The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-10-30
MARKET SUFFERS
A SEVERE BREAK
ALL ISSUES LOSE POINT OR
MORE AND SOME FOUR or
FIVE.
EARNINGS IN STEEL
QUARTERLY REPORT SHOWS NET
PROFIT OF MORE THAN THIRTY
HSGs big,
BY THOMAS @. sHoTwErI.


NEW YORK, Oct. 2s.-The most
severe break n the recent series of
declines was seen In Wall Street to-
day. All Issues lost d point or more,
and in some the losses were as high as
4 .faar.e or. tive paints Canadian Pa
cite declined over six points. The
market closed heavy, and near the low
prices, without any syn of rally.
Immed ately after the close, the
J United States Steel corporation an
nounced that net earnings for the
September quarter were s30,063,5l2
tins compares with $25,l02. 265 for
the June quarter. The earnings by
months were: July, S9,S22,iA5, August,
4Ie,5S3.377. and September. s10.l57.-
So. These earnings were disap-
pointment to the street, which had
been prepared for about s32,000.000
fieI. Explanation was made that in
September special attention was paid
to working off low priced orders. and
that they were about all cleaned up.
Earnings fer October are understood
10 be about s12, 100000 net. The Sig
Eific4nt feature OF these figures Is that
earnings for the three quarters of the
year are enough in excess of the s
Ier gent dividend requirements TO
pay off the $s.000.000 borrowed by
the corporation early In the year. Thus
49, VI Lax "k[Sf1 %~"4pNofVVV thS
s4cnrTegt quarter will go TO- surplus, IN
suring the permanency of the s per
cent rate, which was declared today.
Big Railroad Earnings.
Railroad earnings reported during
the day continued TO be record break
ers The Reading figures did not
make Their appearance until after the
market closed. but they show that in
September the company earned
81 = "a o
Southern Pacific earnings will be out
In "A few days and 1t Is understood
that they also Will make remarkable
good showing.
Little attention was paid to reasons
Tor oeclines m part cular stocks. be-
cause ali were under influence of the
Balkan war scare, and the panic about
which the presidential candidates are
wrangiing. This panic debate is look
ed upon by the financial world az one
OF the supreme insa nit es of the cur
rent campo gn. Neither Roosevelt
nor the Democrats were responsible
Tor the panics that took place during
their respective administrations. The
Eo-called Roosevelt panic was due to
overexpansion. and wild speculation,
and would have come anyhow. The
panics with which the Democrats had
4 to struggle were due very largely to
the absurd money system that the
War Between the States forced the
nation To adopt
Fanic Discussion Hurtfui.
Conservative people do not believe
in discussing the possibility of .'Anics
and the prominence given 10 this SUD
Ject in campaign speeches the last week
IL causing considerable liquidation that
would not have taken place otherwise.
Al good imitation of a panic can often
be brought about simply 10y 100 much
talk along that line.
But the big reason for selling stocks
was the Balkan situation. Europe did
not sell so many stocks. but profess
@giunaI traders in Wall Street, believing
y I...srepe wata.d acll, made haste 10 get
the market first. II was reported that
4 one trader. with line OF $4,000 shares
OF Reading, threw IL overheard. Many
buying orders were Withdrawn, and
while IL is also true that some extreme
III important buying was done for the
very strongest interests. the selling
wave was SO heavy that the market
B yax not supported by these purchasers.
Russia Behind Servia.
Europe Is expected to sell. because
the cgar of Russia has eompllmented
the Servian king on his successes in
the war against Turkey. This Is ac-
3 espted as notice to the world that Rus
~ IN DEHiIQ 2GlN bds A4G AS hlpAEd GPSh
Al n challenge to Austria. The stu
alton was rendered all the more acute
I ~ reports Of additional victories over
,sthA Turks The fall of Adrianople,
when 1t comes, will force the powers
IN Europe 10 consider the question of
~ partition Of Turkey In Europe.
X IL disappointing that stocks are
AetEE imported instead of gold But
Mo more Europe becomes disturbed, the
more urgent will be the foreiEn de-
s11And for American manufactures and
sNnodntuffs. America has record bar.
s4est this year. and profits on the ex-
INT business will be enormous OPP
ttmtSm was justified and Is justified.
'sSn46 today Developments Of business
zNEa xnrniahfng substantial reasons for
\ Htcking UP the gargatns furnished by
1.-The European excitement
Number az shares sold today. 6sf.-
3&S: year ago, 4o3, s55.
s1s f1Rr value OF lsonds svsd today, si.-
L 1f7;09a. .'ear ago. ts,so9.eas.
&s5sg$S 4--l----@---------~--
q Ngsw York Moray MARKET.
cW YORK. Oct, ss.~r.ali nsoss.'
~ IA ~ pey Gent; high 6 1-t
ff2 snNae ~