The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-03-10
MARKET TENDENCY
Still IS UPWARD
Stocks Are Steady Despite
Realizing Sales and Hos
tile Comment.
SOME SHARP DECLINES
Wall Street Believes Political
Sentiment Is Crystalizing
Towards Taft.
SOME SHARP DECLINES
tspccIaI 10 rho rimcs.pIspatc

lSpCCiAi 10 i no 'IlUleS- l1lSpatCn.I
New York, March 9.-Dcsplte further
realizing sales in some of the leading
speculative stocks, the absence OF Il
settlement of the English coal strike
and 4 good deal Of hostile market com
ment based upon the poor showing of
the day before made In the Ohio state
crop report, and in the government
exhibit of small reserve stocks of
grain on hand. to-day's stock market
not only held steady, but indicated that
itS natural tendency waa still upward.
Profit taking in Reading and Union
Pacific left the price OF thesc issues
unchanged while United States Steel
Common closed only slightly lower.
News that IL large assessment was
likely upon the Allis Chalmers com
mon and preferred shares caused sharp
declines in this quarter. Nevertheless.
an advancing movement in prices was
general. and there was especial
strength in the Interboro- Metropolitan
stocks. and in Lehigh VALLEY. Louis
Vile and Nashville, American Can
common and preferred, and in various
sreciultics like corn products. Pitts
bu!gh coal and press steel car.
II was noticeable that the news
concerning grain was almost unre-
Sardcd on the produce exchanges. and
small increase was shown in the
fortnightly report OF the idle car sur
plus
an increase Of 7i,e+T1 tons was
shown In the United States Steel Cor
porations statement OF untitled orders
at the end of February. and the weckly
bank statement again Inade an un-
favorable showing in that, in add
ton to loss in cash varying from
s3,5.iV0o In the average figures TO
tS,623,000 in the actual loans Increased
from Si.llS.09O to nearly $4,000, 600.
with q consequent falling on in the
surplus reserve
The explanation Of THESE ngures lies
IN the continued extension OF credit by
our bankers TO Europe and the showing
~ not at all unfavorRblc, when 1t is
remembered that the European loans
constitute In reality a secondary line
OF banking reserves ~ good deal Of
interest was excited for various reasons
b. the news just before the close OF
official hours of the failure OF tho
STOCK exchange SIN OF Conner s. CO.
Through the week the prevailing.
although not exactly the continuous,
tendency Of the stock market was to
advance. Reactions occurred but they
were slight. and although the majority
O. professional traders We're perhaps
skeptlcal az to the rise, set the under
lying financial sentiment was undoubt-
eddy more optimistic good deal Of
influence was exerted 10y III. distinct
strength manifested by certain stocks
in which speculative bcying does not
usually play prominent part such as
Erie. Great Northern and American
Can shares. Amalsnmated Copper also
steadily advanced, for which reason
enough was found in the great change
Tor the better In the position OF copper
metal
The explanation OF IN. advance in
Great Northern was the fact that the
earnings OF the road In the last six
months have made far better SNOW
ing than any OF its competitors. In the
case OF Erie. old storiea were revived
of the acquisition OF a controlling in
,erest In the properly by the Canadian
Pacific management II is believed
that the only element OF truth in these
tales Is, or may be. that one or two
large Canadian capitalists have acquir-
"a for their personal interest a consid-
trable block Of Eric shares.
Tho true reason for the strength OF
Erie Is found in the practical rehabili-
tation OF the property, which has taken
place in the last four or five years. and
81 tho same class OF work is continued
IN the Erie property for few years
longer. il Will surely take Il much high
-: position than II now does among
the trunk lines. "a dividend distrlbu-
lion upon any OF the Erie stocks is
OF course, matter OF the distant fu-
ture and set it is worthy OF notice that
last year the Erie earned 5 l-2 per cent.
upon It's first preferred stock.
The recovery OF stocks in the week
Was primarily based upon the realIza-
lion by spectators that the market
had been sold to standstill. Never
thcless. bankers and others were for a
great variety OF reasons disposed TO
look more cheerfully upon the bust
ness outlook. Prominent among these
reasons may be mentioned the strong
err undertone in pig iron; the iirmneSs
OF copper prices, which have advanced
over cents pound; the large bust
ness developed by the steel mills at the
low quotations named for materials
the betterment in the textile trade; the
bclIef that the weather this winter has
been helpful TO agriculturc; a more
confident feeling regarding politics and
a subsistence or fears concerning tariff
revision.
According to all indications even the
possibility If not the probability of n
coal strike does not appear to affect
unfavorably the price OF stocks. Super
ficially the great English coal strike
Is very disturbing, and yet not actual
~ SO, at least, so far as security values
are concerned; and this, of course. re-
fleets the opinion OF hnancIcrs and In
vestors that the collieries Will not long
remain closed. The phenomenal ad-
vance on the curb market In the price
Of Standard OIL stock also Inevitably
operated to cause reinsurance as to
the result of government law suits, even
if concluded successfully to secure the
dissolution OF corporations under tho
antitrust law,
There was no change ut all during
the week in the money situation ex-
cept that toward the close Of til, period
time money rates were somewhat
~ 80 tHo tnln f,H
tho large gold exports to Europe and
the knowledge by lenders that before
long domestic borrowing of funds will
become larger than It now is. a GER
tain amount Of relatively unimpor tent
railway financing was announced, and
this Denver and Rio Grande Railroad
had to pay nearly Z per cent for the
accommodation secured. Tho upshot
OF this matter. however, served to clear