The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-08-25
LIQUIDATION IS
CAUSE Of BREAK
NEW Low RECORDS FOR YEAR
MADE IN FAvoRITE SPEC
ULATIvE STOCKS.
GOES AFTER STEEL HARD
MANY DIVIDEND PAYING STOCKS
SELLING AT ATTRACTIVE FIG
tREs AND BEING TAKEN

NEW YORK. Aug. 24.-Contfneed
liquidation and the absence of sup
port by the leading banking interests
resulted in a further break In stand
ard stocks in Wall street D-daF. NaN
low records for the year were r1ada
ey nearly all the speculative favorites.
/ Union FaciiiC touching q new bottom
tor the year at 1876 "a Steel al 10 Is
Southern Pacific at 10 and pennsyt-
Nania at l193 "a. At the fBw level
losses ranged from tn z pofrts. ina
maximum decline being In | MON Paei-
f1e. In the last hour of the sessjot,
there was feeble rally due TO short
COY ering. but the close left prices only
fractionally above the lowest
Owing TO The less encouraging re-
ports regarding the steel and iron
trade, the professional traders cor
cen,raied their efforts on steel blocks
of thousand shares frequently
changing hands as the price declined
" akness Of steel common excitea
some liquidation OF the preferred
which sold at the new low price for
this year of ia rs Union Pacific.
while not offered as freely as steel
declined Is points before shorts
decided to realize on their paper
profits and cover Reading sold at
its low figure recorded last week.
Lehish Valley also touched last weeks
low point The only buying original
ed from tbs short interest and for
this reason the feeble rally OF the last
hair hour OF the session was dis
conraglng.
Several railroad officials let II he
known that their roads we're mt con
templating the adoption Of the re-
renchmsnt policy. hat the mere fact
tlat fail
to their utterances was accepted by
Wan street as evidence Of their in
sincerity.
Puzzled Over Delivery.
AS the market has not received a
substantial rally since the Inception OF
the downward movement followers of
the tape were esurprised when they
learned that the demand for stocks in
the loan crowd to-day showed a con-
siderable shrinAage. The Street Ia
now puzzled as TO whether good
PORTION or tile short interest covered
quietly or whether long stock vas de-
livered
Many dividend paying stocks are
now selling on very attractive in
yestment basis viewed from the in
vestors standpoint A commission
house that make specially IT odd
lots reports that the purchasing Of
odd lots Is great deal better than
the selling. They add. however. that
while the small investor Is picking
up good dividend paying stocks he
Is not making much noise about H.
With the exception of convertible
issues which follow the course OF
stock prices, dealings in the bond
market are very quiet. There is some
selling Of speculative issues, but
holders Of standard high grade bonds
show no disposition to exchange their
securities for cash and prices OF those
issues are comparatively firm. That
legitimate investors are not becoming
alarmed at the present smash In the
market may he seen from the fact
that during all of tu-day's excitement
American Telephone and Telegraph
stock lost only one-fourth Of a point
New York Money Market.
NEW YORK, Aug. e4~--Money on
call at the stock exchange to-day
opened at IA per cent: highest,
2 Ia; lowest :, closing, Ia. Most
of the loans were made at IA per