The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-08-09
STOCKS BREAK To
NEW LOW LEVEL
RALLY AT CLOSE INDICATES
MARKET WAS TECHNICALLY
OyERSoLD.
FEAR REPORT ON CORN
DELICATE SITUATION EXISTS ON
HARTMAN LINES AND DEMAND
OF MEN Will BE RE



MEM YORK August. --seecks
broke badly to-day a; tile beginning
os the iest hour OF trading but fal-
iitl In sGch a way as 10 suggest
Inst tht market had at last pcttr1a
tethrtCaiiv overscid The tov levels
esta bl.sHsS in the break wee Under
these II lest week and the nee result
u he o% ding for the DAY was / t4st
81 losses. The buying, however. was
frst class and some Of the large in
testment houses urged Gust )'ners To
RICK up he largains that Wee f.
fetod
Chief among the reasons .or he
brtak n the market vas the Cxaec-
taii9n tha' the government report IN
corn Is hrch Will be issue tits al
terHoer, will she " severe losses The
acreage e grain this year Ia six anil-
lion efeater than last, but ths crop
Ia sftie Of that increased acreage
promises to be nearly bill. 81 bushels
iess. Tho loss In the whsa. IN ! eat
crops is largely pretty well lnael-
stood. hui some dispute exists as 10
ne rea condition Of corn rhs gov
eminent report Of to-fnorr3w will
setsie this dispute
Experts figure that since the gov
Nfnf0en. reported corn ptIitt3n
oE se.I on JnulY 1 the conS tson Cor
August should be between ~ ani "a
These figures will indicate y corr
crop something between 2.70o, eco. 400
md 500, 900. coo bushels A few
cpttnists who believe they have more
,e.aii, d information expect me gov
ernmsat ~ give corn a rattag al naenl
-. Winch would mean crop OF
above ssoo o08, 900 bushels. Ire
st"rtlge in hay will run ~a, al,ove
100000 tons and in potato $ fully
80 eos 600 bushels
t,~t of Living Higher.
When the Increased popI atiot Of
the eodnttN is considered these 0eurs s
mean that fha cost # iy.ag VII i've
haE1s rthfs wear II will nesp
snberlnF influence on husin sss and On
stock markets. but the recent let me
ia the Price Of securities has DIS
counted disaster in the crops. Sh,.tid
tlaA stSS'er mssns g. refert ts~&As5vl sss,s
only E'tle hit better than SsnGraHv
expsT'td. or even II 1t shout bee IIu
worse than expected the stock mar
aet shouid have a substantial rally.
Wall s,T eet was in a mental conci-
tion thBt made 1t easy for tbs bear
psrty to push its advantage. Furtar
confirmation was received Of the deli
cate situation existing on the Har-
riman lines in regard TO labor Julius
kruTtschntt, Of that system, said
that in hts opinion the increase of
wages demanded by the men would
mean $50, eco. 600 more added to the
operating expenses of the railroads IN
the United states
VIII Rcfnse Increase.
He let II be understood thar the
railroads could not grant such an
increase. The address of George w
Perkins at the Michigan College Of
Mines voiced the sentiment of the
street perfectly. Investors have grown
tired of having politicians investigate
with the expressed intention OF de-
stroying.
Great Joy followed the announce
ment thai less copper WAS produced
in July than the previous month. The
fact that there has been let down In
the copper business will tend to
keep politicians from investigating II
for they are perfectly satisfied that
any trade that In not making money
must be honestly conducted. The
smaller copper business for July. very
naturally. therefore, caused buying
OF the copper stocks. The reduction
OF stocks OF copper metal Is not due
to an increased consumption but to
reduced output. The report was
really very bad and. was ocnsiderea
good only because OF the suggestion
contained in It that the politicians
would not investigate,
Number of shares of stocks sold
to-day, 1870 year ago, 56a.1sA.
Par value of bonds sold to-day.
s1,919. 900; yea rago. S1.1s7.000.
New York Money Market.
NEW YORK. August s.--Money
on call averaged 23-s per cent. Time
To-
for some time past and the market
was firm. Rates sixty days sm3 Ia
per cent: ninety days. IA Gs IL per
cent: four months, 3 lie per cent:
five and six months per cent.
Mercantile paper was not so active.
because OF a slackening in the de-
Inland. Rates, "a IL per cent. for
sixty and ninety days: bills receivable,
4 1-4G4s-4 per cent. for choice, 4