The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-09-12

BY THOMAS c. sHorWElL.

NEW YORK. Sept. l1.-StocNs rni-
lied sharply In the closing hour to-
day. but before ths rally began nsw
low records for the year we're made IN
the standard ISSUES, At the opening
the market was strong, both in New
York and London. This strength at
tracted renewed liquidation and espec-
tally from bankers usually operating
for German interests. Weakness de
veloped In a short time after the open
ing, and there were free selling FIX
investment accounts,
After the leading STANDARD Issues had
struck new low records FOR the year
the whole list became demoralizcd to
such en- extent that banking support
became q necessity. The first eFTeet
OF this support was to stop liquidation,
For an hour or so Quotations advances
quietly on small transactions Inea
suddenly large buying orders made
their appearance, and the rally grew
IN volume and activity up to the close.
The support extended in Wall Street
day by the banks was very much
like that made necessary In the Berlin
market last week to prevent demoraii-
cation. In Germany the damage TO
crops has been worse than 1t has been
In the United States. The crop dam
age does not tell ali the story in either
country. While Wall Street does not
take the European war scare very seri-
ousiy. IT does recognize the fact that
Europeans take II SO. and that COM
pels New York bankers to protect
themselves in that direction.
Since the first OF the year Germany
has taken great volume of Americas
securities. and these are now pe,ng
sold al a loss 10 put German tnanciers
In funds for possible developments at
home. II a European war should come
thg FIRST crash would break the AMER
lean stock market as matter OF
course, but il would only be a short
! time before the American markets
would be advancing from the boom IN
business that would result.
MIR. Meilen Retires.
Ofhcial announcement that President
Mellen would retire from the presi-
dency of the New Haven railroad was
without explanation. The usual rum
ors were afioat Of the falling out with
/ leading stockholders, and In this in =
stance it was said that the unpieas
antness probably arose from the rae,
that President Mellen had bougn, up
\. eNrtS tHifiE III new E-nkldHd IN the way
of transportation lines. and had founu
that the investments were not profita-
BILE. New Haven is not earning rs
dividend Just now. but there is dis
tinct precedent for paving 1t anyhow.
| The ST Paul is not earning it's divi-
dend and Baltimore and Ohio has a
narrow margin of safety. New Haven
has earned its dividend only one year
/ in the last four.
| E. II. Gary head Of the Steel Trust
sailed to-day from Liverpool for Amer
| lea. statement made by him 1ndi-
/ troubles in the United States are polit-
| Saal. RE suggests that the people sc,
| together and stop Quarreling. and thus
| lens that are making a revival of bus
mess slow The steel corporation. by
the way. Is understood to be mucn
more aggressive than usual In GETTING
business. 1t il turning out volume
of business equal to what would have
been full capacity for all its mills be-
fore the opening of the Gary plant
| The belief Is growing that Attorney.
General Wickersham intends to prose
cute the first labor union ordering 4
strike. Such an action by the govern.
ment would be hailed with delight b,
the financial interests, not because they
are opposed to organized labor. but be.
cause they are anxious to have or.
ganized labor understand that the law:
are made for all the people and not fo,
corporations only.
Bonds We're steady. Par value o.
bonds sold to-day, $2,1s5 900; a yea,
fago, $i,s7S, 900.