The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-01-04

-OPPERS STAND FIR NJ
Nv THOMAS c. shoTWELL.

BY THOMAS c. SHO WELL.
NEW YORK, Jan- Stalking Ad-
vantage of the strong opening in the
stock market today professionals SOLO
freely ana before the end OF the SEES
sion had brought about reaction
that ex;ensed two points and more III
leading issues. The close was quiet
around low levels, Lehigh Valley was
leader In the rise at the opening and
Union Pacirc was the depressing IN
fiuence at the close OF the day. Lehighs
advance was due to persistent rhinors
Of segregation, and Union tacihcs
heAvtness Was accompanied with re-
ports OF an extension OF the strike but
these reports were officially denied.
Some speeialties gave good account
OF themselves, particularly rubber
common. which sold UP TO new high
record for the movement and Wabash
Fefunding bonds which added about
two points to the price OF the pre-
yious day. A peculiar feature Of the
Wabash situation 10 the refusal ob
bondholders TO deposit their bonds
with the committees although these
committees are undoubtedly organized
in good faith The Wallace commit
lee In particular emphasizes its good
faith by Il public declaration that the
Goulds must 20. Nevertheless the
scandalous receiv erships OF the Wheel
ing and Lake Erie and the Wabash
Pittsburg Terminal are enough TO
warn bondhoiders against losing their
Independence. and the most conserva-
tive bankers are advising against the
deposit of the bonds WITH any COM
tntttee until the hearing set for this
month In the New York courts can
shed some daylight on the Wabash
Pittsburg and Wheeling and Lake Erie
sHtAnglements of the Wabash railroad
81 Paul Jupgiss With Figures.
The reactionary movement In this
stock market was helped by the exhi-
UT of November earnings made by
the 81. Paul The parent company
showed decrease In gross earnings
for November of $3.50, s6o, while the
Puget Sound showed gross decrease
~ $eS.z2s. But the marvellous man
aKefnSnt OF the 81. Paul converted the
lecreasa Of the parent line into n net
increase OF sis2.456 and let the Puget
sound report "a net decrease Of sao7,-
s.s. The entire system counting In
the lIacoint and Eastern shows gross
earnings Of x4s2.3ss smaller than the
pruvtoua November. The operating In
.reaseinent for the five months ended
November 80. after paying taxes and
operating expenses were ST 5,aTuyI. !Yfw
operating expenses were slsIs.0al Less
IMAM Tor the same period In the pre-
vious year
Although the Union Pacific people
are letting the impression prevail
That reduced earnings OF that sys-
iehn Tor Noveinber were due entirely
70 the strike, there can be no doubt
fhae the Puget Sound and Western
Pacific are cutting into earnings OF
The Hartman system. az well az into
1Hos6 OF The Hi Tines. Neither Of
Inc new roads has been In existence
long enough to develop new busi-
ness OF the volume reported. The
5filk OF this business must be sub
tracted from what the Hartman ana
Hfll lines were previously doing IL
must be that the building Of these
Nv" railroads viii cause d permanent
change In lines of freight movement
hfsh the old fsaA viii ft-rtt several
years to rf-establish. After u few
Years all these Roads will he over
whelmed with business. especially af-
ter the Panama Canal Is opened.
CopJH'rs Are Firm.
Copper stocks were relatively firm
and considerable attention liz being
paid 10 the condition OF the Anacol-
ia mine as explained in this col
am some days ago, 1t was given then
~ an unconfirmed report. but there
~ now ample confirmation of the, fact
that tn the lower levels of the mine
now being explored the ore Is OF uni
form quality and OF commercial
value. and not in alternate LAYERS
M rich and lean, as II was for the
FIRST half mile from the surface down.
This sheds new light on Amalga-
mated. and while II does not neces-
sarily mean the stock IL cheap. 1t Is
fortunate for the crowd in charge
Of It that this discovery has come
10 their relief Nevada Consolidated
and Miami are IN particular demand
Ia
anxious to get the stocks without at
trasting too much attention.
Earnings for the American Can
Company for the year ended Decem-
her ~ will be "A surprise. In the
previous year the company earned
less than Z per cent. on its preferred
e stock, but II wrote OF .s633,564 for
depreciation. and in addition spent
<f.86S,n2a for new construction. IL
" now understood that instead of
reporting net earnings OF s2,Sz2.922
ar less than per cent, AS II did for
the year ended pece;in Der 81, 1910, Il
v'tll show for 1871 net of above
1909. GOA. or about IL per cent
The company has not even considered
the proposition OF funding the -
Her cent Of dividends accumulated
IN the preferred stock. But II is more
stasan aEessa sias that sn sssc'&tsEear fas-
ture the preferred stock will begin
TO receive It's fun dividend OF per
f.ent., leaving the accumulated divi-
feBd to be paid OFF or funded, as
may BIT. deemed exp4dient-= There is
no promise that this dividend in
crease Will be made at the next meet
fffg.=H HAY rs postponed for half
In the stre ~: Number OF shares
-= acid tnda.-i - 55sTTa year ago, =,
GA
Par value II bonds sold today. So
oil 600: a year ago. S3.61T. 00a.