The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-09-29
MARKET IMPROVES
AND STAYS FIRM
SHOWS EVIDENCE OFF BEING UNDER
COMPLETE CONTROL OF NOR
GAN INTERESTS.
SOUTHERN REPORT AIDS
RAILWAY SHOWS IwCREAsE OF
GROSS FoR AUGUST OF s224,-
900. DUE TO RECORD cor
TON CROP.
By THOMAS G. sHOTwEIL

NEW YORK. Sept. 2s.--Starting
at low levels established the previ-
Gus day the stock market improved
day with machine like regula rity
until IT had reached a level ranging
from l to 5 points above the low fig
ures Of the morning. United States
Steel. Union Pacific and Reading were
the active leaders A reaction at
the ciose represented soma profit
taking but the market was firm and
showed evidences OF being under the
complete control Of Morgan inter-
ests. No designations of steel trust
directors were announced, but the
evidence Was also lacking Of any
heavy selling from insiders Of the
trust
Action o. the market to-day en-
couraged traders TO feel that the rally
will hold for a few days. A market
that can stand trades amounting to
1--WE million shares IN three DAYS with
out ending in net decline has enough
technical strength TO make profess
sionais cautious. And yet there seems
to be nothing in IL but Morgan. Sc
curities have drifted into strong hands
Ia sufficient volume To make IL seem
worth while to attempt a distrinuf-
Ing rally,
Strikes Expected.
Expectation was general late this
afternoon that strikes would be de-
clared on the Hartman lines within
twenty-four hours. The shopmen sent
an uitimatum to headquarters and
the companies returned an ultima
tum in which the men were assured
that no obstacles would be placed IN
their way II they decided To strike
This strike has been expected for
weeks and II was hoped the men
would realize the weakness of their
position and continue working AS
market influence the strike has
been discounted. The earnings of
the Hartman lines have been shrink
ing and a little more shrinkage VIII
not be important.
II is becoming fashionable among
those railroads. the continuation OF
Whose dividends as questioned, 70
let II be known in advance what
their reports of earnings Will show.
ST Paul is right In style, and, there
fore let it be known to-day that NET
earnings for August VIII prorapN
show a shrinkage OF half tniliion
deIlsrs when compared with Angus
Of last year Then there Is the writ
ing down of the Missouri Pacific sur
plus to he announced soon. Ihere IL
no evidence that the Missouri racine
followed the example OK She "este' Ia
Union and carried campaign conEri*
buttons as assets in Its reserve.
steel Trust Litigation
Mora rumors were atoat regard
ing possible litigation against the steel
trust Those professionals Who nave
been assisting in the prosecution OK
the trust by selling its stock short
are beginning 20 feel that itisaSson
may not he necessary They say CON
gresham Stanley will Introduce OH
early In the session pFdsiding that no
railroad shall conduct manufActuF~
ing or mining business and that NO
manufacturing or mining company
sha4l4saa Aag interest In & rsilrosds
such law would separate the steel
trust from It's valuable ore carrying
roads aud remove the chief cause
OF dispute regarding its Legality,
President Tsft's speech delivered
late to-day at Waterloo was Freely
discussed again because OF report
that he would tone down In its ae-
tual delivery the language used Ia the
advance copies received by Wsll
Street.
Morgans position Id tne market
was helped by the report OF the
southern railway, which showed an
Increase of gross receipts fof August
az saaalss This is - result or the
record cotton crop,