The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-06
new Low PRICES
ARE ESTABLISHED
Day Witnesses Further Heavy
Selling in Wall
Street
MOVEMENT is GENERAL
Standard Oil Interests Believed
to Be Friendly to
Bears.
MOVEMENT is GENERAL
tsncc;a, 20 The Times-Dispatch. ]

Especial TO The Times-Dispatch1
New York. August S.-Further heavy
sales OF stocks established new low
prices in Wall Street to-day. Standard
Oil did not sell under the low price
established on Friday The movement
WAS general. and values were not con-
by sentiment The sudden activity Of
Friday and Saturday is apparently due
to an accumulation of disgust at po-
iitical movements that finally reached
the breaking point.
Great activity in the stock market
in the past week resulted in material
- lower prices. Standard OIL inter-
ests were believed to be friendly to
confirmation in sharp decline OF
Standard Oil stock, which broke from
Csc on Monday to 600 on Friday.
Scores OF small stockholders OF the
Standard OIL Company were frightened
by this decline and let so their hold
ings. The big interests bought the
stock, and as the cash assets OF the
Standard Oil Company. exclusive of
government will patents and BENEFITS
of combination. are worth at least
Sc share, IT was bargain on the
decline
Weakness was also caused by the
advance of more than cents in wheat
: and corn, following bad reports from
the wheat fields of the Northwest and
the cornfields OF Oklahoma and the
Southern part OF the corn belt Esti-
mates of the corn harvest have now
been reduced by some OF the leading
experts to 100000 bushels. The total
grain crop is estimated by some to
be as much as a million bushels under
the figures OF last year. The cotton
crop. according to the governments
report, issued Wednesday, promises to
be the greatest on record. Cotton
port. but the market was oversold,
and a violent recovery was seen at
the end OF the week
solution OF the American Tobacco
Company was we'll under way. but no
official announcement was made re-
Eardins the plans beyond information
already given in to the effect that no
bonds would be retired, 1t having been
decided 10 change all OF them for
other securities. Although American
Tobacco stock broke to S64 early in
An unofficial movement in the shares
OF the Bethlehem Steel Company came
TO grief when President C ". Schwab
announced that no DIVIDEND would be
ferred stock: This announcement is
really a hull argument on the COM
mon shares because the preferred divi-
dend Is not cumulative and the longer
sets will be accumulated for the &C.
count Of the common shares.
Passage by the Senate OF the farm
ers free list was displeasing to the
hh"ncie4 community, ana particularly
so because Congressman Underwood
threatened TO keep Congress in SEES
sion all summer and so ahead with
tariff revision.
In addition TO the other influences
operating against the market was the
overloaded condition of several oper-
ators. and some OF these lightencd
their loads Rather free liquida ton
was seen. but the small investors
bought stocks.
New York, August 5.-Money on call
nominal. Time loans frmer sixty days.
, LA per cent; go days. 3 per cent
SIX months, 3-4G3 rs. Prime mcr-
camille paper. to ID per cent
sterling exchange steady, with actual
business in bankers bills at s4S4 for
SIXTY day bills. and a si.selo for de-
I1e Com neTeial bills. s4.s3 10.