The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-02-22
|RkET IS WEEK,
RElO|NeI DECLINES
y ..'-sv-t --.'-a--.s--- s-sss-r -
srEeL - LcoNED GROW WITH
o. rs..M ,sxsast; To Btsi'
IVES. sHRINkAcE-
I PLEASED AT COLONEL
~slg. STREET BANKERS REGRET
noo~EvELT-s LENGTH OF SER
VICE PRECLrDEs
OTHER TENN.
PLEASED AT COLONEL
~, THOMAS e. sHorwEtL.,

~,
weak throughout mos, of the SEES
hon TODAY, Reading was pressed for
sale with such vigor that II cioseu
with a loss of nearly points. ana
AZ the lowest price. Trading In that
ono stock furnished nearly half OF
.he business for the day. Union Faci-
fc and Steel. In which there vas also
activity. closed materially lower. Most
stocks were neglected. there being
emily enough transactions TO get them
o,,oted. Little spurts Of activity we're
SEEN here and there. and nearly al
ways at the expense of prizes
Chief among the reasons for the
weakness OF the market was the in
formation that Reading directors did
not intend to bring out any ~e~regs-
lion plan unless specifically ordered
by the Supreme Court TO do so. The
belief that Reading would seGregnte
It's coal properties grew ON OF the
fact that Lehigh Valley did do so.
Saccl Is Uneasy.
Steel. which was second To Read
ling In point ~ activity. was unAer
the influence of u decline IN volume
Of orders All the best authorities
on steel agreed that there has been
considerable ehrinkaxe In business.
Pig iron 10 dnil. Structural steel
prlcsa have declined 30. much that II
is understood the Steel Corporation IL
the only one able to turn out the
work Al a profit OF course, this
condition means that the independents
are making very little money and
that the Republic Iron and Steel
must certainly curtAil its payments 10
the preferred stockholders.
Another feature of the day war q
recurrence OF the talk against the
United States Steel Corporation, be-
cause of the destruction of the docu-
ments on which the indictments were
brought In the wire pool. 1t 10 being
srgued that the explanation of THU
destruction Of papers does not salts
~ the public. 1t In pointed to AZ evil
dence OF weakness and bankers who
hare persisted In believing the trus
had done nothing wrong knowingl,
arc now beginning TO feel That per
haps IL has not bern entirely limo
cent, even in intention.
Roosevelt Picascs Them.
Roosevelt's speech in which he op
posed the present trust busting
policy of the government. PLEASED
Wall Street. and SOME bankers re
GREETED that Rooscyet's length o
service made 1t impossible for hin
ever to DC President again. The prin
. Ciple of initiative and referendum ans
the recall favored by Roosevelt In hi
speech are accepted by Wan stree
as SO thoroughly established tina
there Is no use OF fighting them. HI
speech. therefore, contained nothinl
to explain the weakness OF the mar
ket.
Strength az OH stocks recently ha
not been idle speculation. The oil
industry is In splendid condition an,
being absolutely legal in every de
partYnent IL In position to grow
rapidly. Completion OF the Panam,
canal VIII put all coal burning ship
now afioat on the junk heap inside O
ten years and the oil compa MES Will
be called on To supply fuel for tn,
nayies Of the world, and for all elasse
OF merchant marine. At the motnen
many email independent oil com
panies in California are s,ifrerinl
from too much output and too NTH
market. but that will. all be correct
Cd in a few years when the boon
starts on the Pacific coast. And tn
public should remem Der that 1t will
be Impossible for business to boon
on the Pacific coast without carryin,
Union Pacific and Southern Pacific o,
the top of the advancing wave 10
they control the railroad sttuatio,
from way down ! In Mexico to Van
couver.