The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-11-19
WABASH SELLING
DISTURBS MARKET
Small Reaction Caused, but
Firmncss Is Well
Maintained
OLD RUMORS ARE REVIVED
Talk That Company Is Not
in Good Financial
Condition.
Especial to The Tim.s.p,spa,ch.

Especial TO The Timna-Dis pstchl
New York. November lS.-Selling OF
Wabash stocks and bonds unsettled the
market to-day, causing y small roac-
Won. The market maintained It's firm
meas, however, under the leadership Of
steel. Union Pacific and the metal
shares. some selling was caused by
knowledge that the hearings of tho
stanley committee. which began Mon
day. may furnish speculative oppor-
tunIties, Third Avenue was strong be-
cause the Court of Appeals is expect
cd TO render It's decision on Monday
Affirming or denying the nigh, of the
company TO reorgaEize without consult
ing the Public Service Commission. II
the Third Avenue wins this right, the
metropolitan VIII Immediately reor-
game and lively times must be ex-
pec;ed in the traction stocks.
In connection with the selling Of
wabash the old rumors regarding the
hnnncial condition OF that company
were revived. II Is most probable
however that the selling Vas a result
Of the loss BY the Texas und Pacific OF
~ traffic deal with tho Frisco between
Memphis and New Orleans. The Texas
ana Pacihc confessed that It ":thdrcw
from that deal because it lacked tho
money to do its share Of the work
:
world thar tho troubloa Of the Gould
railronds ure not ended. II Is fclt that
The Goulds personally do not dislike to
soc Wabash decline
Continued strength Of the stock
market the past week has gone along
with growth OF optimism on the part
OF the public ana especially persons
Interested In the stock market The
renction started late last week has
necn checked. and some stocks have
gone higher than they were when that
reaction began
The reason for this recovery Of the
market Is undoubtedly the public be-
lief tina, tho politicians have destroy
cd themselves BY tho suit against the
steel trust, for In that they have re-
duced trust busting 10 an Rbsurdity.
The final decree was entered dissolv-
ms the Tobacco Company and distri-
button was announced of subsidiary
stocks owned by the Standard OIL Com
pany The slight punishment inflicted
on these two corporations by the
sherman law Qualities the belief that
no other corporation has anything TO
fear from the civil sections Of that
law. The Chicago packers took action
to test the constitutionality OF the
criminal section. They based their
case on the statement that the law
cannot punIeh a citizen for committing
crime unless thrt crime is clearly de-
a.ed in advance Most business men
agree that the Sherman law does not
define the crime of restraining trade
definitely enough to- enable them to
know when they are doing II. The
weeks developments therefore seem
to make IL necessary TO repeal or re-
vlse the Sherman law and substitute
for II some statute written in English
plain enough ct least for lawyers TO
understand
The New York Cotton Exchange re-
adjusted tho differences in it's con-
tract prices. and cotton gagged lower
following this ac:ipn Cotton and
aotton seed seem to have been hrousrr
down to permanently lower levels.
The American Cotton OH Company
passed the dividends on It's common
stock, and announced that 81 had not
earned more than half the dividend on
the preferred. but the stock held firm
because the tremendous crop of this
wear holds out promises OF cheap raw
material and larger proAts for the
present fiscal year.
a material reduction was announc-
cd in the stocks OF copper metal in
Europe ana prices Of copper stocks
advanced The long disputed potash
contracts Were signed. Among the
railroads the most important develop
inent OF ine week WAS inc announce
inent that the Pere Marquette is to
he sold by Morgan 6 Company to a
syndicate of Wall Street bankers. and
that the plan 10 have the Frisco and
Texas and Pacific use the same tracks
into New Orleans has been abandoned.
Union Pacific in its pamphlet re-
port roadjusted Its finances and as a
result shows an increase of assets.
amounting to sT1.lls,2s3.
On the Curb.
To- day dealings in tobacco securities
were very light American Tobacco
advanced 81 a share. In the mining
list Laroux and Nippissing were the
leaders
In the Street.
Number of shares sold to-day, $685.
1872; "a year ago. ls9,oS3.
Par value OF bonds sold to-day
si.7ooo 900; a year ago. si,ae3,c6G.
New York. November 1s.-Money on
call nominal Time loans irmer; six
~ days and ninety days, Leg 8 81 :;
six months. 1-28S ga Prime mer-
camille paper, 4Q41-2 per cent
Sterling exchange easy, with actual
business in bankers bills at s4.s37O
for sixty days and at s. $3.50 for de-
mand. Commercial bills. s4sS Bar
silver So SIS. Mexican dollars 46 l-2.