The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-10-01
STRIKE HELD AS
BULL|SHARGUMENT
Markets Action Furnishes Evil
dence That 1t Has Turned for
Substantial Rally.
MATERIAL ADVANCES SHOWN
Cotton Makes New Low Levels.
and Foreign War Fails to
Advance Wheat.
MATERIAL ADVANCES SHOWN
Especial to The rimes-DisDa,cb !

~..SpeClai 10 The Times Dispatch
ne" YORK, September 3O-Action of
the stock market today furnished cor
N'nclng evidence that IL has definitely
turned Tor substantial rally The big
hHoFts nave covered and little shorts
nave thousands OF contracts in com
mission houses showing such losses
that they Will be forced to cover pre-
cipirately before long. Announcement
OF strike on the Hartman lines was
regarded as bullish argument. as 1t
VIII relieve the railroad systems of
thon' nds employees unnecessary ow-
Ing lie reduced volume OF traffic
me system VIII also save Il couple OF
mlilloHs at least, on cancellation of
pension rights. New York central.s
latest strike was not big, but as a re-
suit 100000 was saved by It's PEN
Sion FUND.
Practically all stocks showed mater
iol net advances. Cotton made new
low levels for the year. ana the foreign
war failed TO advance wheat. Tho.
bank statement showed small loss in
surplus reserves
Pan'cky conditions prevailed in Wall
street several times the past week.
Tho declines and advances were the
swiftest and most sensational wiz
messed for many years, II Indeed. they
were ever equalied Early in the week
new low levels were established by
most OF the leaders with breaks tina,
ran four and hvc points in a few MN
utes In the standard issues The re-
bounds were equally swift. professional
traders on both sides OF the marker
being severely injured Cotton also
went to new low records for the year
Most OF the selling OF III, week was
due to raiding under leadership OF
speculative directors OF the United
States Steel Corporation. several OF
whom arc known to have adopted vast
fortunes BY attacking the securities
they arc supposed 10 protect.
Foreign affairs did not improve ma
,erialiy. but new trouble developed
between Turkey and Italy IN regard TO
Tripoli. The Morocco situation is SIM
unsettled. although France and Ger
many seem 10 be approaching an
Foreign selling Of American stocks
has been arrer'~i temporarily. but
the political irbances both at
home and abroad ere such as TO make
a renewal OF that selling probable at
any moment.
Net earnings OF railroads for August
showed large decreases compared with
the same month last year. except the
southern Railway, which lies in the
territory OF the greatest cotton crop
on record. The steel business is disap
pointing. consumers are purchasing
for their Immediate needs only. That
business. however. is enough to keep
more tnan ~ per CENT. OF lIc CHltet
states Steel Corporation in operation.
On the Curb
American Tobacco stock rose Sc
share In the early trading on the curb
to-day but profit taking toward the
end OF the session resulted in q de-
cline OF IS a share from high prices
Trading in other industrial and mining
issues was un!niportant.
In the street.
Number OF shares sold to-day. 265,-
275: a year ago. 1865
Par value of bonds sold to-day, 81
$4,000. year ago. Sl,lSs,00o
New York, September 30,-Money on
call nominal. Time loans easier. sixty
lays. 3 I-4I3 1-2 per cent; ninety
days. l-2@3 81; six months. 7s"'