The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-10
NEWLOWR RECORDS
FOR YEAR ARE MADE
Government Crop Report IS
Directly Responsible for
Slump in Prices.
WORST FEARS CONFIRMED
Figures Decline Until Very
Close OF Stock Exchange
Session.
WORST FEARS CONFIRMED
Especial to The Times-D.spatcb.

lCpSElti 10 me -DiSpatC0.I
New York, September New low
records Tor the year were made N
Wall Street to-day as u direct result
OF the government crop report of the
the worst Tears OF the August report
and caused free liquidation OF securi-
t!es' Prlces declined up 10 tho very
close of the Session. The speculative
interest was Il Tree seller OF short
stocks and made no attempt to cover.
me United states Steel Corporation
that untitled orders on It's
6ooks ut the end OF August were
lll.900 tons greater Than at the end
Or July. The number OF idle cars has
been reduced 1898 since the previous
Liquidation has been in progress
the week. In the begin-
ming 1T was cautious, but toward tho
close selling became more urgent. II
decline continued until several new
low records were made on announce
ment by the government that crop
the month Of August. The September
report published on Friday simply
confirmed that OF the previous month.
Ihere viii be. according to this re-
port, something like ll6, 900, 900 BUSH
els more of corn than expected the
previous month. but the hay crop Will
be about 100000 bushels less.
This crop report furnished tho only
reason necessary for the decline In
the market. as the fact that IL would
be q bad eport was well understood
by the leading interests.
1t is beginning to look as II there
would be no strike on the Hartman
lines. either the Illinois Central or tho
Union Pacific. The men have asked
Tor arbitration. but the roads will re-
1use TO nrbitrate because arbitration
would be recognition of the union. The
railroads have decided definitely 10
make an open fight II necessary. They
VIII do nothing to avert q strike, and
VIII welcome an opportunity TO force
the Supreme Court of the United
States to decide what constitutes "rea.
Honable' grounds for a strike.
II IS now recognized by both capttal
and labor that a strike Is u violation
OF the Sherman antitrust law. lust
the same as Is n pool in restraint OF
trade. Acknowledgement Wickershanr
having announced that he will enforce
the sherman antitrust law, will be
compelled TO prosecute every labor
union mat declares a strike. Leading
ca capitalists believe In ombination
both OF capital II labor. and they be-
iieHe in pools as well as In strikeg.
but both pools and strikes must be
Sales OF old standard Oil stock were
made at 646 In the same market that
saw sales Of the subsidiaries at 325
and Of the stock Observation-Disclosures" ~.
$40; Thus the shareholders who split
their property before selling got $50
more a share than those selling with
oht doing so; American Tobacco also
showed considerable strength in cx-
pectation OF an early -nouneem OF
& favorable plan OF reorganization.
some very bad railroad reports were
made during the week. notable among
them being Northern Pacific. Great
Northern and ST. Paul The last-named
showed that II did not earn its divi-
oend OF July. The other two showed
very material decreases IN net. Ru-
n'ors yere current OF bad reports to
be issued by the Gould railroads. and
this had the effect OF sending Mis-
souri, Pacific to the lowest price Of
american beet sugar was the one
conspicuous selling issue. and t!.s was
due to the fact that refined sugar is
now selling at the highest price in
twenty years. TIL Beet Sugar Com
crop on record. and the company will
put It's common stock on a dividend
basis OF 4 per cent before the end Of
the year.
In the Street.
Number of shares sold to-day, se6.-
295: a year ago, Sc $50.
Far value OF bonds sold to-day, ST.
'se'0oO; a year ago. s679,00o,
New York. September s.-Monev on
call nominal. Time loans steady: six.
" days. 3d31-4 per cent; ninety
days. 31-4031-2; six months. 2 s.4@i
Prime mercantile paper, 41-2@43-4
per cent.
Sterling exchange steady with ne.
tual business in bankers bills at
si.6S25 for ~sixty-day bills and at
S4.S605 8si.s610 for demand.
Commercial bills. s4.S2I-2.
Bar silver. 81 S-s.