The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-17
GENERAL RALLY
IN STOCK MARKET
Gains of From Two to Six Points
Recorded in Standard
Issues.
BAD FEATURES PASSING
BAD FEATURES PAS
Street Believes That Attorney
General Wickersham Will
+, Resign.
Especial to The r,me.-pi.pateh.1

Especial to The Times-pispateh.1
New York. September 16.-Stocks
rallied freely to-day. gains of from
two to six points being recorded in
standard issues. Lehigh Valley, Union
Pacific. Steel anS Union Pacific were
the prominent Issues. The movement
continued UP to the close. The bank
statement was favorable, showing q
nominal increase in reserves.
The rally was overdue on technical
grounds alone. and the technical posi-
ton of the market demands as much
more OF q rally as has been already
accomplished. Some bad features that
caused selling are fading away. AT
torney General Wickersham. who has
been disturbing element, and who.
the financial world believes. has mis-
represented his party's attitude toward
corporations, is expected to resign as
a result of the humiliation contained
for him in the pure-food decision.
Furthermore the strike against the
Lackawanna Railroad ordered to-day.
Exposes the. labor unions In an ex-
fremely weak position, and robs strike
talk Of its terrors. 1t can BIO said
that the decline in the stock market
has discounted the loss Of crops. and
81 tho political situation should I'm
prove tho market might easily enjoy
moro than q rally. At present. how
over, the conservative interests are
merely hopeful.
Europe wac most conspicuous on tho
selling side OF the market, particu-
larly Germany. Europe has taken very
many American stocks since the first
of the year. and has been selling them
for the last month at a severe loss.
The selling from Germany has been
generally ascribed to fears Of war arts
ing from the Moroccan situation. 1t is
evident that the war scare is being
agitated in the newspapers simply to-
cover UP the true reason for European
liquidation, which undoubtedly Is a be-
lief on the part of the European nnan-
ciers that the boom in Germany has
reached climax. For several years
Germany has been enjoying unexam-
pied prosperity. Business credits have
been extended and financial conditions
there compare very much with those
that existed In the United States In
1906 and early in 1907. The accusation
has been made frequently that the for
eign selling has been for the account
OF Americans, and perhaps much OF
IL has been. One theory Is that the
Rockefeller interests made large ship
ments by express OF actual stock GER
tifcates to Europe and sold them from
there. This could be accomplished
easily.
The Texas Company, which was pro-
NOTED by the late John w. Gates. re-
duced it's dividend from 10 to per
cent Announcement was also made
that It had lost q contract with the
Pearsons for very valuable oil field.
Rumor was busy with other dividends
to be reduced, and among them was
the New Haven and the Baltimore and
Ohio, but the presidents OF both these
railroads announced that the dividends
had been earned and would be paid.
The Official figures. however, do not
bear out this statement in connection
with tho New Haven. which shows a
deficit of about 100000 for the past
twelve months.
AS the whole world now understands
America and abroad, 81 Is believed that
influence has ceased to be of extra
ordinary Importance in connection
which Caused A the crop failures sss aiso
fastened the ripening of most crops
SO that the movement OF farm pro-
heavier than normal for this season
OF the year. This Is shown not only
in the large visible supplies of cot
ton and grain. but in the heavy in
now running about Is per cent. greater
than year ago.
The stock market has discounted
many things and many persons believe
1t has discounted most of the things
that caused the decline. STANDARD
stocks are worth what they are SELL
ing for, and persons who buy with
the intention OF holding ON for the
dividends will be justified in invest
Ing part Of their money now.
In the Street.
Number OF shares sold to-day, 300.
1873: year ago. 1so.s4o. Par value
OF bones n a,s SOLD OLD to-day $4,000; year
On the Curb.
The old stock of the Standard OIL
Company OF New Jersey rose $40
share on the curb market to-day on
small purchases. American Tobacco
also rose 81 share on light trans
actions. With the exception of
Nipissing which advanced IA OF a point.
changed.
New York. September 1e.-call
money, ruling rate, 21-4 per cent
Time money, for sixty days, 3@s1-4
per cent: for ninety days. 31-463l-2
per cent: for four months. 4@41-4 per
cent; for five months. 4@41-4 per
cent; for six months, 4G41-2 per
cent A. little stronger. Commercial
cent; ninety days, 4G41-2 per cent;
four. Ave and six months. 41-2643-4
per cent
Foreign exchange market: Cables
quoted at $4.S650@s4.S655; demand
sterling. s4.s615 a s4.S620; francs
Els 1,s@ s6.1s1-s. plus 1-s2; marks So
Discount: On London. 8 per cent;
Paris, per cent; Berlin. 4 per cent
soc.; Berlin, 2om As pig