The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-20
New York
Stock Market

New York, September ia dis
tinotly heavier tone developed to-day
IN the securities market. There was
n renewal of selling on heavy scale.
The movement seemed TO represent, in
the main, the influence of two factors
the foreign situation and domestic
political conditions. The advance of
the German bank rate from to per
cent. was in no sense surprise, and
seemed to have been fully justified by
recent events. The weekly statement
showed that last week the bank lost
s4.2s0,00o in gold. and increased its
discounts by Si2,7Q0,00o Private bank
ers had anticipated the change in the
rate by raising the private discount
rate materially above the official mini
mum OF the Bank of Germany. Within
the last four years the rate has been
raised above 5 per cent. seven times.
The increase OF to-day, however, served
to draw attention to the existing ten
sion in foreign monetary affairs. and
the unfavorable effect which 1t eN-
ercised on European markets was felt
here. 1t is now thought probable that
the English rate Will be advanced this
week TO 4 per cent, inasmuch as pri-
vate discounts at London were close to
that figure. Serious political ccndi-
tions in Spain and Austria also found
state of the continental exchanges
While the most bearish forecasts o;
what the President was to say in re-
gard to corporations in yesterdays re-
ports were borne out. the attitude OF
the national administration as thus
outlined seemed TO be responsible for
much OF the days selling. An indt-
cation of the nature of this selling
may be found in the fact that OF the
le+
the year two of them-United States
Steel and International Harvester
were issues of the corporations men
toned most frequently in Wall Street
reports of expected antitrust proceed
ings. The definite indication that the
administrators attitude toward oor-
porations remains unchanged was dis
appointing to those who hoped for
some int!mation OF a more complainant
attitude.
The selling OF United States Steel
was especially heavy late in the day.
vlocks of 1000 to $500 shares being
thrown on the market. The price fell
ala points to Co. International Har-
vester sold at 100 "a, loss of Ia. The
third issue to reach a new low point
was Amalgamated Copper, which de-
clined SIS to SO "a.
The pressure against United States
SleGI was uue IN part the peliel tndt
conditions in the industry are at low
ebb. Operations of the United States
steel Corporation since the first of the
month have fallen below the CORE
spending period in August. Low prices
We're responsible for the heavier bust
ness last month. but though price cut
ting continued. the volume of business
continues to dwindle, and the margin
of profit has been reduced so largely
that earnings of many OF the steel COM
panies are undoubtedly low.
One estimate of the earnings OF
United States Steel for the current
quarter was $4,000. 600, as compared
with s1+l 10000 in the same period
of last year
Opening prices of stocks We're gen
orally lower, with some losses of as
much point. From these declines
there were subsequent rallies, but the
undertone was at all times uncertain.
The heavy selling of the last hour
sent down prices generally from l 10
points. with larger losses in num-
Der of cases.
The bond n1arhet was steady. Total
sales. par value. s1,754,000. United
States bonds were unchanged on call.
Total sales for the day, $4,000 shares.