The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-05-04
STOCKS YIELD TO
4 DASH|NG RAID
DEAR TRADERS BRING ABOUT REAL
LIQUIDATION IN FAST
MOVEMENT.
STEEL IS PR L, : > |. ID
CLOSE Is NEAR BOTTOM WITH No
EVIDENCE THAT CAMPAIGN
ERs HAD BEGUN TO
COVER CONTRACTS
Rx THOMAS G. sHoTw ELL.

BY THOMAS c. SHOTW ELL.
NEW YORK, May Stocks yield
"a this afternoon TO q dashing raid by
bear traders. Most Of the stock sold
had to be borrowed for delivery but
some real liquidation was excited inc
declines were heavy in standard is
Eaes, H<Aiing aud Steel being undeF
Gtvere pressure. The close was near
the bottom. with no evidence that the
raiders had begun 10 cover their open
contracts. Thus the raid is only hali
q over. and Ii is too early to say that IL
has been a success Judging from the
character Of the buying IN the last
half hour. and from the character OF
the operators who refrained froH'
Joining the raid the shorts may have
TO pay dearly for their activity
The test of the market will come
tomorrow and Monday, II the lead
ers OF the advance have been sincere
the market will rebound SHARPLY, tor
the raid has given the opportunity 10
Fa-k up bargains II she bears are
permitted to cash In with material
pruftr the pubiic wifi ho frightened
1tili further from the ticker.
Cannot Account for Break.
No news developed 10 account for
the break in prices. It seemed to he
the result of as accumulation or FORE
hodings. The Modern Miiler's report
on winter wheat was fiscouraging, but
not word OF 1t was news IL mas
been known for weeks that winter
wheat Is In poor condition, and 1t Is
also known that there Is stiil album
xlAnt time 10 pillow up the abandoned
acreage ard plant corn and oats.
Refusal of soma anthracite miners
10 accept the agreement for wage
adjustment was also known some days
axo. but ii is was also known that
most OF the men are anxious to get
hack 10 work after their long holiday.
. and that the leaders cannot hold them
sdgether much longer. The longer an
nfiiciai settlement is delayed the poor
er terms the miners Will get.
Ffrenaen.s Demands Expected.
Demands of the locomotive Hremen
for an advance Of wages has been eX-
pected as IA matter of course. II was
this expectation that led the railroads
TO insist on arbitration with the en-
gineers. The demands Of the hremen
come at g good time, for the whole
question can now be arbttrated al
once Having clamored for a square
deal the engineers and flrernen csn-
not refuse to accept arbitration, since
the railroads have bound themselves
TO abide by whatever decision IL rem
dered.
The ancient story Of a dissolution
the AmaIgarnAted Copper Company
was exploited again. II may come
true some time. and that time may
as well be now as any other. BIt IL
furnished no reason Tor selling STOCKS
On the contrary, It is II reason TOT
buying stocks The copper metal mar
ket Ii strong and seems destined TO
swing between Is and ie cents for
long Time The Use OF copper IN Amer
sC=a is far under normal and any re-
turn 10 the normal should create
brisk demand The producers have
opened their books for July. and have
sold out nearly three months ahead
ia an endeaVor 10 keep the price from
rising To an unfair figure. The cop
Ter stocks are one class Of security
L sailing laA2 In comparison with stocks
in general. Dividend increases will be
conservative as the companies have
had some experience with slender
hank accounts They viii I'LL their
treasures before paying dividends but
that also. rs "a REASON for optimism
and for optimism longer Drawn ont
than any rise would be Il based on
quick dividend advances.
Crop Outlook Good.
Meantime the outlook for crops Is
Improving every day. The loss of win
fsr w!ss4st II important. hiat fl If n1st
so SERIOUS because the ground will
still Weld a crop Of corn and oats.
The record high prices OF food Will
inapire farmers to plant all the acreage
Of everything that they can.
II would ADnear, therefore, that the
situation has not changed and that
there is nnlhing serious the matter
with the country. business IS TIM
proving quietly. and SINCE the leaders
IN the stock market keen their eyes
sfeadfastlg six months ahead where
the ttg cror's are filing the country
with enthusiasm there In no reason
xfyz- ,4-E,,& 1sN.
market position.
Future Looks Good.
One rote of cheerfulnoss comes from,
tses -Ass4asai $',ty Rank. which has
heen ilee daQarters of the gloom bat ,
talions for several years. Tn It's May
circular the bank calls attention to
the belief expressed by the Bureau Of
Statistics that the total value OF man
,snetnres exported during the present
fiscal wear. will. for tke. 4sst4s time. ex-
ceed oo0.ooo,oo0, thus giving total
EXPORTS fer the wear nsiderahly In
excess Of two billion dollars
Because the whole market was an
der pne Influence individual price
movements Were not imnortant Amer
tsssfs - = -sorsgff1n and preferred made
new high records and cotton oil went
~ fhe hirhest price of the year on
inside buying. Canadian Pacific touch
"a the record 18th rr'ce made the pre-
,'ans cay, Other shares were sold
freely in the afternoon. but these par
ficiila4r stocks held in way as TO sug-
1est important backing
Number Of shares sold today. si3.-
4ss: year ago. 227, s34: par value of
bonds sold today. s2.2s4 600; year
ago ss.27o. 900
New York Money
NEW YORK. May 3.--Afoney on call
on the stock exchange TODAY