The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-07-28
MOROCCO sT|Rs
UP WALL Street
AH6. xD0ANDED AIUSDb sun 1Ev.
E1s11xEznsaL EU1eOPD SELLS
l.
WAR is lMPOSSTB1LlTY
STANLEY YrvDgx10AaTN0 COMMIT
TED s1Rs U noUxDr FAST
AVID nRIxas NOTHING
WAR is lMPosSrBlLlTY
~ THOMAS @ sHo1wEDn.

NEW YORK. July 27.-As o small
boy with = pebble can make ripples
n . becamed ocean, 70 did the Mo-
rocco aituation STIR up Wall Street
to-day. 1t was pure politics, and
therefore nearly all biufhng. but tho
English take their government seri-
ousiy and Europe sold about 5000
shares OF American stocks In Wall
Street. This encouraged selling on
the part Of some professional traders.
and the market went down AZ much
a. two points In some OF the standard
issues. Aside From the European
selling. the liquidation was not worth
considering. Only in a narrow mar
ket could II have had any influence
at all. Cotton broke to new low
records and grain was arm. A slight
rally came at the close.
War In Europe In an impossibility--
q commercial impossibility. The fear
of 1t to-day was simply an excuse for
selling on the part OF the people
who have become nervous At the
deadlock in the stock market. In
quiry In high places failed to dis
cover any weakening OF confidence
on the part OF the American bankers.
They expressed pleasure to-day at
being able to buy stocks at the low
The Mosaldy Past.
Since such a small thing had SO
much effect. the Morocco incident
was useful in showing By compari-
SON how utterly the Stanley congress
slonal committee has failed In its
attempt to brighten investors with the
steel investigation The reason this
investigation by professional grave
robbers does not scare anybody is
that the people don't believe in ghosts
any more. Everything the commit
tee had dug up so far belongs to the
mouidy past. This International Har-
vester sensation would be extremely
important but for the unfortunate
fact that II is not true. Stanley liz
trying to esabiish government by
headlines instead Of government by
law
One cheerful development of the
day was an advance OF IA per cent.
in time money. This suggest BUSH
ness activity. The st. Paul Rail-
road Company did its share by de-
claring the regular dividend on its
took and announcing that the wheat
crop OF South Dakota would be SO
per cent, OF normal instead OF only
Id per cent, as reported earlier in
the season.
Steel and Sugar Dividends.
Bethlehem Steel and American
Beet Sugar wers under. observation
again and seemed to show evidences
OF inside accumulation Congress
viii adjourn early in August without
revising the sugar tariff. Beet sugar
directors are considering very seri-
ously the advisability Of beginning
dividends on their stock at the Sep
TENDER meeting. The company Ii
earning at the rate Of Ia per cent.
on its stock now. the latest crop hav-
ing been unusually rich in sugar.
Bethlehem Steel Ia enjoying sometime
OF boom 1t IL operating AZ prac-
tically full capacity. 1t - furnishing
steel for nineteen of the twenty.threA
tall buildings being erected IN New
York and has been putting the earn
inGs back into the property to such
an extent that the common stock In
particular 10 undoubtedly selling for
less than 1t - ~intrinaically worth.
Lehigh and Reading Lead.
LehtGh Valley and Reading led the
market In the early trading to day.
In the break they were firm and the
market rallied around them late In
the day, The report that coal coma.
panies will be organized in PennsyI-
vania by the Reading and by the
Lehigh Valley Is more than mere ru-
mors. Many conferences are In pro-
gress every day for tho arrangement
OF details.
Owing to the very large cotton crop
of the year. International bankers are
much concerned at the prospect OF
getting less money from Europe for
cotton than was obtained last year.
even though Europe may get this
year 100000 bales more than II ala
last year. This will weaken the In
transitional trade balance, whereas
the higher price of grain. due to the
smaller crops. will weaken the trade
position at home. This situation 10
causing some liquidation OF stocks.
Bonds were Arm: total sales So
$4,000; a year ago. $2,3S4.000.
. New York Money Market
NEW YORK. July 27.--Money on
call at the stock Exchange to-day
opened at las per cent. highest
2 liz, lowest Ia. closing 1T s.B.
Most of the days loans were made at
2 SIS per cent. Rates for time loans
are ci-a per cent. for sixty days,
2 3-4G3 per cent. for ninety days, az
"A per cent for four months, 3l-S
@S Ia per cent. for ave months, ana
E-S0 Ia pAr cant FOR nly Y,aonfha