The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-04-13
SMALL DECLINE
SHOWN BY STOCKS
CANADIAN PACIFIC AND AMERI-
cAx ATTRACT ATTENTION
nv HIGH RECORDS
DUE TO SENTIMENT
WALL STREET FILLED WITH IDEA
THAT STEEL TRUST WILL
SHOW EXTRAORDINARY
EARNINGS,
DUE TO SENTIMENT
y, THOMAS c. sHorwELL.

BY THOMAS c. sHOTWEIL.
NEW YORK, April 4&.--Nah
Stree; began today to discount
Roosevelt victory in Pennsylvania.
Should Roosevelt make good pros
gress in tina; State there will be no
trouble FOR the market to face on
Monday morning. Should Taft de-
velop great strength the bears Will
have to get out the best they can.
The market has been needing a re-
action and Roosevelt has furnished
nm excuse. There has been no change
in fundamental conditions, save pos
sibiy for the better. There is no man
or political party big enough to stop
the recovery of business, and the
stock market Is based on the bust
nesS revival. Some Roosevelt sue
cess may even be good thing for
the market, or that would keep II
from running too fast.
Nearly all stocks showed declines
today Of point or more. In one the
decline ran more than two points.
The standard issues were all sold and
there did not seem to be particular
pressure Of Importance in any direc-
ton. The close was quiet and near
the low figures. for the traders ar
gusd that the reaction would be al
lowed to run through tomorrow be-
cause results from Pennsylvania
could not he known until after the
market closed.
Two Attract Attention.
The only issue that attracted par
ficular attention were Canadian
Pacific and American Can. Both
made new high records. These are
the two stocks to which attention
was called In this column two weeks
ago, as CONSPICUOUS bargains. Their
advance ~ largely due to sentiment
and TO stubbornness Of shorts, but
chiefly 10 remarkably good earn
ings. They are fair samples of COM
panies that have been worked into
such strong trade positions that they
are politician proof. The Canadian
Pacific. has in addition. hearty CO.
operation OF the Congress of the
United States. which is planning to
shut out the ships of all American
railroad companies from the Panama
canal. 80 as TO let Canadian roads
have the cream of the business to
the Pacific coast.
Steel VIII Show Earnings.
Wall Street Is filled with the idea
that the Steel Trust will show earn
ings of but s21.000.000 for the first
quarter OF this year. There is good
reason for thinking that figure Is
about 100000 too low, IL the
Republic Iron and Steel Company
has made 80 much money the lag,
month. it's directors can think OF re-
Stunning the preferred dividends b,
the end of the year. RS they are
thinking. the Steel Corporation mus,
have earned not less than $4,000
O0o.
Much ado was made over the vote
Of the locomotive trainmen in favor
OF "a strike on fifty railroads. Tina,
vote means nothing more than that
the men have agreed to stand by the
leaders to the extent of str he II
necessary. The locomotive leaders are
men OF high intelligence. and an ac-
tual strike is not seriously considered
Conferences viii be begun lext week
and an ainicabie arrangement win be
made there as with the coal miners
The mess made by the strikers In Grca;
Britain has made actual strikes uD-
popular with the sensible workmea IN
America. The public temper in Amer
lea IN another deterrent.
Wall Street was also Informed II,
Rockefeller was against the marke,
and was selling Missouri Pacific ano
Colorado Fuel 10 warn his friends II
is true that the elder Rockefeller Is
u heavy trader when he does gel
started. II may even be true. as re-
ported. that James r. keene Is no,
really Ill at the Waldorf. but is staying
under cover there so he can perform
with greater secrecy his work OF ma.
YaiI,f1iaftny the entire market
Fuel Sold by Poot.
But the weakness of Missouri Pacific
and Colorado Fuel need nc such stu
pendous explanation. The former wa,
sold by persons who bought it wher
ID. II. isaruch went on the Wabash
reorganization committee. believing h
would AZ once take charge OF the on
tire Ciouia system. Colorado Fuel was
sold by The pool that has been or,
ganizsd IL advance II on the strength
of Improving business. and closer re-
lations with the Great Northern Ore
lands. News Of the formation OF this
pool got out. and so II was decided
10 shake the followers and begin at 4
lower level.
The charter Of the Colorado Fuel ey-
pires on October gist. and can only be
renewed on application made by two.
thirds vote af the shareholders. II r.
possible that there may no general
4eocgar.ixa tipn. 4nf ting Company. saalc
ssJfiae authorities say the cfstTter taii-
f not be renewed Until the rs ser cent. III
dividends that will by then be nccumu-
lated on the 100000 Of preferred
stock have been PAID.
One thing that the bears did not
notice was that when the market was
weakest there wer. only nine ffufubsfs
showing ON the call board ON the floor
az the exchange, This means that only
nine of the eleven hundred members
were In touch with their Offices. II
there had been the liquidation some
persons imagine. several hundred mum
bers would have been flashed. The
circumstantiai evidence Therefore
proves the door traders guilty OF the
break In prices. The real owners OF
stocks are not excited over politics.
In the street: Number Of shares sold
today, S5l.1I3; year ago. holiday.
Par value OF bonds sold today, $2.-
$4,000; q year ago, holiday.
New York Money.
NEW YORK. April 12.--Money oil
call on the Stock Exchange toda!
opened at s-i per cent: highest. 4
y lowest. ID; closing. IL per cent