The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-08-12
GENERAL OUTLOOK
IS QUITE BEAR|SH
HIGH COST OF LIVING AND EXPECT
ED INFRINGEMENT SEND
STOCKS DOWN.
FklCk ISSUES DENIAL
WILL REMAIN IN STEEL coRpoR
TtoN AND ALL OTHER COM
PANIES, EXCEPT
l.. II.
BY THOMAS c. sHoTwell

NEW YORK. Aug. Liberalization
oF the public that the government
crop report means higher prices for
living In the Text twelve months and
that II Will aggregate the labor troT-
Dies and the political fights now brew
ing caused another selling move
heht In the stock market to-day.
STANDARD shares were all weak and
most OF them went to new ins levels
ter the movement. some to the low
est tfrlces of the year
Grain was steady because large
crops IN other countries promise TO
onset the disaster that the govern
Iieut says has been beneficial To the
farmers Of the United States Scores
VI cheerful reports are in circulation
regarding crops, these reports tending
10 SHOW that the government has
placed its estimates too low II Is
this that Is keeping the stock market
as steady as 1t is, Railroads are al
ready planning new retrenehments
and the outlook in the steel business
Is no, as cheerful as it was a month
ago.
The only hopeful development Of to-
DAY WIS announcement that congress
would undertake q real investigation
of the business situation of the United
states Instead OF making that in
Hestlgation an attack on one par
ucular, stock in Wall Street. as the
STANLEY Investigations has been. the
proposed investigation will bring out
the both the good and the bad In
corporations and will furnish Il basis
for sane and safe law to take place
80 the sherman anti trust law. which
was passed before there were any
trusts and which IL strictly enforced
by the government, would create Wild
panic.
Union Pacific had the Prick retire
u7ent 10 contend with in addition TO
other Influences and II had 81 range Of
more than four points between high
and low. closing az rne bottom. So
much ceiling was excited by Tricks
retirement that MrFrick issued
statement late in the dav denying that
he intended to retire from the steel
trust or any other corporation. Hts
personal friends admit that his re-
tirement from Union Pacific was due
to an accumulation ~ dtspleasure at
Hnanciai Developments, There is no
fight on In the Union Pacific board
and MI Frick viii be replaced. it is
believed. by some representative or
the Morgan interests
With per cent. stocks like st.
Paul. Northern Pacific and Great
Northern, selling as they did to-day
al ll5, 100 and l25 respectively talk
Of reducing dividends was current.
L MON racine is also setilng al re-
markedly low figure for a ten par cent,
stock.
New Haven an eight per cent. stock
sold down TO 1874. Atchison, a six
per cent. stock AT 1oA and Steel q
FIVE per cent. issue at IL IL lookea
10 the Street like bargains unless
there is TO be wholesale reduction
in dividends
The steel trust shows earnings even
In dun times, TO justify the contin-
uance of per cent. rate, but some
of the railroads are beginning to re-
port figures that foreshadow divi-
dend reductions If business gets worse
than II ia The governments crop
report has forced all business men TO
reconstruct their ideas of the next
year.
Number OF shares sold to- day 1884,
eos, year ago, 4S2,s60
Par value Of bonds sold day,
sI,a17 600. year ago, sl,25l,0o0.
New York Money Market.
NEW YORK, Aug. 11.-Money on
call at the Stock Exchange to-day
-