The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-08-21
BEAR PARTY WILL
LOSE OLD FRIEND
ADJOURNMENT OF CONGRESS TO
HELP ALONG THE RALLY IN
STOCKS.
HAS SOME ADVANTAGES
DISASTER TO CROPS is CAUSE FOR
LABOR MEN TO LET Up IN
DEMANDS FOR INCREASED
WAGE,
HAS SOME ADVANTAGES
BY THOMAS c. sHoTWELL.

NEW YORK. August 20.--Sobered
with unexpected success, the bear
party in Wall street after a remarka-
bic cam paigu OF three weeks enters the
new week with a feeling that it is
about to lose one of it's best friends
when Congress adjourns. Even tho
weather Is proving contrary for there
Is a prospect Of slight change in crop
conditions that may cut down some
what the governments estimate or
agricultural disaster Anticipation OF
these things started a rally at the
close Of last week that is expected
to run into this week Because the
decline in the market has been SO vto-
lent this rally should continue for
several days. There Is short inter-
est still uncovered that will he worth
cunning for
Although losses In the stock market
in the last month have been severe.
they have not been without compen-
sating advantages
For one thing they have attracted
the attention Of the whole world To
the fact that there has been a disas-
ter in connection with the crops and
they have made the la Dor unions that
were threatening 30 strike pause and
consider whether this ~ really good
time for a strike. The spirit of con-
serHation has Leen injected into every
body except tile new virtuous" poll
ticians but President TAFT has made
an external application of little con-
servatisfn even 10 them with his veto
club.
Knife For Reciprocity.
Had Il not been for the partial fair
IRE Of The crops the bear campaign
planned early last spring would have
come tn grief. The bear foundations
were laid, ard publicly. It il almost
possible to fiua convincing evidence
that defeat Of feelpr*rify in the reeu-
lar session ef Congress was part of
the bear movement because II was
known that President Taft would call
special session 10 pass the reciptov-
ity bill.
knowing the character If the men
| who would make M the special .~s
| sion 81 conFl ess, the bear party IN
! Vail street thought a special session
would create n panic in stocks and
! business Exposure az the true ptir-
pose Of the many Investigations set
/ afoot with the end n view defeated
that and would nave saved the stock
/ market had L not been for the an
fortunate crop failure.
Publicity Necessary.
Fhe general campaign against stocks
vas 50 artfuiIy contriyed that secon-
aarr causes became OF sensational nm
I
take IF the Union Pacific directors In
snppressing the fact that II T. Frich
had resigned from their board was
/ used ta in3ure stockholders lof the,
! Union Pacific to the extent of many
million dollars aud To alarm the whoi.
security market.
The Friek incident proves the alb
selute necessity of publicity on the
] part Of the large corporations and
emphasizes that fact that however
skiilful the present mana gen1ents may
be in the handling OF railroad train
and security issues they du not I'M
/ aesstand pRbltc sentiment The meth
Cd of making Fricks retirement from
Union Pacific. public was such as 10
frishten his friends and the general
public. and the latter MAS 50 badly
frightened that the Union Pacinc
board was compelled to hold A special
meeting and issue 3 reassurlng notice
That there viii he further liquidation
IN Wall Street this week seems Ger
tain