The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-09-08

(By Thomas c. Shotwcli.l

NEW 1oRk, sept. More ltQui-
dation IN the stock market vas ex-
cited to-day by the early strength
and it was continued UP to the close
OF the day with the result that some
material net losses were recorded in
Standard issues Baltimore and Ohio
was the weakest, showing "a decline OF
three points in the afternoon from
the high price of the morning. Union
Pacific declined even more while Lee
high Valley and Missouri Pacific
made new low records for the year.
The Hill stocks were weak because
of a bad report made by the North
ern Pacific following the equally bad
one yesterday by the Great Northern
No new reasons were necessary to
account for the selling Of stocks.
The severe loss suffered by Ameri-
can farmers !s matched by the loss
offlciauy announced in Germany In
the potato and sugar beet crops.
The crops In other countries are Of
such lracter as 10, destroy all
hope OF any development to prevent a
material increase in the cost Of living,
While some countries have increased
crops, such as Italy, for instance, the
total OF the wole world Is materially
under the yield Of the previous year.
This condition has attracted atten-
ton To the mparatively low price
at which wheat Is selling, May
wheat is now selling about s1.02 and
the big grain operators believe as the
season develops the prices OF grains
will advance The widespread at
tempt to make It appear that the
government crop report Of August
was not justified by conditions and
that the September report to-day Will
show vast Improvement does not
seem 10 be justified by the daily
weather reports.
II. and O. Furnished Freely.
Baltimore and ONO STOCK was FUR
nished freely by brokers having
European connections, The explana-
ton for the selling was that the
dividend may be reduced. The presi-
dent OF the Baltimore and Ohio has
given his personal guarantee that the
dividend will not be reduced, but
when six per cent railroad stock
sells at as SIS. as Baltimore and ohio
Id to-day. II - time 70 question
the validity of personal guaran-
tee. 1t may be that the directors
Will consider the earnings rather than
promises made to foreign investors.
II must be stated. however. that there
Ia no CNlClai tnLIUiaAibH w oIiy ~
duction In the dividend
Lehigh Valleys dividend was also
questioned in Wall street runors to-
day. but from official sources It was
learned that there is no expectation
OF any change In the rate in the
near future. Atchison. part OF
whose district had crop failure'
was one OF the weak stocks to-day.
Morgan Gets Stock.
Among the favorable reports or the
dav was one to the effect that the
selling Of Lehigh Valley, Missouri
Pacific ard Rock Island that attract
ed 50 much attention a week ago
WAS for the account Of the late
lamented Pearson syndicate. II
now said that that syndicate mas oeeh
entirely liquidated, Brokers imagine
that they have traced this missouri
Pacific, L-ehigh Valley ana hoeN
Island into the offices or j. r. MOI.
gan and Company. and the firs'
National Bank.
Under ordinary circumstances the
sensible action OF the railroad en-
ployes in refusing to be drawn INTO
open war would have counted Vers
much In favor Of the stock market
The labor leaders have apparently
realized at last that a strike Will De
violation OF the Sherman antitrust
law and they hesitate to put them
selves In a position where the United
States sopernlnent Will be forced 10
prosecute them.
1t would be a good thing for the
country to have supreme court or the
United States to decide at once what
does constitute reasonable" grounds
for a labor strike, for that Is the
question the court would have to de-
eide IL the encouragement did his
duty in the event Of strike. Be-
cause of this a railroad strike Just
now would In reality be bullish
argument for 1t would hasten the
solution of this problem.
Tennessee Copper stood firm
the session.
New York Money Market.
NEW YORK. Sept. Mooney on
call at the Stock Exchange to-day
opened ia per cent. highest, Ia:
lowest, III: closed, 2S-s per cent
Most of the days loans were made
at IA per cent
Time money continued very dull,
and the volume OF business trans
acted was extremely small. Notwith-
standing the light demand lenders
were holding firmly to the asked
rates; on tho other haad borrowers