The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-21
New York
Stock Market

New York. September 2o.-Wali Street
showed increasing nervousness to-day
as to the intentions of the government
in regard to the enforcement of the
antitrust law. Selling Of stocks was
conducted on a scale which seemed TO
indicate that some investors were in
fear of further dissolution proce edipss
against large corporations. This was
notably true of United states Steel.
which once more was called upon -
shoulder the heaviest burden The long
and severe attack upon this issue had
telling effect to-day. The preferred
stock and bonds gave way. the formcr
selling al lioM. the lowest price since
l909 and the latter at l00 the lowest
since 1908. The common also reached
new low point on the year, 623s, the
losses in each case exceeding three
points. Elsewhere in the market de-
cl!nas were general The chief losses
were among the industrials, running as
high as five points. Railroad stocks
in most cases declined little more than
point On a ate rally the railroad
shares recovered their losses. and a
partial recovery was effected among
the industrisls.
Wall Street for several days has been
listening to reports that one by one
tho great corporation are to be dis
solved, provided the Federal govern
ment can bring it about. Despite the
lack of foundation for these reports,
they were effectual in unsettling senti-
ment. Happenings bearing upon trade.
railroad traffic. agricultural prospects
and the money markets have been
subordinated to politics as Influences
Affecting the movement of securities.
Announcement to-day that the gov.
eminent would permit the international
ton suit. to adapt itself to the Sher-
man law, while affecting that stock
faVorably al the time. did not serve to
bring about better feeling, but, on
the contrary, was followed by the
heaviest selling of the day. The attack
on United States Steel was assisted by
reports OF impending reductions in
wages at steel mills. Steel men We're
said TO have abandoned hope of a stiff
enins OF prices this fall and to have
decided that substantial lowering in
wages was inevita BILE. Steel prices now
average about 81 ton below the rates
prevailing in 1907, and the reduction
mas been made with no CORE spending
change in the scale of wages. The
weekly trade reviews reported n fur
Their falling of in business, together
with some new price concessions
The copper shares showed marked
"caNHess to-ddS on statements in re-
gard to abandonment of efforts to re-
strict production The weakness OF
these shares also reflects the belief
mat the large buying of Europe espc-
ciaily Germany, will he at least tenn
porhrily curtailed by the business re-
action abroad.
Houses with London connections we're
heavy buyers of stocks. Foreign pur-
chases OF Union Pacific alone were
estimated at more than 10000 shares.
ana the total amount taken probably
exceeded 10000 shares. The belief that
the Moroccan question is on the verge
of peaceful settlement undoubtedly IS
largely responsible for this change of
attitude on the part of Europe. Inter
national bankers said to-day that they
regarded an advance tomorrow in the
Bank of England's rate to 4 per cent
as highiy probable. The fact that the
bank declined to discount under the
rate to-day pointed to such action.
The bond market was weak. Total
sales, par value, s2,l90,O0U United
states bonds were unchanged on call
Iotal sales for Fhe day. 737, 300 shares.
New York, September 2O.-Money on
call steady. 242i5 per cent. ruling
rate and closing bid. rs offered at oh
Time loans firm; sixty days. az AJAX
per cent; ninety days. 81. "a per cent; ;
SIX months. +Gih. Prime mercantile
paper 80 Sterling exchange firm
with actual business In bankers bills
at S4'sS25 for siXty-day bills and at
siS6+C. for demand. Commercial bills,
s4.S250. Bar silver. 521. Mexica n
dollars. 40
RICHNIOSn STnCE NAprr-