The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-15
New York
Stock Market
Especial to The Times Dispateh.l

Especial TO The Times Dispatch.J
New York, September lin the
course OF a day that was both exciting
and disquieting TO Wall Street traders,
the stocks slumped severely. only to
recover later on. The selling early in
the session was in such volume as to
flood the market. New Haven fell be-
low the low point OF the panic of 1907.
and sold at 1855. its lowest figures
since the stock WIS placed on a settled
dividend paying basis, following its or
ganization in 1879. The active list
generally established another of the
numerous low records for the year.
which have been made in the last few
weeks Losses ran to more than three
points, with larger declines among in
active issues.
The upward movement, which set In
early in the afternoon. was as ire
sistible as the mornings decline. There
was urgent and heavy covering of short
contracts, ticularly in Union Pacific,
United States Steel and Reading. AT
the same time evidences were seen oil
buying for the long account. Although
no large demand has yet appeared, to-
days further decline doubtless brought
which helped in the advance. Union
Pacific, which had fallen to l57A.
touched le0, and United States Steel.
which had sold at % a reached 81. Read
ing. Lehigh Valley Erie first preferred,
Great Northern preferred, Canadian Pa
cifc, Missouri Pacific, Southern Pacific
and Consolidated Gas rose TO a point
or more above yesterdays final prices.
The market eased off at the close.
In all the long declines, which be-
gan early in August, there has been
no day on which rumors that various
misfortunes were besetting the finan-
cial world have flown about SO rapidly,
although they were without the slight
est foundation. The fact that the
source OF the selling was as much of a
mystery IS ever was doubtless respon-
sible for the circulation of these re-
ports The erratic movements of stocks
produced considerable tension. The
early declines were due largely to SELL
ms by London and to large supply
of stock on direct orders from Berlin.
The pressure from this source was ag-
gravated by aggressive operations for
the short account. The market seemed
to be approaching critical condition
when substantial support was given.
London's transactions in this market
were estimated at 10000 shares chiefly
sales.
Further light on financial conditions
IN Europe was shed by the advance
OF the Bank OF Belgium's discount rate
from 3is per cent, the rate which has
prevailed since May. to X, and by the
advance in the private rate of discount
at Berlin. The Bank of Ensland's
weekly statement showed that it had
preserved the abnormally high percen-
tege of reserve to liza bilities, the figure
remaining unchanged at $50 per cent.
heaviest business for the railroads
was indicated by compilation of Sep
TENDER returns which has ever been
received Gross earnings of twenty
one roads for the first week of Septem-
Der increased SS59,000, or $40 per cent.
The bond market was irregular. with
heaviness. which was followed by AN
Improvement Total sales, par value
s2,5S6,ooo. United States government
bonds were unchanged on call.
Total sales for the day. $50 ao0 .be-a.
New York, September l4.-Monev IN
call steady, 2A@21s per cent: ruling
rate s1s; closing bid. 2,s; offeree or
- Time loans strong; sixty DAYS.
"psH per cent; ninety days, az @ah:
Sin months. per cent. Prime metcan
.iie paper "A per cent. Sterling ex-
change easy with actual business In
bankers bills at s4s350 for sixty-day
DIS and at s4.s6o5@s4.S6lo for de-
mand Commercial bills. s4.se%. Bar
silver o.s. Mexican dollars, 45.
RICHMOND STOCK MARKET.