The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-09-16
|lIE ADVANCE
JUST ABOUT DUE
Iors AHE LAaGE. sUr RI TAKES
soNE TIME no rATTEx
4 MIG STEER
AUTOS ExTRAVAGANT
.41MAxcfAL WRITER SEES IN THEM
OWE or THE GREAT CAUSES
or THE HIGH COST or
LIVING.
AUTOS ExTRAVAGANT
al THOMAS Q. sHoTwELL.

mental reasons for the growth of bus
4 fness and the coming uplift in the
stock market are so well understood
II that the time has come 10 look at par
s1icuiar issues. The entire market will
d naturally advance, bnf some stocks
81 viii do better than others because
they have not discounted as much as
4 some others the good things that are
y ID the near future.
4 Politicians complain that the high
cost OF living is not reduced even with
the tremendous crops They do not
seem TO realize that the crops are yet
"A the field and that even after they
z nre harvested IL takes year or two
to ret a steer in shape for market.
Y Alarmists are trying to create the
& Impression that money rates will
cause trouble, but there is no tustt--
n Acation for any such talk The secu-
rify markets have been getting money
d for almost nothing for a long time.
4 and the rates now being charged are
only fair. The important feature Of
the money situation Is that the higher
4 money rates are the result OF de-
mard for funds for productive busi-
ness, and are not due in any way TO
demand by spectators. Therefore
4 the higher money rates go, the higner
stocks will go later in the season.
Rlamcs Automobiles.
Economy is being practlced TO sucn
5san extent that the country is on a.
4 sound basis In every particular with
the sole exception of automobiles. in
n haee the extravaganza of the pup
B lie continues. Not SO many
A.ears ago business men were
i criticized when they began ttfaalgiAg
N fast horses, but the cheapest auto
mobile that 1t is possible To own now
& rosss more than n fast horse. Auto
q Snobiles are to a. greater degree re-
spoHssbie for the. high. cost of living
than either the tariff or the trusts.
4 The failure of the crops last season
was one important influence. ana tnat
& viii be parity corrected by thc pig
crops of this year, but not for seveFai
months.
The copper purchasers are working
i IN complete harmony The producing
x.crr1panies ara making more money
than ever before. Although metal
f has sold higher In past years. was
/ never produced as low as at present
II The big companies have hlied tneis
4reax uriss with cash to sucn an eA-
{ tent that Increased dividends viii pc
announced In the near future. FER
hans the first to make such announce
sz1ents will be~-Anaconda, which should
niace Its stock on per cent OASIS
8 before the end OF this year, and that
d action will be followed by the Aihai, !,
ramated. which will raise Its dividend
~ per cent. In the first quarter
81 1918. the Utah Copper company
Z vvIii puts Its stock on a per cent
"a sig That these dividends can Dc
j maintained by these companies Is only
4 Z sample of what others will DO.
Canadian Pacific and Can soar.
Some months ago, when Canadlan
Pacific was selling at 23s and Ameri-
cnr Can at %, the statement was
snaf5e that those two stocks were the
u best investments on the list. Cana
dian Pacific is 40 points higher, anu
i Car about s points. But IN spite Oh
these advances the statement must pe
repeated as of this later date. TOT IN
10th these companies there has been
I = remarkable increase of earnings
canadians Pacific Is earning more
Il than 20 per cent on its stock. and the
s development OF agriculture In Can
aia promises to increase even tha'
\ bir profit. The company Is In com
nlefe harmony with the new govern
snent in Canada, and its plans TOT
d0ubie-tracking its lines from ocean
~ ocean will be carried out as rap
Idly as possible, all the money peihs
In sight to do the work :,
As TO the Can company, 1t IL All
matter of earnings. Great expecIa-
tons existed regaru!hs .hes- e.n
ings six months ago. our ti.ose 49,
tAtions have been exceeoeu
3 facts. and the preferred stoch " ,ne
company will be placed on a Iesu.aI
per cent DIVIDEND oaSs' pesihnils !
with 1919, and extras OF per cen,
year and more VIII De paio un.i'
the 81 per cent OF accnmuialea uisi-
y slsnds-. Is .liauidated " heh ina ~, y
Z finished the common Stock
left earning something HIKE per
cent
c. and o. TO Feel IL.
Big earnings Of the Gansalah "a
ciiic and American Ian coh.pans a.
!. largely the direct result OF Ihe ehoI-
i unnus crops Of this year, put enose
crops will also furnish an nnnsuai VOL
& ume of export freight, ana TINS
freight must move to the Atianuc
" seaboard over the New YORK CenIrai'
Erie. Pennsylvania. b. g. o. and Ches.
apeake and Ohio railroads. Stocks OF
] nj those companies will feel the IN
fluance of The heavy tffHa se'Lih e
railroad earnings Of the next SIX
months witt be limited emily ny the
number of cars that the roads can
null over the tracks. The freight con-
restion OF the next few months" VIII
cause the American people 10 wake
4 L.. - n