The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-08-08
MARKET RECEIVERS
FROM DEPRESSION
TRADING IS DULL, But FINAL
PRICES SLIGHTLY HIGHER
THAN SATURDAY.
, OPERATORS UNLOAD
UNION PACIFIC MEN MAKE DEMAND
FOR INCREASE IN WAGES.
STEEL TRUST IN
sCATHEn.
tBy Thomas c. Shotveil. }

NEW 4Okk, august t,--AIthoush
trading was dull to-day the stock
market recovered slightly from its
depression of last week, Final prices
were about half point above the
closing OF Saturday in most issues,
although at one time low levels were
approached in many directions. There
has been eonsidera BILE investment
buying fer small investors the last
few days but the important interests
have done nothing except protect the
market from a break. TWO heavy
operators have lghtened their loads.
one Of them at small profit and the
other at material loss. In addition
to this there has been some free
GOV ering OF short contracts IN steel
that have been outstanding for
months.
Most important Of the news de-
Velopments of the day was an Off
eial notice OF the demand for higher
wages made by shop men on the
Union Pacific railroad. Announce
meut that this demand for an in
crease of wage would be made was
given exclusively in this column on
July ~. AS stated on that date the
raailroe DIS feel that they cannot grant
this increase and If the men persist
a strike OF national importance may
he developed. The big tinanciers are
in no humor Ia make concessions
and The shop men have chosen an
unfortunate time for making their
demands. This disturbance in the
railroads was no doubt the reason for
selling Union Pacific down under ISL
rs was one in the early trading.
The Hartman stocks are also affect
ed by the political situation IN Mexico.
Ea &c OF iFi a f{1 H.ad
competent authorities believe that
an American army will have to cross
the border before peace is restored.
Steel Trust safe.
Unofficial announcement was made
that the congressional investigating
committee would not recommend an
action for dissolution of the United
States Steel Trust. bat would advise
that 1t be compeile dto release its
MONOPOLY If ore and wire. As the
steel corporation does not need the
Hill ore lands ana as the hig wire
business done hN the. can paratton Is
done by mills IL owns and developed
In the ordinary course OF business,
release OF the ore lands would not
injure the trust. and reduction OF
wire business could not under the re-
cent supreme court decisions in OH
and tobacco be enforced. AS to fore
ing the trust to use its railroads
az common carriers there would be
no objection TO that for no matter
what rate II charged itself the money
would come back into its own treas
ury ultimately.
Another favorable influence that
made itself felt to-day was the alb
sence OF liquidation from two i'm,
portant operators, One or these
operators is man of international
celebrity. but he bought too much
cotton and his losses are said TO be
100000. The other operator has
earned the reputation of being an
extremely clever trader and ii Is I'm
derstood that he hQuidated in dis
gust. preferring to take small profits
rather than worry over the continual
attacks being mado on corporations
by politicians
Number of shares OF stocks sold
to-day, 5sa.o3s: year ago. 3e7.21a.
Par value of bonds sold to- day.
s1,43c,oo0, a year ago, sso6,ooo.
New York Money Market.
NEW YORK. August Money on
call at the Stock Exchange to-day
averaged 2 SIS per cent, Time
money was NOT active. but the tone
was firm. Rates for sixty days were
reported at , "a and per cent.
bid as against 5 and 3 IA asked
For ninety days the rates were IA
n3 I-2. Four months. f-2, and
Ave and six months. 3 400.
Mercantile paper was issued with
moderate freedom, meeting with
fair demand. Rates 4@4 la per
cent. for sixty to ninety days en-
dorsement: i6+ IL per cent. for
choice four to six months single