The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-08-11
STOCKS FALL tn
NEW LOW LEVELS
LIQUIDATION IS HEAVY AND PRO-
FEssIoNAL TRADERS HELP
MR.. FRICk TO RETIRE
Announces HE WILL QUIT SEW
ERAL BOARDS AND OTHERS
ARE EXPECTED TO roll
Low EXAMPLE.
BY THOMAS C. sHoTWLII

/ NEW YORK. Aug. 1o.--In the first
million share session that Wall street
has had for months standard stocks
went To- new lew levels tot ay Id
quotation vas heavy and professiona
traders helped the movement by lib
eFaI short sales. Some support was
, extended after the Low levels had
been reached, but banking interests
even at those prices were not entilu-
siastso buyers The market was raj
lied an average Of a point and a
half from the low prices and closed
strong. But the only reason for the
rally seemed 20 he that 1t had touch
ed technical bottom A further
rally viii I've perfectly natural. even
though bear market has really been
, begun.
The disposition was evident in all
quarters to day to minimize the bad
crop report issued by the government.
Nearly all agencies emphasized the
fact that crop conditions have been
! favorable since August / on which
date the figures were gathered by
the government Attention Ia also
called TO the fact that farm reserves
OF grain are large this year. The fact
that grain prices are low is also ac-
cepted as evidence that there Will be
Higher Prices for Food.
The worst feature OF the crop re-
port Is that its figures do spell higher
prices for food for the next twelve
months and the increased cost OF liv-
Ing Will aggraNate the labor troubles
tina, ere brewing and the labor frou-
hies VIII incite politicians TO do some
more reforming. The outcome VIII
be that instead OF a scientific re-
form on the tariff there viii be a
hysyericai reform attempted. so that
business. Interests VIII he unfi@f. Y5Y.,
a long period. The alleged panic of
1897 was not a real one. but that may
he corrected now
Among railroad men the only thing
discussed is fer higher wages made
on the Hartman lines by the Shop
men and that will be made on all
Other lines by the same class OF
worsntsn. TIE financial world In
general does not believe that any set
of workingmen can he 80 blind to con-
dition RS to insist on an advance Of
wages at this time, but the railroad
men say that the shopm~n are in
earnest and are prepared to fight for
what they have demanded. II is sig
nif'cant that the stock market has
never had any backbone since the
railroad managers learned. the last
week in July. that the shopmen would
Insist on making these demands.
Prick to Retire,
Fl. c. Frick announced to- dAv his
retirement from the Union Pacific
board and let 1t be known that he
will retire as director of the United
states Steel Corporation and OF sew
eral other institutions. For several
days Wall street has had rumor
that RI. c. Prick was the heaviest
seller ~ stocks but this rumor was
not believed. In the light of to-days
announcement there seems 10 be some
truth in il. The only reason that
can he assigned fer Mr. Ericks re-
tirement from the management of
corporations and from the ownership
of large blocks of their stocks Ia that
he Is disguised with the continual at
te1apts of the politicians to upset
business.
In plain English. Mr.. Frick has gone
on strike and other leading fnanciers
are preparing to join him. These
men have all the money they want
and by cashing in nov they can we'll
anord to wait while tho politicians
try their hand at managing the bust
ness Of the country, IL Is even pos
sible that they may make money by
waiting
Number of shares of stocks sold
to-day, l,o42,4lo: a year ago 227,730.
Par value of bonds sold to-day.
s2,sbf 900; year ago. 81 $4,000.