The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-14
New York
Stock Market

rev forK, september lS.--AcNte
weakness once more developed in the
stock market to-day. The uieagre
gains of yesterday We're swept away
before an attack which as the session
progressed became increasingly severe
and afflicted some heavy losses. Ade-
quate support Was entirely lacking.
Trading was nervous and unsettled. IT
was matter of debate whether the
movement represented principally
short selling or further liquidation of
tho character which was the predomi
mating influence through the long de-
cline. From time to time liquidation
of this kind has been suspended. only
to be resumed at the first Indications
of "a recovery. Apparently that was
the case to-day, although there We're
signs also of heavy short selling. The
lack of substantial demand from any
source undoubtedly emboldened the
bear party to renew its attack, and
the raid. which sent prices tumblinS
toward the end OF ;he session. was
one OF the most spirited of recent
weeks.
Union Paciic's decline at the low
price of the day WAS within frac-
tion OF points, one of the most Sc
we're drops of this stock during the
summer Missouri Pacific and New
Haven lost the same amount. and both
of those stocks. we'll as New York
Central. sold at their lowest prices
since 1905. y number of prominent is-
sues. including Reading. Southern Pa
cihc. Canadian Pacific, St Paul and
<Nmaleamated Copper. lost > points or
more The list of new low records for
the year embraced a large share OF the
leaders. The market rallied brislliy
before the close. under the influence
of short covering regainng part of
the days losses
IT. ,lo 1t,
which almost invariably accompany
severe declines, were circulated indus
triously, but in the way OF actual de-
velopments there was nothing TO ac-
count for the movement. The depreS-
sion in several railroad stocks was
attended in some extent by doubt is
20 whether the dividend rates would
be maintained. This was especially
true OF New Haven. which also VIZ
affected by the unfavorable annual re-
port of the Boston and Maine, one OF
its chief subsidiaries
News of the iron and steel trade
was another discouraging factor. The
weekly trade reviews seemed to con-
firm earlier statements that the vol
ume of business was falling below
that of August Price cutting of the
steel industry has become widespread.
although in most cases prices have
not fallen far below the low levels
reached earlier in the year. In spite
Of the volume of business which man
ufacturers have been able to obtain
by making connections. earnings prob
ably will be relatively small. prices
having approached the low point OF
the last decade.
Europe played less in a part of to-
days market. Transactions for Euro
pean account were estimated at 1900
shares, about evenly divided between
purchases and sales. International
bankers said that the extent of over
selling during the most of the de-
cline has not been appreciated. Specu-
1atve accounts on the American
stocks were extended abroad, particu-
larly In Berlin. and liquidation from
this quarter has run into large fig
ures.
The bond market was heavy. Total
sales, par value. s2,l07,00o.
United States bonds were unchanged
on call.
Total sales for the day. s5s,4oo.
call steady. 21-4@21-2 per cent; -ul-
ing rate, ala; closing bid, 2l-s; Of
fered at 21-2 per cent. Time loans
firmer; sixty days, S-4Q3 per cent;
ninety days. 3l-4931-2 per cent; six
months, 3S-4p4 per cent. Prime mer-
camille paper, 43-4 per cent.
Sterling exchange steady with ac-
tual business in bankers bills at
s4.SS25 for siNty-day bills and at
si.S61o@ s4.s625 for demand.
Commercial bills, s4.S2 ga.
Bar silver, 521-4 Mexican dollars
49,