The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-03-11
HIl OUTS
PANHANDLE STOCK
~ nRoADAN WALL.

New York. March io.-~Rerorts OF
HI - tmpcrts actually on the high seas
SSNNn1tod IN ! sharp advance OF sterhns
4anav and this brought money rates
H4nW0N slightly and in turn sent the
Il k6ck market into new high territory
M tie movement While industrsais
S1sninhcd most OF the days business
SAa4 rnils were also very active.
ss ReAdtnr was really the leader oil
SxhA whole market Even the eoppers
SAOvUd upward sharply. that group De-
ne under he leadership OF smeitets T.
sHarS stocks we're hfxher and sseo tae
aH6b&rcos. steel stocks were All strong :
- because trade reports were cheeF
II spite Of the heavy proft-takins IN
- AFTERNOON the market closed a.
ahcut the best prices of the day, with
material gains in nearly all active is-
sues.
me stock dividend decision. now
\ f1Anf IL In rightly understood, is hailed
with delight by the financial world At
though the tax collectors are ra'her
upset by It, CoInmissioner Roper say
III will mean a reduction Of s5@oooeo9e
n feacral taxes for 1919. That is one
reason IL In so bullish on the stock
market. Their remission of haN
billion dollars is the first break IN
5the upward movement of taxes since
che var begun and will relieve the sit
uAticn tremendously In addition 10
thai feature of the decision II paNes
The way to new stock dividends. max
they will he declared In great NUMBER
goes without saying. The action OF
Magnolia Refining company today in
Increasing its capitalization from S@u,-
eeo. eco to sI2o. 900 eo0 TO furnish stock
for dividend purposes shows when
way the wind blows The year 1890
will be one great orgy Of stock diNt-
bends and the market will act accord
lngIy.
announcement that the steel corpo~
ration had increased its volume of uu-
filied orders only 1850 tons for the
month OF February was not matter
OF any Importance, Everybody knows
the country needs more steel than can
be- produced The only question Is as
to the ability Of the people TO pay Tor
Ii at current prices and the ability OF
the companies to get the labor to pro-
duce IL.
Several weeks ago announcement
WIS made in this column that the Penn
syfyania Railroad would buy I'D the
minority Panhandle stock that is out
standing Issuing five per cent bond
fer it. Official announcement OF that
fact was made today.
There WAS some inquiry for ConsoH-
dated Gas stock on the theory thAt the
courts would permit "a higher charge
for service The courts are giving
stockholders their dues these days and
persons who have their savings invest
ed In great corporations are cheering
up nightly
Ali the oil stocks had surge up
IN ard on announcement that the gov
sernment. having failed To get enough
oil through private bids. would go into
the market and buy in competition
with other consumers That does not
settle the Mexican question, but IL does
help the oil companies There is al
ready a shortage OF fuel oil and a big
customer buying in that way Ia sure
70 create disturbance.
Wall street hears from very high
authorities that the Reading and
Isaekawanna Railroad companies are
both planning segregattons or stock
dividends The segregated property in
zach case may well he worth 800
share 1t will be worth that much In
Lackawanna at any rate Reading Is
mere or a mystery, but now that the
stock dividend question Is settled In an
agreeable manner the segregation can
be preceded with.
For the first time in months there
was aggressive buying OF eopper
stocks under the leadership of smeit
ers.