The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-08-17
MARKET REACHES
NEW LOW LEVELS
FEEBLE RALLY AT CLOSE OF DAY,
BIT DEPRESSED CONDITION
REMAINS
Mr.. MORGAN Is SILENT
PLAYS SOLITAIRE on STEAMER
COMING OVER AND 1OSTIA-
LES HIS GAME AFTER
ARRIVAL


NEW 2Dkh, AIE, LII rec IL
quotation u standard stocks, to-
gether with renewed short selling ~
professionals. carried prices down 70
rev levels for the year again to-day.
\ feeble rally came al the close of
the dal, bat the market remained IN
"a depressed condition.
The true reasons for the decline In
tho market have been stated in this
column frequently Of late. bnt the
Pablo hates to acknowledge the truth
and wants to explain the decline IN
some way. Weird runners We're IN cir
eulation to-day. but they we're all
denied as fast as uttered. Not one
OF the alleged reasons had weight
enough To cause the sailing of any
considera bic amount OF stocks, one
vas that the widow of +. H. Hartman
had sold her Union Pacitie. There is
good evidence that she holds more
than she ever held. Charles A. Pea
body and Robert s. Lovett. who are
her business advisers deny that she
has sold any of her holdings 1t is
known that she bought more Union
Pacific preferred recently. Rumor
said otto II. Kahn would retire from
the firm Of Kuhn. Loeb Il Go. That
Ras also denied
Another Denial
Then the street reduced the divi-
dcnd on nion Pacific TO ! per cent
and got another denial from head
quarters This dividend reduction ru-
NOR. however, is In line with what
may be expected OF all railroads. 1t
would be Unbusiness- for the di-
rectors OF Union PaeItic To decide upon
reduction NON, for If the politicians
should abandon their deadly war on
business iIlersSts,4 i Hatll5 he pos
stble even with the crop disaster to
revive business 10 an extent making
1t possible To continue dividends as
at present
The most dangerous feature of the
conduct a. the machine politicians at
Washington Is that by their continued
denUntiation Of organized business
they will incite organized labor TO a
series of hopeless strikes No sensible
la Dor leaders would even think Of de-
handing higher wages this year. but
in the midst Of popular excitement
the cool headed Ia bar leaders may
lose control of their follow Ing just as
tsae statesmen of the country have iosr
control Of the political parties.
There is no use hunting for detailed
reasons for the decline OF stocks. An
examination of the list shows that
they are all moving about as they
should, some mere ana some less, &C
II there are any lights in particular
companies those fights are not the
cause of the declines in stacks, but are
themselves caused by the same influ-
ences that haze sent stock prices
down. The unpleasantness in the
Union Pacific board, fer instance, is
due 10 difference ct opinion as to-
how to handle an unpleasant situa-
ton that is rapidly developing.
lf9gi{pz ~ Pant IN 40
started reports that the dividend
would be reduced. st. Paul ought ia
have reduced its dividend more than
year ago, and the stubborn persist
enee of the 7 per cent. rate at a time
when it took all the earnings of the
property to pay it'tlas disturbed pub
lie confidence in the good judgment Of
the board Of directors.
TEXAS Company. stock Is measuring
the value OF the energy OF the late
John W. Gates, who VAS its control
ling genius
Steel Feels Politics.
Steel is feeling the influence of pol
tiles more directly than almost any
other stock. 1t has provede its ability
to pay dividends al the present rate
and even the worst depression now in
sight would not seem 10 justify any
reduction. International Harvester is
-N'"iA RtNStsS VI tikG iCSsEittu ahtlIg
of the farmers to buy machinery.
Weakness of time money Is another
depressing influence, but that IL only
another evidence of the crop condi-
lion. Bankers are finding that they
will not need so much for general
business purposes, and are therefore
ready To lend more freely on stock
collateral.
Silence of ]. p. Morgan on lis ar
rival from Europe was no more than
usual. but 1t went harder with Wan
Street this year than usual, for he
was expected to say That things are
not as bad as they seem. When the
last panic was sweepidg over the
country, Morgan played an active part
in the great game of stopping it, and
is even yet threatened with arrest for
doing so. He played solitaire most
of the time crossing the ocean, and
Wall Street fears that he will con-
tinue at that game and let the poll
ticians handle the present situation
In fact. solitaire is getting to be a
popular game in Wall Street. Numer-
Gus finanoiers have been playing It
for weeks. Capital is quietly going
on strike.
New York Money Market.
NEW YORK. August Money
on call at@the Stock Exchange to-day
ruled about as per cent. Time
money was unchanged with a light de-
mand and ample funda available.