The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-09-13
CHASTITY HUM0R
IN LITTLE JOKE
PRESIDENT MELLEN OF NEW HA-
VEN MAY EXPERIENCE SOME
REAL Fun.
SHRlNkAGE IN PROSPECT
MISSOURI PACIFIC HAS ANOTHER
.MELLEN JOKE" AND PENN
sILSANIA NAY FOLLOW
SHRlNKAGE IN PROSPECT
BY THOMAS C. sHoTwELL.

NEW YORK, Sept. l2-Ali stocks
enjoyed something Of "a rally to-day,
the closing being better than that of
the previous day In some ISSUES.
nota bly, linton Pacific, Canadian PacI-
fic and Reading, the last prices were
near the best OF the session. Trading
was light
The foreign situation was apparent
ly not an influence on the market
but brokers expect IL 10 become one
In about ten days, when the great
volume OF stocks sold for European
account will make their physical APP
pearanCe in Wall street. Stocks have
been borrowed Tor delivery against
them temporarily. but arrival of the
actual certificates viii weaken the
technical situation.
Germany Us enjoying business
boom just DOW, but trade authorities
are beginning TO fear that the Ger
man boom has reached Il climax. The
selling of stocks for account of Ber-
lin may have more TO do with trade
conditions than with the fear Of war
IL seems incredible that Europe
should contemplate war when trade
IN Germany had been the sustaining
influence now being taken at S104.-
eae.o0o year. Amy collapse Of husi-
ness abroad would therefore hurt
Americans in that direction.
Attempt at Humor.
The ghastts attempt at humor
made BY the New Haven management
III announcing officially the retire
inent OF President MelIen only 10
have the announcement contradioted
by MIR Meilen himself and described
a. "a Joke made Wan street laugh
heartily to-day when the Boston and
Maine, subsidiary Of the New
Haven. announced "a deficit Of S1,eo2,-
ssS Tor the year ended June so.
This joke" is almost as funny as
the one attempted by Erie manage
ment about two years ago in the AN
nouncement that the road would 60
if.sSs HANDS Of feceis ers
The humorous part OF the New
Haven situation is the fact that the
heavy shrinkage IN earnings by the
New Haven system is due to the CLOS
ing down OF factories. The New
haven controls practically every
transportation line III New England
With the exception OF the Boston
and Albany in which it has a half
interest. The figures, therefore, prove
that the manufacturing interests Of
the South are suffering severely. New
Haven directors are expected 10 per-
petraie another joke on investors this
week by reducing the dividend.
No Mind For Hunior.
II would be really funny IL Prasl-
dent Mellen had resigned without
pc. ed. This is no time for railroad
presidents To- be playing jokes. Tl'c
season for jokes of such II serious
nature ended with the adlourn,ne at
OF Congress. Business men are in
no frame of mind to appreciate
humorous deficits and dividend re-
auctions The humorous liquidation
OF stocks by the Standard Oil in
tefests sets standard of Jokes that
AIR. MeIlen cannot hope 10 equal any
how.
Missouri Pacific will perpetrste q
9 ii. lien Joke" in its annual report IL
be issued in a few days. 1t viii show
a cunning little deficit of possibly
-, 1900. Decline of Pennsylvan u
5sock to new low record of li5 is
to. day was considered rather funny
b. some people in view of the e'sse
business relations that have existed
for years betu cen that system and
the New Haven. Pennsylvania owns
$500, o0o of New Haven stock--or
did own that much at the time OF
the latest official report
Tobacco securities were strong to-
mary announcement In regard to re-
organization Thursday
Number OF shares sold to-day. sio,-
s93; q year ago, 43f.s26.
Par value of bonds sold to-day.
81. 42s. 900, year ago. se.o92. 900.
New York Money Market.
NEW YORK, Sept 12.-Money call
At the Stock Exchange to-day opened
at 1913 per cent. highest, l-2. low
Est, 21-4; closing. 2 SIS per cent
Most OF the days loans were made at
. 3-s. There Is very little doing in
The time money market. and rates are
and steady. What bust
ness there is mostly centered in the
ninety days maturity. Rates are So
IA per cent. for sixty days 31-4@
} l-2 per cent. for ninety days, and
; 3-4M4 per cent. for over the year
Commercial paper ts unchanged at
I 1-4M41-2 per cent, for the best
n