The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-03-16
GROWING PAINS
COME WITH SPRING
Market Undergoing Stage Which
Promises Well for
Future.
OPTIMISM is BROADENING
Railroad Issues, However, Do
Not Keep Up With Gen
eral Feeling.
ny nRoADAN WALL.

New York, March l5.-Unitcd States
troops line the Mexican border from
Gulf TO ocean. To keep the McXicans
out? No: TO keep the Texans I'M With
all the kings horses and all the king 8
men added. il is impossible TO check
the growing pains that sweep through
healthy human beings with the advent
Optimism, following tho limo OF least
resistance. on financial subjects. has
issues The excellent report made by
the Bethclehem Steel Company fully
justihcs the growing demand for this
GLASS OF stocks. Present prices OF the
shares do not, rs yet, measure up TO
earnings.
Happy Contrast.
Westinghouse is steadily apprcciat-
Ing. The spectacle OF this company re-
firing Its short-term notes from earn
ings is o happy contrast 10 tho condi-
tions ruling in railroad finances with
steadily increasing business ii is
believed that Tho Westinghouse has an
era of prosperity before 1t that Will
prove highly satisfactory to stock
General Electric is another manu-
featuring corporation that came in for
rise. Well managed and represent
ing an industry with almost unlimited
possi utilities, as prime industrial In
vestment this stock is passing rapidly
Copper shares generally We're arm.
GuEgenhcim Exploration, a holding
company. with an unusual amount OF
cash on hand should be further bcnc-
fitted by the increase IN the Utah div!-
Gend. which is expected this year. Ten
ncssec Copper Is approaching slovly,
manufacturers Of automobiles hay
Ing gotten over the excitement of OK
ccssivc demand. are now conducting
business on more conservative basis.
General Motors made surprisingly
good statement. and Studeoaker IL
emerging, from. It's, difficulties The
shares advanced rather sharply during
the week. and a further rise is antici-
rated before the details OF the annual
statement become public.
Interests that made the United Cigar
stores success are now directing
iheiT energies toward tho devclopmcn
OF the Kiker-H ogemnn chain OF drug
stores. procts have rapidly Increased,
and arc turned back into the company.
New stores opened and stockholders
dividends iAat will probably begin in
June The dividends 10 represent the
earnings turned back into the bust
ness.
Holders In Despair.
holders Of railroad stocks arc in de-
spair. The policy adopted by the Penn
sylyania Railroad OF decreasing The
New York Central system, although
this fact is not generally known. Di-
rectors OF railroads are not justified in
conducting transportation without
profit ana stockh olders Will no doubt
indorse the policy of curtailine losses
~ tns meantime, the pubic must suffer
from reduced facilities. Meanwhile,
railroads that seek 10 renew short
term obligations are compelled TO pay
usurious rates for accomm odauons, and
Investors Will no doubt continue 10 re-
fuse To advocate money 10 transpor-
,aticn companies until a different at
ttude toward their !nvestin cnts is dis
Csrnab!e at Washington.
Liquidation Of railroad stocks has APP
parently run its course for the timo
being. and q speculative public, quick
10 follow wrong scent, mas gone short
u railroad stocks 10 an extent that
suggests a rapid rise. notwithstanding
an array 81 decreased earnings for the
curr.n; month that viii break previous
records.
New Haven has been absurdly over
scla and stocks Ike Chesapeake and
Ohlo have an open snort Interest that.
70 say The least, may be extremely dan
rt:ous While legislators are contc.n
plating tho regulation OF speculation,
their methods Of procedure have en-
Outraged the belief in the minds of a
speculative public that sure pront
may be obtained by selling other pco-
pic's stocks
Sentiment in tho financial district is
50 ultra Warlnc that 1t is quite possible
iutn FOR the better IS close at hand