The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-08-03
STOCKS EXCITED
AND PRICES LOW
STANDARD OIL AND AMERICAN TO-
BACCo LEAD THE BREAK
ON THE CURB.
CROP REPORTS ARE BAD
BANKERS ARGUE BOTH WAYS AND
ARRIVE At SAME CONCLUSIONS.
FERTILIZERS COMPARATIVE
LY STRONG
Ny THOMAS C. xHoTWE1L


NEW YORK. Aug. STOCKS were
somewhat excited to-day and closed
at the lowest prices of the session
with material ret losses in most is
sues New low levels for the move
ment were made by some of the lead
ers- Standard Oh! and American To-
naoco broke freely on the curb. the
former going TO 622 and the latter
10 3sa. representing declines OF rs
ana 20 points, respectively. These
declines led the street to believe tina,
fhe largest banking interests were
working for reaction and traders
traifed after them TO such an extent
that the short interest was materially
increased. The tone OF the market
was heavy at the close.
CHIEF among the reasons for cell
ing stocks were a discouraxing repvrt
on grain By a leading crop expert.
the threat of Congressman Underwood
to continue tariff revision all summer
passing OF the dividend by Ameri-
can Tobacco. and rumor that a
banking house in France had been
forced to iioutdate loans in which
Atchison figured as collateral.
Cotton Report Bearish.
The governments report on cotton
lorecaSting the largest crop in the
history of the country was also a dis
couraging feature, because the cron
is so large that less money will be
received for II than was obtained for
the smaller crop last year. This dis
couraSinE view OF the cotton crop
is not shared by all the leading aank
ers Those that look upon big tct-
ton crop as a commercial disa st@r in
slst that II Ia such because cotton In
abroad. by the same token they
look upon the reduced estimates or
corn. wheat. oats and barley Yields
as disaster also because these are
not export crops. AS the agricultu-
raj situation stands now. the United
States with get small prices for what
II sells and have To pay high prices
for what IL consumes
Prospect or having Congress In s~s-
sion all summer Is discouraginx 10
the big people They are on the
point OF going on strike anyhow II
asoagrasS would attend strictly w ts,as@l
mess instead OF trying to prove some
body criminal. the business inter
estS would not worry, for most CT
them favor ttariff revision. Some
OF the leading bankers are beginning
to preach the theory that 1. "a no
LONGER possible to make investments
in the United States because the most
car eful investment is liable TO become
= speculation by reason OF The ,ecu-
liar mental attitude adopted hy lead
tnE politicians. II is possible that
the activity OF to-day WAS fore
runner OF series OF active stock
market sessions In which the leading
interests will attempt to readjast their
commitments.
Tobacco Passes Dividend.
Passing OF the dividend on American
Tobacco was shock to the companies
stockholders because there in nothing
in the decision of the supreme court
compelling such action. 1t Is true the
dividend money remains In the treasury
and VIII be divided In time but the fact
that a majority OF the various issues
OF bonds and stocks has authority ID
compel the minority to accept any
terms favored by the majority led many
small stockholders to step out. 1t might
not be fair to say that the majority
interests in tobacco and oil are push
ing the small stockholders out, but 1t
is evident that they are doing moth
Ing To reassure them. Standard Oil
and American Tobacco will be much
more closely held BY the time disco
luton 10 accomplished. This means
that the tobacco and oil trades will be
more securely III the grasp OF a few
paesa stAFb ,SbsH0 ,sne thu Ds,ns,a,s
Stocks Of fertilizer companies were
comparatively strong. This was prob
ably due to the promise Of q record
cotton crop which will furnish cheap
cotton seed for the oil departments OF
those companies. Allis Chalmers Sc
curities were demoralized The COM
mon stock broke two points, the pre-
ferred six. and the bonds rs. These
securities. however are not widely held
an the weakness Of the company has
been well-understood by the public for
years.
1t can also be recorded that some
bargain hunters were in the street. In
vestment buying OF the best class was
done through several OF the older stock
houses. Tho banks when ap-
pealed to by clients advised purchases
rather than sales. Banks denied that
they would have to liquidate securities
to provide money for crop moving pur-
poses.
Number of shares OF stock sold to-
day 445,S9S; a year ago, b10,6s5.
Par value OF bonds sold to-day So
611,0o0; year ago. $i,444.0oo.
New York Money Market.
NEW YORK. August Mooney on
cali at the Stock Exchange to-day
opened at 2 as per cent, highest, 2 IL.
lowest. 2. closing at 2 la per cent.