The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-04-16
SUCK MARKET
GATHERS FORCE
---------~
nU0YANT ADVANCE ENDS WITH
STRONG CLOSE AND LARGE
NUMBER or GAINS.
SUBSTANTIAL. Al + X IT
TAFT.s LATEST WARNING TO MEX
IcAN REPuBLIC ACTS As BULL
ISM ARGUMENT ~ ALL
ISSUES. d.
SUBSTANTIAL MERIT
sy THOMAS c. sHoTwELI.

NEW YORK. April l5.--Action Of
the stock market today removed all
doubt as to how the financial world
looks on The fight OF the politicians
opening quietly at about the level OF
Saturdays close. the market gathered
force as the session progressed and
new high records were made In a
tuoyant advance. The leaders were
issues of substantial merit. Among
these American Can, Canadian Pacific.
New York Central. and United States
Steel were conspicuous, The close
was strong With many material net
gains
or the favorable influences the most
important was report from high
Quarters that the fifty railroads con-
eerned I'm NE demand by the locotno-
tive engineers for higher wages had
decided to offer to the engineers one
taif OF the advance asked for AT once.
The other half is to be offered on CON
6,tion that the men Join IN an sDpii-
cation for an advance OF freight rates.
The second half asked TO he given when
the rates are advanced. IT is believed
that the Joint demand thus made viii
insure better rates .....,
The report Of tho committee that
investigated labor conditions in TIE
Steel Trus; mills was made public
and was satisfying.
Many Caught Short.
Those patriots who have been sell
ing stocks short the last week be
cause they believed the advance was
based on false views O: the future
were shocked today Bt the persistent
strength. The shorts In Can got Sc
eere dftihhing The facts In regard
20 Can are. a. published in this column
more than two weeks ago. that the
earnings are at the rate 81 ss.o0o.oou Il
year That means that the company
10 earning the fun per cent. on the
referred. and about 10 per cent. on the
common, The directors have agreed
that in December they will declare
he full : per cent rate on the pre-
ferred with per cent. extra for the
Quarter on account Of the accumulation
AZ ~ ar cent. the' sands to the
credit OF the preferred. They believe
that they can keep up this payment
II Is per cent on the preferred until
the accumulation liz all wiped our
Relieving so they are buying the pre-
fsrred and common in equal number
II shares, and putting il away for 4
three year campaign. This can be
done easily. because the dividend or
the preferred will more than carry botf
certificates And In the face OF tha'
Ing the advance.
Taft's latest warning to Mexico wa
snother buliish argument. X IN
American army once crosses the Dor
der there will be no more foolishnes
about any Soreien country getting
f,othcld on the Pacific coast
Rains III California, the last week
have insured big crops in that section
~ the country, which was the on
Sras
Steamship Accident Felt.
The accident to the steamship
+. Titanic caused a slight decline II
Mercantile Marine issues. The com
psny carries no insurance, and tn
total loss will come out OF the sur
Plus.
Rumors were heard Of new stool
issue by Canadian Pacific. and thes
were promptly denied Canada
racific's advance Is justified on &C
count Of its remarkable large earn
ings. but the bill in Congress to pre-
vent use Of the Panama canal by ship
owned by American railroads shout
he worth at least $50 share to Ca
madam Pacific stockholders.
In the late trading copper stock
we're brought to the front. where the
deserve to be II a sound trade con
dtion counts for anything. The cop
per stocks have been duh for fey
says. not because they were to
hixh, but because they had been aid
vancing too rapidly. The copper trui
n the most substantial one
America, because its orga nixAtion
verbal. 1t ia organized on the pia
Of the new Tobacco and Oil Trusts
that succeeded the old American TIC
hAcco Company and the old standar
OIL Company.
Manipulation Small.
Excited whispers were heard ia'
IN the day Of how the insiders ar
unloading stocks on this advance
the market. There Is no evtdeno
nf anything OF the kind The pei
centage OF manipulation in the maj
s~t ss srssais4. fer tn high places tn
opinion is fixed that the reign {
terror in business II ended
Even politicians have come I
realize that it no longer pays TO bull
.soze business. This ts one reaso
y,hy the imperialist party Is not fear
ID. Far from terrifying the stoc
market. the spirst Of adventure ths
in making itself felt in political pr
rnarics Is nothing more than proc
that the country Is in a state {
feyerish speculative expectancy.
New York Money.
NEW YORK, April l5.--Money o