The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-07
WALL STREET WILL
HAVE WORRY WEEK
Congress and Supreme Court
Both Liable to Take Action
Affecting Sc rity Values.
NY THOMAS sIIOTWELL.

New York April 6.---This Is the big
w.ok in Washington and worry week
I'm Wall street again. Congress and
Tho Supreme Court assemble to-mor-
row and both are liable TO take ac-
ton affecting security values mate
rally. From the Supreme Court the
Minnesota rate cases are looked for
Congress will furnish the occasion for
publishing President Wilson'S official
views on tariff aud financial reform.
and the proposed tariff sccdules may be
published in day or so.
While developments in Washington
may be somewhat disconccrting to the
security market. the Improvement OF
crops in America and tho collapse of
tho war in Europe fully counterfeit
ANYTHING that may happen If Congress
or Supreme Court. The great re-
strainins influence in the last few
months has been the tight money rates.
due TO the waste Of capital in war
and 70 the boarding of GOLD by the
frightened peasants OF Europe and by
bargain hunters in the market. Money
IS already coming out of hiding in
Europo, and in America, II is coming
TO Wall street
Europe sold American stocks freely.
md no further danger 10 the security
market is TO be looked for in that
direction. IN fact, London is fairly
short of Americans. and the only ac
fiYity possible in the foreign market
for Americans must be on the buying
side. Berlin has had a financial house
cleaning and speculation has been
checked all over Europe both In bust
ness and in securities.
Speculation is rampant in America
IN business. but in the market IT is
dead.
Easier rates for money must be ex-
pected from now on with a continued
growth of confidence on the part of
The public toward the stock market.
Rumlcy Company stock Is In weak
condition. for although II reported
very large earnings. II has not col
lected the money The nature OF it's
business makes II necessary for the
Tumlcy Company To sell on long time,
and II needs double the working CAPT
TAI that almost any other concern
would need 10 DO the same volume OF
business. Rumley's troubles there
fore arc OF technical character, and
Investors WHO will buy II on the sharp
declines it Is liable 10 have and who
will hold the stock for a long period
are certain 10 make money. Copper
stocks even after their recent advance
arc cheap. because coppers were in
bad condition as the result Of the for
eien war, which is now practically set
tied. Heavy exports OF metal have
been made to Europe the last few
days. but this metal has not all been
sold It is being sent To Europe in
anticipation OF a demand so heavy that
it could not he supplied unless large
surplus were there in advance. The
actual demand IS growing rapidly as
proved by the advance in price OF the
metal, and there Is every trade indi-
cation of better times for investors
in copper stocks.
At the moment Amalagamated Cop
Per and Anaconda are the leaders, but
ii must be remembered that tho new
mines such as chino. Ray Consolidated
Miami BrAdcn and Inspiration are able
20 make copper cheaper than the
Amalaga mated. Tennessee copper IS
another Of the low priced coppers that
is worth consideration. because of the
expectation Of dividend increase at
the next declaration.
Increase OF the dividend on United
states Rubber shows that there is con-
siderable vitality Yet in the industrial
list, especially as the company earned
in the last year 100000 in excess
Of the requirements for this Increased
dividend. American Can Is reporting
earnings per cent In excess OF those
last year. This means that estimates
of the company's profits for 1913 must
be revised They will probably run
materially in excess OF the $S,0o0;oGc
net, forecaSted some time ago. There
is confidence that the common stock
VIII get its first dividend in October
'rhe remainder OF the dividend on tho
preferred stock viii probably DC paio
on July Isl. This takes all tho specu
lation out of Can preferred. and makes
the common standard trading issue
The railroads arc at tho mercy OF
the Supreme Court and the Minncsots
rate case decision should he epoch
making. The important point in IN,
decision, when if..comes. is the rulint
on the method az arrivihg at tho valu.
IF a railroad property.