The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-08-26

NEW YORK, Aug. 25.~-Pessimlsm
increased In the financial district To-
DAY, and speculation expanded at the
expense OF standard securities, Losses
ranging from ! to 2 points In the
aea0fp6 railroad and industrial stocks
were common while specialties de-
caned from 2 to points. New low
records tor the year were recorded
IN many Issues and as the new bot.
toms were made traders on the floor
OF the New York Stock Exchange
cneered Enthusiastically, thus indi-.
eating their position in the market,
Reasons for the weakness were
found In the bad statement OF earn
ings issued by the Atchison railroad
for July, and the increasing breach
between employees and officers Of the
Southern Pacific, Union Pacific ana
Illinois Central systems.
Trading was heavier than on any
previous session this week, and the
number OF stocks dealt in showed a
substantial gain. Northern Pacific,
Great Northern preferred and Lehigf.
Valley while not az active as Steel.
Union Pacific and Reading, suffered
more severely than the last named
group, and closed around the low
prices OF the session with losses OF
about two points each. The bad wreck
on the Lehigh Valley system called
for some selling In that issue, but
it has been OF the leaders ii rha
downward trend since the inception Of
current movement
Puget Sound Pays Dividend.
The chicago, Milwaukee and Puget
Sound Railway declared dividend OF
7-l0 Per cent, or disbursement OF
". lot, 600. all of which witt 80 to the
chicago. Milwaukee and st. Paul ais
the owner Of all Its outstanding stock.
The parent company sustained a
large loss In revenues available for
dividends on Its common stock In the
last fiscal year. and there has been
some doubt as to its ability to main
tain present payments TO shareholders,
but to-day's dividend declartion by
the Puget Sound insures payment OF
the seven per cent. rate for the next
year ut least Even this cheerful
piece OF news did not lessen the
liquidation In st. Paul. and the stock
declined to the new low record for
this year Ut TII3- ssa' y
Speciaities were weak and several
issues recorded pronounced declines
on small dealings. This was particn-
lariy true OF Sloss- Sheffield Steel and
Iron, which on the sale OF 100 shares
dropped six points under the previous
closing.
Underwood Typewriter declined
points. while Nashville and Chatta-
noogA lost points. Specialties have
not had their nroportfonate decline
ia value and It would not be sur
prising II they received more atten-
tion from the professional element
now IN charge 81 the market.
Bankers Discouraged.
Those conservative bankers who
have been hoping for = cessation or
this downward movement are becom-
Ing discouraged. This II largely due
10 the fact that sitter such q decline
~ has taken place the last three
weeks. the list should have substantial
rallies from tins TO time. but the
fasbleness OF the rallies, II they can
b. cailed rallies, that have occurred
n tho present swing II most discopr-
Aytngs The market lacks resfiioncy,
and for this reason bankers and brok-
ers are not advising their customers
to pick UP stocks for a turn ON the
long side.
Probably thu only bright spot In tina