The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-05-13

STOCKS RESUME
UPWARD MOVE
DECISION or COAL TRUST CASE ny
COURTS Will. HAVE BtLLIsH
EFFECT.
-nesss !
STEEL PRICES LOW
TOBACCO TRUST MAKES DEAL TO
GET BIG BUSINESS IN UNITED
STATES AND FOREIGN
COUNTRIES.
STEEL PRICES LOW
By THOMAS G. sHoTuELL.

~
ward movement in stocks that bear
traders- attempted e, check has been
resumed. New high records were
recorded at the end of the week, and
Is such as TO make more high re-
cords possibilities for the next few
days. The supreme court at Wash
ington will meet tomorrow, and un-
less it hands down its decision in the
coal trust cases then or next Mon
day, those cases will not be decided
until after the summer vacation.
There is some doubt as to what the
decision will be, but marketwise 1t
will either be bullish or very buiiisn.
The mere settlement of the dispute
viii have a good influence on the
market regardless of what the de-
cision happens to be.
Conferences will be held Tuesday
and the expectation is that they will
settle finally the dispute between an
thracite operators and miners The
disputes between the railroads and
their engineers and nremen are al
ready in process OF arbitration, Thus
peace between capital and labor will
days.
Still Selling Low.
The next important thing is the
low prices at which steel products
are selling. The volume of steel
output is the greatest in the history
of the country and orders are on
hand in sufficient volume to keep it
at high tide for the rest of the year
at least The steel corporation has
actual orders on it's books enough
to keep the mills going full capacity
tor six months without another ton
being taken.
But new orders are coming in daily
at the rate of about $4,000 tons in
excess OF capacity. This condition
is important because 1t insures cheap
material for the railroads and manu-
featuring concerns that buy steel.
Railroads are buying equipment
freely. These purchases are done
quietly, and equipment companies
say that many of their customers are
asking that the orders be not made
public. The railroads are saving 20
per cent, at least In comparison with
a year ago, and il Is fit FOR stockhold-
ers of railroad that they did not buy
freely at the high prices. Stock
holders of the International Harves-
ter Company are also TO be con-
graduated on the cheap raw material
when sales Of the finished mac him
~ will be beyond all previous re-
! cords in volume
| Politicians have lost their power
| to brighten business. This is partly
due TO the extremes which leading
republican Candidates haze gone Ia
denouncins each other but very
largely to the fact that steel pro-
ducts are sel,ingg at such a low price
that even the most drastic tariff re-
form proposed by the democrats
could hardly send them lower.
IL liz estimated by experts that the
United States Steel Corporation In
selling an average of 81 a ton cheap
er thy German manufacturers.
Business Generally Good.
| All ciasses of merchants are re-
porting sales good, and collections
! better than foi FIVE years. The rea-
/ son for ibis Is that small stores gen
| orally ale bare of goods. and that the
! general public has been saving rs
/ monty an6 is able 10 pay promptly.
| Thus any increase OF demand la Any
commodity eaHaes directly to the
| original producers with cash In hand
THE reduction of the English nanR
ratg tar ! Ter cent, has proved tusi
! poiItieal peace has been estabiisi,e
| in Europe. This has released hun
| dreds of millions of dollars for use OF
| general business. Europe instead OF
| selling American stocks stands ready
! TO buy them. Money In America l.
| abundant. and credit in untold mil
| lions is being made available again
! No matter from what point Of view
! one regards the stock market. tins
| outlook is for bigger business anc
| better prices.
To Fne Hague.
| Ii does look. however, as though
| the trust question would nave to be
4 ss;ssnsissea - Hs3n hague Esss,z; ~
I rfon. As The pubic may renembel
| the supreme court Of the Gnitec
States destroyed the tobacco truss
| and the Standard Oil Company las
] summer.
4 Wall Street learned Saturday. and
| the general public learns it nov fol
| the first time that the British Amer
| lean Tobacco Company has made 4
| deal with the Imperial Tobacco Com
| pany, of England. whereby the to-
baeco trust viii get practically all ol
the his business In the | n.t@d STATES
/ as we'll as in other countries of thf
| world where governments don't hold
/ g. monopoly. 1t is understood that
/ the United Cigar Stores Company will
! stand in the same relation TO the
| foreign tobacco trust that IL stood te
| the old American Tobacco Company
Cigar Stores Kisses.
I AS evidence of this Wall Street
| has seen In the last few DAYS quiet
| advance of cigar stores stock and
| British American stock.
The latter sold on Saturday at 81
In the old business also, there /:
| a strong suspicion that trust bust
| ing pays. For instance one of the
! largest manufacturing plants Of
| America quit burning coal two years
ago, and installed oil burners in Its
immense factories near Pittsburg
| The contract with Standard lA- ex-
| PRED last week, and to the aston.
| ishment of the consumer a renewa
| OF the old contract was refused. Ths
| excuse given Was that oil was scarce
and the company could sell its pro
| ducts to much better advantage else
| whore. Finally. the oil company con,
| descended to renew the contract at al
| advance of I IA cents n gallon ovel
the old price.
The railroads are all eqnippinl
their locomotives with oil wherevei
1t IL possible to get certain deliveries
Some are actually hauling coal Il
| market with locomotives using OF
| as fuel.
1 The tremendous tonnage OF stee
| has stirred up business in all quas
ters. and the immence acreage O
1 crops is making demand for la boz
| haynnd prereApnt