The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-04-03
IIO 70 Be
BRIEF AND SMALL
~ n poEs CONE TT WILL NOT
AMOUNT TO a LONG RVN
Downward OF STOCKS.
MINING PICKING I P
PuBIIc AGAIN BUYING IRON. cor
MD COLD srftttr7> IN
VIEW OF RECENT BIO
DIVIDENDS.
MINING PICKING UP
nv THOMAS G. sHoTwELL.

NEW Aokk, April 2--StoCks act
ed tired today The close was not
materially lower. hut trading lacked
snap. All the reasons for advancing
prices seem TO bc known and the
pubic IS beginning to demand some-
thing new The coal mine labor sit
sation has been robbed ~ Its spe'u-
latitc value. because It has de-
Perforated into q mere holiday Tor
the miners Professional traders vain
IL imagine they have. discounted all
the good news regarding business and
the crops SO perhaps they VIII get
the reaction that Is so long over
due.
After such an important advance
II would seen reckless to say a re-
action cannot come. but az q matter
of fact there Was nothing in the
acton OF the list today that was not
the proper thing for Tuesday Ia a
bull campaign. Not a weak spot de-
veloped and II the reaction does come
IL will be brief and small.
" and W. shows Vitality
Norfolk ana Western was the one
stock TO show vitality today through
out the entire session. II made a
new high record and closed within
quarter Of the highest price This ad-
vance was due t. the great sales of
coal for European account A large
part of this new foreign husiness viii
ba permanent for the British coal
miners have. proved the mselyes SO un-
reasonable that thousands of foreign
manufacturers who have depended
exclusively on British coal will pre-
Ter TO get their fuels from two sources
sp that they nfay.uet be Tnbarrassed
in tho future. The square dealing
that seemed to be taking place be-
tween American miners and opera
r. a A si.-sars n n Saft <
in the eyes Of the whole world. lhe
word reason has been agitated into
the upwrIlten laws OF American bust
ness
81. Paul helped with a report OF
earnings for February that tended to
support the view that things have
changed for the better In That sys-
tenn. Louisville and Nashville and the
Missouri Pacific system made salts
factory showines Illinois Central was
harassed by Hoods and the stock sold
down again. Frisco made o remark
ably good showing OF gross
Copper stocks Yield.
After early strength the copper
stocks yielded slightly. They did not
decline much. for 1T has been discov-
cred that there is a material snort
interest in some OF them, The ad-
vance has been on merit. and the
shorts are not in pleasant position
Increases of dividends may not come
at once but the business is such that
they are sure 10 come IN snch STOCKS
NJ Amalagmated, SHELTERS and Utah
before the end of the year.
There is only one new mine Of i'm
portance that can be brought into
& production in the near future, and
that is the Inspiration. 1t cannot
be turning out metal for two years
AZ ThNYnnS6n of thai
company. who has just returned from
& the mine, said today that he expected
TO zee a strong copper market for the
rest of the year at least. he says
the Utah should be producing at a
cost OF about 7 cents "A pound when
running at full capacity, as 1t prob
\ ably Mill- be by-taa isi-af-Aasast.
The consumption Of copper rs actually
in excess of production. and 1t will
be several months before there Is
equilibrium.
Steel Still Selling.
Some selling Of steel shares is GO
ing on, as consumers are holding back
believing there viii be no import
ant advance Of prices because the
D excess capacity OF the mills is SO
great That IL what the copper con-
sumers thought OF the surplus OF
that metal. The steel mill capacity
road men realize that business il 10,
tnally growing from substantial foun.
dntiOnA
a revival Of interest in gold mines
II feature of the situation.
prominent mining broker who has
lust returned from Golddeld finds
that those who stayed on the scene
have accumulated much money and
are burning with the speculative
fever again. They Will not look al
Wild cats. and the stocks active now
are those nj Substantial companies
Advances such as those of Tonopah.
Belmont from so cents to $40 q share.
West End. from 50 cents tn $2-1S
have attracted general attention.
The mining stock market Is tn
sound condition just at present and
worthy OF consideration. The fac,
that Ii is becoming active has an inn
portant bearing en- the general stock
z tnEfket' For ii proves that there Ia
m awakening OF speculative interest
that has been dormant for several
4 re