The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-09-14
STOCKS Of GILT
EDGE FALL DOWN
sTNDaRD SECURITIES AGAIN
ToICH Low LEVELS OK THE
MARKET.
MOROCCO IS STANDBY
BANKERS DISCUSS THAT srrt Alto y
FREELY. KNOWING THAT IT is
NOT THE REAL
CAUSE.
II, THOMAS {. SHO1WIlL

NEW YORK, Sept melancholy
reports 81 new low records fer stand
ard securities must be repeated again
+ III discussing to-daY's stock market
The opening VAS strong, but within
few minutes after trading began
/ Union Pacific and United States Steel
We're pressed for liquidation to such
/ an extent that both were swept down
to the lowest prices OF the year. Mis-
souri, Pacific quickly followed. New
Haven broke badly. and this weakness
Of stock that has been considered
/ IN the giltedged class for SO many
years started the whole list down
ward. Some specialtfes lost as much
as points, Air Brake having that dis
tinction.
Morocco WIS freely discussed by the
banking fraternity and apparently Il
was the only argument they could
ind for the constantly falling prices
! But Morocco liz being discussed in
Wall street simply because It is the
only one Of the bad influences that
j the bankers consider it safe 10 dis
I cuss freely. 1t Is safe because IL
amounts 20 nothing The European
governments have not vet fallen into
the hands Of lunatics. and therefore
the Morocco dispute viii lie settled
without war
The Real Reasons.
The real reasons fer the decline in
stocks are the Worldwide deficiency
of crops Is compared With last year.
the growing power Of freak pollti-
clans, Hnrest Of organized abor. the
certainty OF tariff reforms In tht, Unit
/ ed states and the general lack of con-
hdenee that has resulted from a mis-
understanding on the part Of the pub
lie OF the true reasons for the H.
quotation of stocks by the leading
interests
Specific reasons are sought for ca.
gerly to account for the declines Of
individual stocks 1t is easy 10 and
them. The low record Of Steel made
o-day was, in addition to the other
reasons already given. due te the fact
( that there is an open war for steel
business. The trust is taking orders
IN greater volume proportionately
than the independents and at such
! low prices that the profit per ton Ia
said by insiders to be reduced to sli
on the average compared with SIS a
YEAR ago. This means "a shrinkage OF
Steel Trust earnings. but something
more than that for the independents
The trust Is growing proportionately
stronger, and since the Supreme Court
lof the United States says corpora
ton can have all the business ii can
get through competition. "A great many
/ people. think that the Steel Trust has
started In to wipe the Independents
/ off the map
To Investigate VI. y.
Missouri Pacific's weakness is ax-
nlained by the report that President
Bush has insisted on having the sur
plus investigated and written down
TO accord with the facts. This was
done in Western Union when the
American Telephone and telegraph
got control, and the result will nat
urally he a shock 10 Missouri Pacific
stockholders, but il viii give the
new president n good foundation for
! future comparisons.
st. Paul came within n fraction Of
its low price OF the year. the selling
being due very largely to the official
| announcement that after providing
for dividends only si26.S61 had been
left out of the years earnings in the
| treasury of the parent company,
while the Puget Sound had been
scooped of the entire earnings made
since its existence with the exception
of S4S1,s70.
Tomorrow is the day that the
United States circuit court will con-
fer with attorneys representing the
American Tobacco Company in re-
gard to reorganization plan. To-
hacco securities were comparatively
strong yesterday.
/ Corn moved to a new high record
In Chicago for the September option.
Heaviness of wheat in the option
market Is due partly to the high