
been abandoned On the contrary the
reaction viii be only healthy clean
ing out process. an incident Of which
will be the picking up Of bargains by
the real peop~.
The departure Of George ! Gould and
! winslow Z Pierce for Europe will not
interfere with the reorganization OF
the Wabash More progress has been
made the last week than in any one
month before The Wabash is not al
together a Gould proposition.
Cotton oil ~ being picked np be
cause Of the excellent earnings. In
the year ending August LIST, the com
panv earned four per cent on its com
mon stock, which compares with "a de-
felt Of s252 goo in the previous year.
The interstate commerce commits
sion has before ii requests from rail-
roads to increase 5000 raIes. The
roads are acting Independently OF one
4 nnother, and every request for an
advance is backed with what the roads
believe To be a good reason. With the
great volume OF traffic certain for this
autumn, the roads need but slight ad-
] vanceS TO put themselves In good
shape.
Number Of shares sold today, 3S4
AT; year ago, $4,000.
Par value of bonds sold today. ST.
$4,000, a year ago. &1.452, 900.