The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-27
PRICES SINK TO
NEW LOW LEVEL
Declines in Standard Railroad
and Industrial
Stocks.
SENTIMENT is PESsIMlSTIC
Lack of Support by Big Bank
ing Interests Is Not
Liked.

New York. August 2s-Prices of
standard railroad and Industrial stocks
sank to new low levels for the year
In Wall Stree: to-day. In the last
half hour OF the session there was a
feeble rally of from a fraction to a
full point from the low level, due 10
covering by shorts. Final prices, how
ever, showed net losses of from
fraction TO a full point. Sentiment in
the street is so pessimistic that prac-
tically no attention was paid to the
announcement that there had been an
other decrease in the numper OF idle
freight cars of August Is.
Emboldened by large paper profits.
the several bear pools IN Wall Street
continued TO attack the stock market
the past week and succeeded in forcing
prices down TO new low records for
this year. Their operations were as
sisted by announcements on the part
of the Union Pacific and Southern Pa
cihc that they would adopt retrench-
ment policies. and would have to lay
off several thousand men before the
end OF September. Curtailment of eN-
penses Al this season of the year is
at this time of the year are usually
making extensions improvements and
increasing their rolling stock in
preparation for handling the crops
Had the railroads decided 10 cut eX
penses at any other season of the
year the announcements would have
been received with much less appre
hension. but as ii is, the street accepts
the action of the officials OF the Har-
rinan lines as evidence that they en-
peot further contractions In all lines
OF trade.
Curtailment of expense by railroads
will lessen the demand for steel and
Iron, and reports by trade journals
that the condition of the steel and
iron trade was less favorable added
TO the gloom that prevailed in the
financial district. An attempt was
made early in the week to weaken
steel common with report that the
Bethlehem steel Corporation, the Re
public Iron and Steel and the Lack
awanna Steel Company would be con-
sol!dated. but President Topping, Of
The Republic Iron and Steel, denied
that his company would be part of any
such merger. and the story as stock
market influence fell fiat.
Lack OF support TO prices on the
part of the big banking Interests has
enabled the bear pools to force prices
down and the disinterested attitude
OF the Rockefeller and Morgan par
Ties is not liked by those bankers in
favor OF his prices. Bankers close to
the Morgan interests explain the in
activity OF the big interests by say
Ing that while many persons have
been hurt in the continuous deprecia-
tion OF prices, the market as whole
has not reached a level that would
indicate any papicky feeling. and for
this reason the Morgan and Rookie
Teller interests have deemed ii un-
necessary TO come to the support of
the market This sounds plausible,
but the fact that certain big bearish
operators are diiowed to raid the
market and ruin people is not meeting
with favor from the stock trading
public.
For the first time IN four weeks ac-
tual loans OF the clearing house banks
failed TO show contraction The N
crease however, was so small--only
81. 900. 000--as 10 still leave the re-
duction of the past month at about
$40. 900 The actual cash gain was
almost 100000, with an increase OF
almost s?,oo6'coo in. reserves,
Bonds we're feavy with actual sales.
par value, amounting to 100000.
call on the week; Sl6,7or shares We're
sold
On the Curb.
Standard Oil stock advanced 81
share on the curb market; to-day
American Tobacco was neglected but
Inspiration Copper continued heavy
and declined to 6l-i. Giroux was firm
around HIS Trading in all stocks
was very light.
In the street.
Number of shares stocks sold to-
day. 3l5.si5 a year ago lol,?lo
Par value of bonds sold to-day,
,aol, 900, a year ago, $4,000
New YORK, August ?6.-Money on
call nominal No loans. Time loans
easy: six days, 23-i@ 3 per cent; nine
~ days, SG31-4; six months, 35-S@
sS-i.
cent sterling exchange steady. with
actual business in bankers bills at
s4.sa75 for siXty-day bills and at
s4.ss1o for demand. Commercial
bills. s4s31-i. Bar silver 50 IA.