The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-24
DISASTROUS WEEK
IN STOCK MARKET
Two Sensational Events Help to
Put Prices on To-
boggan.
DECLINE IS VERY HEAVY
Defeat Of Reciprocity and Steel
Corporation Rumors
Responsible.
lspecia! to The Times Dispatch. ]

New York. September 23.-Pressur.
was exerted to-day against Amalga-
mated copper and Shelters to such an
extent that the former yielded points
ana the latter 8, measured from high
tG low, Reading, steel and Union Pa
enc were conspicuously strong. At
t"fney-Gencrai WickcrshaiI issued "A
reputation OF an alleged interview IN
winch he had been quoted as predict
! ing chaos in the Industrial world. y
sllght rally followed this. but did not
mold The decline OF AmalSamated
needs no explanation other than the
condition OF the copper metal market
81 the industrial boom in Germany.
otah Copper struck a new low record
also but that issue is in much strong
er position than Amalga!nateh the
tank statement was not important
Coilapss OF the market for steel Cor
poFhtioh shares and defeat OF recIpiJ-
aiiy we're two sensational events with
when the stock market had to con
Tend this past week. Both came as a
surprise TO the general public The
market made new low levels and Steel
ume, the decline Thursday and Friday
being the most sensational in the his
tory OF the company.
w lille IL Is well known that Steel
has. been under pressure j for months
IN behalf OF pool OF very rich mar
ket operators. IT was the great dam
in prices possible. Tho market moved
on Legitimate influences to a level SO
low that IL needed only a vicious raid
OF great weight to precipitate the col
iapsc. Even IN this raid there was
considerable OF truth used. for 1t *
true as reported that the United
States government and the steel Trust
nave been discussing the possibility
OF readJustinB certain things in the
torporation TO meet the governments
We" " what is legal und.r the She--
man antitrust statute. II Is not true
however. mat the corporation Will az,
sriTe voluntarily. tor. while !, is Will
iiiS TO readjust some details. IL be-
iicNcs It's general organization is Ier.,l
ana mas Invited = battle IN the courts
10 contest us Legality.
International harvester Company -
at presen, in the midst OF negotiu-
tons with the government to SEQ
~aether It can bring itselt within the
governments views OF the law win
cut reorganization.
bccause tne railroads had thvl-
break earlier in the month they stood
relatively lrin while imuustrIais were
eol!ars!H2 reports now being pub
'isneu BY the railroads OF earnings Tor
august ana September give the r,.a
sons Tor The weakness OF railro al
shares 1t Is generally believed that
ti.>S nave discounted very largely th-.cs
saIhlhss' ana are now, from mar
hGt point OF view. IN position TO re.
spond to any favorable deyelopment
OF perhaps TO favorable technical con
suit Of the heavy liquidation OF The
senerai market.
reciprocity had the effect on an
raclnc stock a !, share in few MN nm
utes and OF breaking Great Northcrn
about the same amount. The action
OF Canadian Pacific was q surprise TO
wall street Tor reciprocity had been
looked upon as an argument in favor
OF that railroad. The reason II was
considered an argument for Canadian
racine WAS that the COMPANY owns
the 500" and Wisconsin Central and
these would have gained heavily be-
cause o! the diversion Of tra1ic from
Canada into the United States The
insiders OF Canadian Pacific feel that
* would be best for the future CT tho
company TO have the heavy traffic
running East and West along the main
line as 1t has been doing. II must
aot be magined that Canada, with ills
vast wealth of undevcloped resources,
IS gong to suffer much. The vote
makes possible some big railroad deals
mat have been pending in Canada for
the last nye or six years. but which
were not favored by the I4aurier adj
ministration. The election as a whole
dian Pacific. and that company will
continue indefinitely TO be the big
sest thing In Canada.
Number OF shares sold to-day. iTl,-
135; year ago. 11l,59l.
Par value OF bonds sold to-day, ST.
$4,000; year ago. sllli,0O0.
On the Curb.
Despite the weakness OF copper
stocks on. the New York Stock Ex-
change, the shares Of copper com
panies traded in on the curb were
steady to-day. Inspiration and Gil
rouX were unchanged from Fridays
closing.
American Tobacco was UNCHANGED.
as was old stock OF the Standard oil
stock
New York. September 2s.-call
money: Ruling rate, 2I2 is per cent
Time money for sixty days. 3l-4a
IL per cent: ninety days. 31-aa33-4
per cent; four months, 37-S@i per
cent: for five months, 37-SMi per
cent; for six months, 37-SG4 per
cent. Little stronger but dull Com
mercial paper: Prime, sixty days, 46
Ia per cent; ninety days. 4D41-2
per cent; four, five and six months,
Foreign exchange market: Cables
Quoted at si.S7: demand sterling.
siS65O@ S4.S655: francs. 5167-S less
l-l6: marks, 95 lie less 1854
Foreign markets: Discounts on Lon
non, l-2 per cent; Paris. SIG per
cent: Berlin. 4 SIS per cent, Exchange
on London: Paris, 25f. I7c; Berlin,
pom. "a pig.