The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-04-23
CONCERN IS SHOWN
OVER TARIFF PLAN
Steel Corporation Suspcnds Work
on Construction Of 100000
Plant.
F0RESEES FREE WIRE.
F0RESEES FREE
WIRE
Opposition Developing in High
Places Against Reform
Of Schedules.
Especial to rho Times Dispatch. ]

Especial to The Times ID ispatch.l
New York, April ga more active
market liquidation made It's appear
ance to-day and stocks wcro heavy,
closing With some material net losses.
United states Steel. Reading and Union
Pacific attracted most attention. all
going down. One notable weak spot
was lnterborough-M metropolitan. pre-
fcrred. which broke moro than two
points. Missouri Pacific was neglected
again. but was weak. Bonds were
firm.
The bank statement showed an in
crease in the average OF $i,GS6.350 In
surplus reserves. Forecasts for last
B quarterly earnings by the steel Cor
poration place the figures al about
s2S.000.o 900. The only market influence
OF fundamental importance the past
week has ben the renewed weakness in
the steel trade independent com
pnntes seem TO be suffering moro than
the trust. but the fact that the United
States steel Corporation suspended
work on 100000 wire plant. there
by throwing 500 builders out Of en-
rloyment. suggests that the Demo
cratic Congress may be primarily to
blame The trust managers have said
they were not worried about any re-
form of the tariff, but this action fol-
lowed announcement that wire would
be put on the free list. The opinion
had been pretty generally established
that tariff reform would not influence
The steel companies much. but In view
Of this action OF the big corporation.
there Ia much concern again over the
tariff situation. vi
Opposition is also developing in high
places against reform. even Or the
WOODEN schedules.
Weakness OF the chemical stocks
has Disconnected their stock holders.
VINO had believed that the potash
war would soon he settled. 1t is be-
lic'ed that settlement would have
been reached months ago had II not
been for official interference rho
matter Will now be adjusted privately
among the business men Interested.
Germany is in absolute control of the
potash situation, and stocks arc weak
On the theory that hard terms will
nc made With American Companies
Much OF The slump in these stocks.
however, Is due to the decline IN the,
3prcc Of commodities The fertilizer
companies are working with cotton
seed purchased at high prices. the pro-
duct OF which they are now compelled
to sell on terms that yield but Slight
p-onts.
Missouri Pacific affairs passed
through another climax George j.
Gould insisted on the election OF Ben
amin f. Bush TO the presidency OF
the road contrary 10 the wishes or
Kuhn, Loeb &. Sompany. Paul NJ. War
surg and Cornelius Vanderbilt. repre-
scntins Kuhn, Loeb & Company.
thcrcupon resigned as directors. and
tho firm retired as bankers for the
f system. Speycr & Company were sub
siitu,cd as bankers. and James Spcycr
was elected director To replace Paul
NJ Warburg. H. ]. Miller, who has
been identified with the Rock Island
system. was also made n director.
AicNa nder Robertson was elected pres
'dcnt OF the Western Maryland 10 sue
coed Mr.. Bush. who retired from that
pOsitionto accept the Missouri Pacific
presidency
HI Rockefeller representatives will re-
main on the Missouri Pacific board.
and Mr. Gould announces that harmo-
NOUS relations have been established
rs result of which the Missouri Pa
cihc system VIII be able to get what
ever money il needs for improvements,
Ihc Mexican situation was some
what depressing on the market. bnt
except for possible sharp break fol-
lowing decisive action by the Aineri4
can government no possible develop
ments In Mexican are considered a reu-
: 49, 81 SS''iHE tSlDChS.
In the street
Number OF shares sold to-day, a0y-
s5l year ago. 1890.
Tar value OF bonds sold to day, 81,
$4,000; a year ago, $4,000
On tho Curb. a
Mining and industrial shares on Tho
curb market to-day. while inactive,
were heavy. American Tobacco de-
clined s. share on sales of ten shares.
while Standard OIL lost $40 a share
on tho sale of Ave shares Inter-
Continental Rubber was trine lower
Bradcn Copper lost a small fraction
ms did Greene cananea. Tonopah Min
Ing was also heavy.
New York, April 22.-Moncy on en-,
nominal: time loans easy; sixty days.
sl-2 per cent; ninety days. ia,
sS-4; six months > per cent. Prime
mercantile paper, 8 1-2 too pcr cent.
sterling exchange steady, with actual
business in bankers bills at s4.siIo for
sixty day bills. and at si.S655ms4.sGso
Tor demand Commercial bills. s4is37-s
Bar silver. 50 rs. Mexican dollars. 4
bonds easy. -