The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-05-09
BEARS ARE AFRAID
TO SELL HEAVILY
srECIALTIEs HIGHER BIT MAIN
LIST STANDS FIRM THRol CHI
So OFT SESSION. 49,
ICE TRAVELS HIGHER
AUTHORITIES SAY STEEL Us nEiNG
PURCHASED TOO FREELY AND
THAT DROP WILL BE
THE RESULT.
srEcIAL1,Es HIGHER prr MAIN
ICE TRAVELS HIGHER
q, THOMAS c. sHoTwELL.

NEW YORK. May s.--It kept on
raining today and the bears went on
dribhifng their tales Of hopelessncss.
but they were very careful not to
soil many stocks As matter 81
fact the discovery has been made ny
some Of the pessimists. that security
holders have not been frightened by
the record big tonnage OF steel mat
The mills are turning ont only Few
kpeciafttes were higher, bat the main
nst was arm throughout tho session.
No price changes of Importance were
Recorded The most important fca-
ture of the day was Development OF
the fact that important interests have
nor abandoned their expectations OF
better business and better prices Tor
stocks Everybody in the brokerage
offices is bearish and millions or con-
yersatfon securities were disposed OF.
but the order clerks said only few
orders were executed. II there were
any general alarm Or lisfFe%t the ISL
IL certainly high enough 10 make the
svtfir1E -s+t4t--tttf4 ii +ssss-
of the distinct movements loo was
the only one that gave new reason
ft,t. It's e444 y sF4t-sa seams thar The
ice company has arranged for the
sale OF about $4,000, 900 OF bonds,
with which to retire bonds due next
year and furnish working capital
TO install artificial lee plants IN many
places where the natural Ice is more
expensive. The ice company il ore
ing well and bankers say its high rec
ora price made today liz Justified.
The bond sale Was settled a week
ago and the insiders have nearly
enough cheap stock to make II worth
while TO announce the deal officially.
Several bonds Strong.
Beet Sugar, Bethlehem Steel and
Wabash bonds were strong. The pre-
ferfeG sock Of Feet Sugar strH7i- par
The crop outlook for sugar bects Is
good. and there Is no danger of any
--tf,a.tge in the tariff 4a- sugar. Bethe-
lehem Steel is getting fair share OF
tho record high tonnage and at bet
ter prices than most of the steel
corn ila Y,t+=- Heee4pe.--N Wabash hDnas
are.arislng on the belief that addi-
ton Of u. NJ. Bavuch Ia The commit
lee will hasten organization Of the
eompanr. 4 majority of the bonds
has been deposited
Big Crops Expected.
Crop aud weather reports from the
entire country confirm ana add 70
the hepe'fS sness OF the outliae t-r !1g
crops. The severe damage 10 win
ter wheat has been in the states east
OF the Mississippi All OF these States
are big producers of corn and oats.
There is no reason for expecting crops
less than record breakers. Grain was
easier today and it's recent advance
has been due more TO the partial crop
failure or last year than to the dam
age 10 crops last winter and this
spring. Even California has had rain
enough to insure the usuai crops. In
the northwest esellsl7 in Canada crop
conditions we're neter better than they
are This spring.
The thing thar caused most alarm
today was testimony by trade eX-
perts that the steel companies and
pig iron producers are turning out
record breaking tonnage The pres
cnt rate is s. Geo. 600 tpns greater than
The previous high record FOR biliets
and pig iron, The low earnings re-
ported by the steel companies on
This heavy tonnage makes the bear
fear for the dividend Of steel COM
mon. ofi}cial reports are 10 the ef-
feet that the earnings just now are
-..4ss.~..-s-. tL4.--Gi. 4G l4G4.~
But even II the earnings do fail off
the loss of the steel shareholders VIII
fan into The pockets Of the railroad
stockholders
steel May so Down.
Some AUTHORIZE say me steel liz
sesss purchased by CONSUMERS In aN~.
cess Of present necessities and that
next year even If business booms.
The steel mills Will have 10 sell low.
The copper producers show an in
crease In STOCKS al metal on hand OF
@.ha&.4T2 compared with April /. The
e..
and the most favorable feature Was
the increase Of two million pounds in
domestic deliveries as compared with
March The April deliveries were
I4.lG5,is6 greater than in the same
,s,sa sl1ts, r4>.st >AAaE Atslng an 1l4e,caets..
of'S7 per cent The export f16Ve uent
was interrupted by "a strike OF steve
dores 30 that the statement IL in
Keeping with other evidence OF grow
ing business sMs.
Liquidation OF Illinois Central.
Liquidation or Illinois Central and
a break of three points Ia the stocie
came as a result OF damage to win
tfr wheat. mosr If which "a The
territory OF that road That IN a
poor reason for selling the shares, for
the carm'tha1 wtli pe planted I'm the
abandoned acreage viii produce more
tonnage Of market and grain than
the LOST wheat would have produced.
The real reason for the fab of the
stock Is the loss OF property caused
by the flood. that road being the chief
sufferer. This coming on top Of
losses dae 10 the strike leads many
persons 10 expect a reduction OF the
dividend.
y Number Of shares sold to-day. SIS
clio: "a year ago, 16a,091
Par value OF bonds sold today,
3s,eoi, 900: a year ago, s3.4s2 900.