The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-04-22
STREET LOOKS FOR
CHEERFUL THINGS
NO ONE WOULD HAVE DARED sEiL-
ING NoyEMENr UNDER TUE
CIRCVMsTANCEs.
POLITICS IN THE REAR
ENGINEERS MAY GET RAISE ny
JOINING ROADS IN DEMAND
FOR INCREASE IN
FREIGHT RATES.
POLITICS IN THE REAR
BY THOMAS c. sAoTwELL.

forward TO more cheerful things. The
strength Of the market under the try
ing circumstances IL much commented
upon but perhaps the test was not en-
tirciy a fair one. Nobody would have
dared attempt a selling movement un-
der the circumstances. such was
the public indignation at the useless
waste III life on the Titanic that al,
ordinary drive at the market would
have been resented as possible at
tupt to make money out Of the af-
fsr. The movement in Marconi stock
was go regarded and les collapse was
viewed with satisfaction by all re-
spectable brokers. SO perhaps the
market has still to prove it's stability.
The high record prices In grain were
due to persistence Of traders in regard
ing the Mississippi foods AS an areu-
rnent AGAINST better crops this year.
Experience proves that such floods are
always followed by larger crops not
Only in tho following years bat In the
came. year. Cotton has been replanted
aS late ~ June 1%t. and big crops
raised on ground that was Under
water In May. The fact of the flood
proves that there In abundant mois-
ture in the country. The crops ere All
late btat even that is no reason for
expecting them TO be small
Politics in Second Place.
The Titanic disarter has put the
! political situation into second place
| for the time. but ii will come to the
! trent again soon and Mexico VIII loom
| bigger. The traders win worry over
! the Steel Corporation earnings for the
! first quarter Of the year The coal
! miners and the locomotive engineers
! will receive more public attention.
Admitting the possibilities of mar
| ket scares that are contained in all oi
. these factors careful survey of the
market places discloscs no weak spots
! The big people are calmly builish
They are opposed to- any violent ad-
| vance from this level. hut say that the
j bad features Of the future have all
been reckoned with. They have not
attempted To iiqHdate on the recent
, advance. and the. public is not loaded
| with stocks an margin or In such
| way as TO make liquidation from thai
source possible. The public Is more
inclined to take stocks than TO sci
| what II has for mts, people believe
prosperity il near at hand.
locomotive engineers on fifty rail-.
roads have put themselves in awk'
ward position by issuing an ultima
tum and then withdrawing 1t. This
convicts then-of blutfing. and has
made the companies more steadfast If
their determination ia grant no in
crease Of wages except as part OF nj
agreement for men and employers t.
demand an increase OF freight rates
Scarss May Come.
| Some market scareS may come on
of thie matter after all. The anthra
cite dispute II not officially settled
end II ought 10 be good for one NOR
scare In the market. But both theS'
lebor disputes are so well understood
by the general public that no declinc
OF importance can be brought abou
from either. and any raid attempted
In connection with each Will be quick
ly stopped by the absorption Of stool
that is going on. for the accounts o
people who are. prepared for broa'
upward movement.
The Erie pool Is typical of the gen
eral market Its members hav
agreed to make q campaign OF thre
years. The company has sold 40.
900, 900 OF securities for double track
Ing purposes, and another ten millio
IL 10 be expended out Of the earnings
Hut even al tho present rate O
enrninsa the second ten million vii
he made available. The pool is look
ing for it's profit out OF the surplus q
earnings that will accumulate az
result OF the greater efficiency OF tn
line az the millions are spent. II !
) but fair 10 expect the Erie to ear
double the ten million by the end O
.he period in question,
Taking an illustration from the in
dustrial list the insiders OF America
Can are found preparing for a carr,
paisn OF more than two years. The
figure that with earnings running nov
at the rate OF 100000 net yearl,
payments in full on the prcferre
stock can be begun with per cent
quarter on account OF tho accumu
iation Of 81 per cent. that viii be du
a. the end OF the year.
Looking For Big increase.
"a normal Increase OF TO- per cent,
. year 10 expected In the business OF tn
company. and earnings of 100000
grow rapidly at that rate. 1t must b
, remembered that the Panama canal
going. to turn all the Pacific coas
. into one vas. canning factory to SUI
. ply the world with cheap food. Their
seef,s to Be no weak point in the Ca
. IrosJan.
In Canadian Paciflc. Linseed. South
! ern Pacific. Bag and Paper. New Yor
, | Central Colorado Fuel. Atcnlsoi
! ! BethIehern steel and score OF secui
tiles where the actual present wort
may b. guest toned II IL found the
Z plans for the next two Year, are sue
a. to Justify the optiuisn OF the insit
9 ers who are gathering the securitis
again.t the day when the whole pc
pie will be able l., appreciate the
| value.
Because of these plans and expe
tations the drift OF the price lev
must be upward with such temporal
reactions ~ accidental development
n may Justify. The only way TO hand
A such a market 10 TO take a positic
\ arh i&nopA the day to day prices
= case II oh record Of a man who 10
4 $4,000 trading in 400 shares daily
1 the. short side Of Smelling stock fro
Q i3S to 30, whereas he would have mat
J, | n nrofit af III soc ~ ne had sold OIL