The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-05-17
HEAVY DECLINES
N STOCK MARKET
eHARP BREAk CONES As RESULT
OF HOLD RAID ny SELLING
OPERATORS.
II. r. NOT RESPONSIBLE
1 ATTACK MADE BECAUSE SELLERS
COULD NOT AFFORD To
WAIT. rEARIN. ~ W.
WARD SWING.
n. r. NOT RESPONSIBLE
n, THOMAS c. suorwrL

In lAiAlIA ~ l@s-@'ffA Aftt lew
ef distinct Improvement ot conditions
already good. the stock market broke
sharply today Declines of three and
ssure points were seen IN leading Is
xases. In fact. the best stocks broke
shs worst. The close MAS On the ui'dst
~ n healthy recovery. \ few new
high records we're made early IN the
sisy but most stocHs showed rct
iasses al tho end OF the session. Grain
fvnke badly. MAY vhcst going from
sf,f- u Sill I~2 ia Chicago corn
frorx, 81 i-4c. te - f-sc.. and oats
srnna L. Sc s. t-Sc. Cotton was
heRxv. Copper Was stronger, Tt
hracife miners proved theft read
f;,ess fo return - w6rH aS ssen ~
~eee<sary farnalities can - cleared
-. wau Street has accepted Rocse-
.-Ef*.$ nomination ss settled.
TIE break was the result of bold
-s5s S, operators. who had sold out
So nhe vv@ra forced 80 adopt heroic
i -zsnasssrss 20 get line 80 tney could
,v.4rsf,sfnste sr ths coming advance.
-wa4 zig bankers has heer looking for
sszss such = bargain sale ard did moth
frr go ster t.. H=.tl the prices began
a~ 80 afternoon 20 look 'rreslsfsle
-n@n. rnere w&s free buying for IN
wsse acr css@ts in many securities Tn"
sseeszne IN the market being merely
n ss-rzFaar le FOR cheap stocks. u If OFF
Scat 10 Szy exactly what vas the es-
rsss-x eau=e * the breaN. Every
yss~sre ~ rY3wz published was 2 reason
Far higher prices The raid waH un-
sgxsys es4tx- made because she operators
eosla not afford rs walt lesr the up
ward swinS acquire too much mo-
ns., fgI
Roosevelt No Cause.
Areet.tarea OF Rooseve4. as the
nominee IN no cause ror break.
The nev high record by international
Harvester. which was made when 9TH
sr issues were rambling, -Ias- eNtdence
,ha. he will not hurr Wall Street The
Roosevelt ananciers are also heavily
loaded un with Amalgamated copper,
and thai stock was one ~ the strong
features Of the day Wall Street ar
vuaa that Perkins and Munsey would
never tie Up with 1t hear Tor presi-
denr Furthermore, II Is no longer
e.rtain that Roosevelt Is not really
wall Streets choice. one report Is
that he has promised to get the sher-
man law repealed II elected.
Canadian Pacific sold st ne" high
record W bile az the sa me hour congress
was disc, ssinT the plan TO shpfout OF
tba Tsnrar3a canal al ships owned ny
American r. llroads in favor OF SHIPS
y,vsne )gv Canadian lines. The BIN IN
rs,nrrcYe r. not written tn as main
vevsls 8 s that hut that Is ITS meaning
From Germany came a report ina
fau.,,san Pacific would 6oDbie its capt
tn Ia order 10 pev increased d7Fl
lends without FssgfTcfTI : fftt--t . -
rates The Canadian Law torbtds The
"A 4e
s.er cent unless rates are reduced he
Germans sees4, ~ think the government
would look the other wav while thf
r;aek was doubled As a matter OF
feet ths company ls planning sha'E
reduction Of freight rates about the
time Tho Panama camel is opened, and
The large issues Of stock that VIII be
Necessary in the meantime to pay 'oi
double tracking across the continent
VII keep the dividend within due
hohiids
Copper Strong.
strength 81 the copper sllates was
fhe result az proof of strong stats
teal position The foreign figures
showed r. reduction tn the stocks OF
metal on hand ard afost or 9-sb0 tons
Il en Ma. ls3bs, as compared with Mas
Isl. The metal is firm ia price ferfc
the prod1ccrs have The situation an
selutclv under control The heavy ton
mage Of steel means constantly in
clsas sing use of copper metal.
Al officer Of the United states Stee
corporation was quoted today as say
= i.an- thai the- orders are noN- hetng Ink
Ell AT the heaviest rate In the history
Of the corporation. An increase oi
prices is to he made about the first OF
Julie. end there IL a rush To get orders
On record before the advance IL made
The Independents are also taking or.
GERS NJ heavy rate. The steel busi-
ness ~ in the midst Of q tremendous
boom.
!. s.lslerAssAss Vi Sn lraka in. AN ,slayrIalps
nay. ard III fhes ispecfahss sst "feF
hogan t. move downward. The street
was fun Of rBmors that the First Ma
fiunsl hank interests had turned M
ffs market and that y. O. Reid was
throwing Lehigh VALLEY and Can over.
board. II was impossible to credit
these ruu0rs except on the theory that
the operators wanted 10 slaughter the
big following attracted by the recent
advances In their shares. Late In the
dax the Street discovered that the buy
log Of tehiEh Valley and Can was
ss.sch better fisaa tfla se3ffag and This
one thing caused the entire market r.
-rz turn i4ste-sH ID