The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-15
mig INTERESTS TALK ONE WAY
PUBLICLY. hut PRIVATELY
THINK DIFFERENT.
WILL BIZ TEMPORARY
NO nVsfNsss ENTITLED TO NE ~
EXISTENCE WILL BE tut
OFT or COMMISSION
M LEGISLATION.
Ey 3. c. FOH5 e S,
Business Editor.

this foreshadow9
Is the trouble merely due to scarcity
of money, and the consequent hish
rates, 10 nervousness over EUROPE
politics, and TO the odium cast upon
the stock exchange by tho Pulo COM
mittee In Washington, which Is seek
ing To lay bare the depredations Of the
money trust? ?"
or does the decline in the market
value OF securities poriend shrink
age in general business during the nFst
half OF 1887
Not without keen regret arm forced
20 the conclusion that trade Will pe
less active four months hence than II
is today.
But. on the other hand. securities
are nearing, IL they are not already
at price which should attract IN
vestors High grade stocks may De
safely purchased at current Levels L
would go further, and say that some
low priced railway issues, especially
those identified with the South, give
every promise OF yielding profits year
or two from now, although let II he
explicitly explained that the person
who bus.s a stock paying no hiViaeha
is NOT investing in the strict sense or
the word, but Is specializing
Bushes is Booming.
The boom In business shows not one
sign Of ahaiing The CRY for lapor'
indeed. Is becoming louder and louder
The railroads are -burdened WIN
traffic. Imports and exports are max
ing new high records almost daily
Moreover, the secretary OF agriculture
places the value If the 1912 crops at
the stupendous sum OF s9.55e. wv,
whereas the nine billion dollar marx
had never before been reached. The
country that can win from the spH
sn h a quantity Of wealth IN one year,
should net lie troubled by fears OF oe-
preston.
II would he much pieasanter to
sneak in superlativel, optimistic terms
regarding the future than 10 utter q
word or two Of caution, but ! take II
thar readers Of these articles DO not
want to be misled. but that they desire
To be told the truth according to one
best Judgment. Why do | think IN
cnstry will reeede before long. seeing
that everything in the business ~oF'd
is at this moment prosperiagT
Tariff IL Threatening.
Well first and most important, /
would mention the impending taria
revision DO not forget that capital
has been SO long accustomed to he
publican administration that, no mat
Ter what II says openly, II does not
look forward with any great JOY 10
the advent Of the Democrats. Even
were the new administration not
pledged to thorough going tarin re-
vision downwards. the change OF gov
erument would instill conservatism. Az
IL liz. the best authorities agree pri-
yately, If they do not do II publicly,
that they will act very carefully until
the fate OF the principal tariff sche-
dulles can be known.
Then, the United States has not
solved Its labor problem The greater
the scarcity of labor. the more IN
sistent win be the demands for In
creased wages The Eastern rail-
roads have had a truce patched up by
the arbitration commission in respect
to their locomotive engineers. but
they are now with their firemen, and
must be prepared TO consider the
claims thai will be put forward by
other classes Of servants.
Disturbance Only Temporary.
On May LIST the present schedules
will expire. The railroads may take
an extremely firm stand since the ar
bitration commission urged that fed
eral and State boards be established
with the power to compel arbitrator
in DISPUTES affecting pubic service
aud semI-pubilc service corporation!
BY refusing concessions, this matter
which is bound to become an ISSUE
sooner or later. would be brought Il
the front.
Let me say very emphatically how
ever. that the effect OF tariff disturb
ance should prove very temporary
for no one can seriously believe tina
changes viii be made that viii perma
nently cripple any Industry that ough
10 survive. If there be certain In
~ dustres which cannot be culvated OF
a reasonably profitable basis, then tn
best Interests of the people Will b.
served If they are allowed TO buy tn
products Of such industries at lowe
Irlces from foreigners.
II the tarin he revised with any
think like prudence, the whole uatiol
Will be better off--capital not except
ed. although II may be hard to con
vince highly projected manufacturer
Of the fact
Time to Invest.
Instead Of again recording that tn
strongest financial interests are n
purchasing secuTiues--a circumstanc
that has been mentioned oftener tina
once bef0re--I, would now emphasize
that anyone who nag been awaitin
q favorable opportunity to inres
funds may do SO without running in
due risk,
Measured by their income yielC
STOCKS are NOT too high today Som
of them are FsEE Ealils~ii II "FAe iAA
fnvidious would mention such Is
sues as Baltimore and Ohio, Atchiso1
Pennsylvania southern Railway. Err!
and Probably Union Pacific, anon
the railroads while the industrial lii
offers equal opportunit es. althou 2
the unsettiement iikely TO arise frot
tariff cutting may depress this sectio
Of the market later on.
May the suggestion be made her
that stocks and bonds are among III
most acce table Christmas and Me-
Year gifts? A thoroughly trustworth
bond can be purchased for 500. c
$500. while stocks can be bought 1
any amount from one share tD. Bond
and investment stocks MOI only retail
Intrinsic value, but produce in-or
10 The owner every day OF the yea
Tbs virtue ss not possessed by an
other firm ~ gift outside Of none
anH es-n morav has the dlsadvantag
maj Il s sttSt8s se 'o Gf e'tA
&lse S4arkct Arstgt1iay
STOCKS wage lgresaE tadaM h'
usore aW!at fAaa Ger soue da}8 Al
pNstsel ggeaf ae.8 afYfl sped TIA The II
sreseAfsl sstsl asta gast ~ t5" eia'
NJ Fssaaieg 12ls }gWf eat'laa
shnYeA n aetfa3 NtsM $50 -
fl ~ r45fSls fesegHeS q gain II ~
ETIaae la o5sh and rfdac8ona ia p
dspessfs and loans % sah3s. $3.50, an
- e. ~ "a rmss