The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-10-19
TURNED WEAK AND
CLOSED HEAVY
STEEL DECLINED BECAUSE OF RE-
PORT ON TRUSTS AND 4
ON ORE.
PAYING FAIR PRICES"
DECLINE IN GoLDFIELD NsoL
IDATED DUE TO DIFFER
ENCE IN EARN
6Y THOMAS c. sHoTwELL.

NEW YORK. Oct. 1S.--With coffee
wheat at new high records for the
year n cotton operations at new
low record prices. the stock market
opened strong, wavered around the
high figures, turned weak and closed
heavy at the lowest prices of the ses-
sion, American Cotton OIL distin-
guished Itself with u break RI more
than five points on report that the
annual statement would show nothing
earned on the comma stock in the
past year. Beat Sugar was irregular
because heavy selling orders were
traced to u banking house identified
Tor many years with management of
the company.
Steel declined because OF a report
that h trust would cancel the Great
Ore lease on account of which il has
already paid several million dollars
without getting anything in return.
Union Pacific and Reading yielded 10
a flood OF professional selling and
Gotdfield Consolidated touched IA new
Low record price OF ; 1-Z. Railroads
displayed much more strength than
indastriais. There were the usual re-
ports of what Attorney General Wick
ershafR would do In the way of max
Tag good his boast that he had diseov-
NANA 4tP vi Ipf dLlpEIS NiCIdtllsI tftS
Sherman anti-trust law. One Went so
far as TO say that he WAS bringing
suit against one of the steel trust sub
salaries tomorrow morning.
No information Obtained.
At the steel trust headquarters no
Information could be obtained regard
ing the proposed cancellation OF the
Great Northern Ore lease. The con-
tract between the steel corporation and
the Great Northern for this ore is
criticised by Commissioners of Corpo-
rations Smith, as giving the trust too
much power in connection with ore
and as placing an absurdly high ficti-
tious value on iron ore. Iron producers
who have slaent their lives buying ana
selling orr say the steel trust has been
paying only a fair price for the Hill
Ore, but 1t is presumptuous for per-
ons who have learned what they know
through experience to pretend they
know as much as a politician. who has
spent almost two whole years finding
out things at second hand.
Thinke Ore Not Worth While.
The Commissioner of Corporations
thinks Ore Is not worth more than
about Is cents a ton. This being SO
cancellation OF this lease ought to be
a bull argsinent on steel stock. for II
the commissioner of corporations Is
right the trust Is being robbed. At
any rate better ore has been discov-
cred in Canada since the Hin Ore lease
was signed and perhaps the steel trust
will be a gamer IL Ii is forced to give
up the lease.
The decline In Goldfield Consolidated
is due to the fact that for the month
OF September earnings were s450. 900
as compared with $ss0. 900 the previous
month. The insiders long ago adopted
the policy of refusing to support the
stock in the market. being satisfied
that they could make more money by
standing on their holdings and receiv-
ing dividends.
Total sales OF stocks today were
4s9. sss shares against s42.s2T a year
ago.
Par value OF bonds sold today s2.-
1876, 600.