The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-05-07
EXCESSIVE RAIN
AFFECTS PRICES
" tf.t- STREET pEe4pE
THIS Will RE rooR>YEAR
FOR coTroN CROPS.
DECLINE Is SEVERE
WHEAT MAKES NEW HIGH RE
CORDS FOR THE YEAR AND
GoTToS ~ Mrs TWO pol
LARS RAIE
81 THOMAS C. sHoTwELL.

5S FTSmAS -. offc w 49,
NEW YORK Nav s-wan Street
decided today that il win never stop
raining and that therefore no corn or
cotton can he planted this year, and
so sold stocks freely. The decline IN
the market was severe, Steel lea ding
The list with a loss Of more than three
points. Wheat made new high records
for the year. and cotton rose two dol
lars bale IN the afternoon Reading
iesi a rslN hgt iust AT the close fear
swept prices tf0W II again 50 ffIst rfIe
tlav closed with no definite trend.
az course. f. IT never stops raining
So that no more crops can he planted
the bull market is gone. But II al
Wses has stopped and the bull cam
pa ivueFS cling Ia thai one grain ~ com
fort. The reaction has surprised the
halls almost as much as IL has sur
prfsed th,, bears
Pears called attention today. TO the
fact that the south raises about one
third If the corn crop nova DAYS, aud
that last wear all the corn ia the south
MAS planted AT this time, whereas only
tan per cent 81 the Southern corn Ia
~ the ground now. They gay this do
lev will he dangerous Rut the hEu
uartV calls attention 10 the fact that
corn IS a hot weather plant and frost
6ces not come earlv enough in the
serth Ia endanger IT. Two thirds az
the e~fT crop ts planted in the North
and most of II is planted in tho last
half ri Nsy. Every farm s a unit that
cen put ~ crop into the ground in
few days. The bad weather will mean
much hard work for farmers, hut they
VIII he repaid with rapid groeth Of the
crrn*
Season Backward
The season has been 80 backward
that late frosts will kill nothln3~Even
tne peach crop In New Jersey has not
heeu killed this wear The cold wealth
er has f4~iti tt7e- tttttiz hack. \ record
ernp II fruit Is assurad Record corn
and a4ts craps arc ~ auf+ as anything
can he go early in the year. The gov
eminent report on winter wheat which
Will he published Tomorrow will he bad
and VIII mark the limit nj bad news In
fhat direction. About the only cheer
ful outfit in the stree: todhv was Amer
lean can crowd The food is causing
record breaking consumption of all
kinds Of canned goods and the outlook
TT fruit and vegetables promises a re-
cord pack or canned goods this sun
ner ~ which the high price Of meat
VIII force consumption
Beginning OF the hearings in the
government suit against the Steel
trust led the street TO expect d!scios-
ures that might alarm the public
Some selling was caused by that. Tho
trade condition Of Steel rs beari.h
on Steel stock, hui bulltsh on ali other
stocks The steel| companies will
break all records for output this year
with small earnings. The trust will
not earn much more than it's dividend
For the second quarter about s23.-
100000 net earnings are expected.
Steel Must Wait
-. steel companies are in very much
The position that the copper compa-
MES were in four years ago. and like
The copper companies. they must
wait for the consumption OF the coun-
try 10 grow w TO their capacity.
Continued low prices must prevail for
the safety Of the trade, and that
means big values ror purchasers OF
Steel products. 1t Ia equal to a small
increase or freight rates sor the rail
roads.
Copper, on the other hand is in
very strong trade position and copper
stocks are so situated as to be mark
et leaders when the general list shows
firmness. Conditions AT putte iiiu--
trate the Improvement. y member OF
rnr party That has Just returned from
inspecting the copper properties said
To-Day that the iwprev err @ntr ma de
under the management of John u
RYAN, at Butte. had resulted In A
saving Of cent and a half n pound
on all copper produced az compared
with four years go. The price OF the
metal is four cents higher and the
cost Of production cent and A half
lower, making an ADDITION Of Ia
cents pound to net earnings Of
Anaconda, as compared With the ola
conditions. Other copper compa n Ies
can claim almost BE great changes.
Reading Weak.
Reading was weak until the Su-
preme court at Washington adjourned
for 4 week, falling 10 hand down the
decision in the Coal Trust cases. Then
Reading adj ane@d mere than three
points. The coat Trust decision Is CON
fataent4y expes fe,i nsssg .NnfrYiay 'e''.s.
London sold stocks freely some au-
thortties putting the net sal les as mig
as SO. GOO shares.
Many banks are objecting to the
questions asked by the conrressiona
inqufsitors in the Money Trust aafr.
None has made efficial announcement
OF its refusal 10 answer. but the feeling
against answering is growing and IT
begins TO lek as II there would rea tiv
be q fight on this poin The law
says IN so many words taat the banks
shall not be compelled Ia submit 10
any fnd0s~stsoTl except 4S provided in
fne laws under which they are or
ganized. IT W the opinion of many
good lawyers that nothing but a new.
lay regularly passed can open the
books Of the banks to the inVeetixa-
tors.
The copper producers will make
their report this week for April and
the Steel Trust viii announce on Fri
day the volume OF untitled orders on
its books.
Steel Sales
Number Of shares sold today ST.
e3i. year ago s5i,sss
Par value OF bonds sold TODAY.
kz,Sfe, 600; year ago. ss,7sS,eoo.