The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-09-18
lEET SEES IT'S
lI|E TO PURCHASE
rsnnvATlyE BROKERS ADVISE
n xrsroMERs TO BuY Ur stocks
NOW.
MUCH STEEL SELLS
rrsyrrY OF RAILROAD LIST -
SOMETHING NEW AND MANY
DEALERS THINK TT Will
CONTINUE.
nv THOMAS @. sHoTwELI.

NEw YORK, Sept. 17.-Action Oh
40 stock market today was sucn &c
Nv, suggest that the time mas aiINsu
I 49, making purchases. THe trace
ssss-ss;t;ors were strong, and the teen
T7@s.ai rondifion Of the market ~ so
/ 20 that IL there ever was tims
a1rhen stocks could be purchased WIN
sssurapce and held regardless OF I'M
mediate fuctuation. now Is the tit'ie'
SEINE Of the most conservative houses
abandoned all restraint TO-DAY ana IA
FIfed their customers TO take at ieas.
SSannn,e stocks. fearing that unless they
did so they would have to begin max
I 4nr purchases at a high level
~ For weeks Wall Street has been
for a leader Daniel G. REID
shas been the man they We're waiting
Tor. and 1t now appears thatSMr Reid
4 has been leading the narltst from
abroad.
Baruch Gets Credit
q. Al. Baruch got the credit today
Tar the demonstration that was made.
Ind circumstantial evidence confirms
the numerous reports OF his activity.
because of his past record of having
rood Judgment in a speculative crisis,
the reports of his buying caused
h heavy covering OF short sales. and Also
4ree buying for investment account
steel Attracts Attention.
The buying in of Steel in particular
Extracted attention. Great blocks OF
this stock we're taken openly Tor
34r1sat seemed to be brokers Of the
two leaders. linton Pacific. Heading.
kEsanadian Pacific, American Can ana
B National Biscuit were taken by the
Il xame Interests. Lehigh Valley was
Brr-r he
&Ihir buying, which suddenly began
#nhortly after noon. started activity in
nj quarters of the market, so that
she business was we'll scattered, the
number OF transactions being greater
N than for weeks. and the number, OF
ENecuritses being greater also. Inc
4 close wss at the best figure of the
flHy. showing net gains OF a poin'
& ~ more in the active issnes. while
1ktref Reading, Union Pacific and
EsHiscuit showed more than-twa- points
Activity Something New.
while movements in such stocks as
Can. Canadian Pacific and the cop
x,ers. are easily explained by the big
the activity of tho genera
( railroad list was something new TO,
wall street The belief has persisted
|Efor months that railroad stocks could
not be bnoyant until freight rates
were advanced. Ms has been pointed
cut persistently in this column for
4 months. the railroads can make ma
tsriai increases of net earnings this
year because the tremendous croI
q tonnage will enable them to work al
their full capacity They should have
some increase In rates and will UNI
u doubtedIy get them If wages are 10
D be Increased. but unless wages are in
creased the present rates VIII prove
very satisfactory. The question OF
4 freight rates will be brought up this
\ next winter. in an entirely new light,
4 Tor the shippers will be demanding
4ife Increase as we'll RS the railroads
Il me congestion OF freight is now an
assured fact.
Such lis the strength OF the business
situation, and such the weakness oil
all the politicians that 1t makes lit
III Tie diffcrence what stock one buys. Al
T are good. It IL not advisable to buy
Ssen narrow margins now. but II seems
3HPessibie 10 have A severe break.