The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-08-09

These Are Finding Their Way
Into Mall Street at Time of
Untoward Conditions.
PREDICTS CLOSE MONEY
High Prices for Material and
Labor and General ENtrava-
gance Warrant Forecast.

NEW YORK, August S.-rhe temper
of the speculation, as a result Of yes
terdays violent decline in price, was
clearly enough In evidence to-day, and
was promptly rejected in the heavy
declines Which occurred in the first
hour. The recovery which folloWed
was not accompanied by any new de-
velopment, and was due apparently TO
the fact that urgent liquidation had
run its course for the time being.
Conjecture was busy over the sources
OF tile heavy liuuidation and its mo-
tives. While the Identity of the sellers
was not disclosed, the motives were
not beyond defining in the money sit
uation, and the futiity of the campaign
for the advance. OF the last few weeks
to make any distribution OF stocks.
Left without any financial supporting
measures. the market was vulnerable
TO attack, and was Incapable of absorb
ing any sales to take profits
The aEgresSiveness of the bears SUI
feed to develop this situation and
shake the market. Such is the general
view OF the events of the week in the
Wall Street district. 1t does not es-
cape nouce that quotations for the
Union Pacific convertible bonds Ger
tiicates which had been pushed up to
above %. compared with the sub
scription at 80, at which they had been
peared from the tape in the disorderly
market of the past few days.
The reyersion of $11,o0O,000 out of
$75,0Oo000 of these bonds to the UNDER
writing syndicate was supposed to be
the motive for attempting to revive
speculative interest in securities. Pay
ment of Sl5.000,0O0 subscriptions OF
these bonds falls due to- morrow, and
Pacific preferred on Thursday of next
week. The Obligations together may
account for some of the pressure to
secure resource by stock market liquid
nf 1n IN ri nv
changes is another clear index of the
source of growing pressure. Deposits
at the Subtreasury We're made to-day
of 100000 for geographic transfer to
The published warnings from Vest
ern banks are finding their way into
Wall Street at the same time that over
trading and high prices for labor and
material. not to speak of extravaganza
in more general expenditures have
brought about a condition Of inflated
credits, and given prospect OF a close
money me, y, market during the fall, Min
stocks were able to contend with the
unfaVorable factors in the situation
and maintain the recovery. Reports
from from, washington OF the intended
criminal prosecution Of heads of Of
Tending corporations kept alive the UNI
easiness over that subject.
The New York Central reported q
heavy deficit below the. dividend re-
with June, and tire Increased dividend
requirement. for the quarter ending
with the same date was but little
more than met;aby the Increase tol
that period III the earnings available
for the dividend.
The market was SO far oversol d
however. that these obstacles were
overcome on the recovery. and the
market closed strong ana at net adj.
Nances on the day.
Bonds dun and easy. Total sales
par value, Sl,2l2,00O. United State.
Is advanced Ia per cent on call.
Iotal sales stocks to-day, $4,000
shares.
NEW YORK. August S.--Monev or
call steady, 3 1-4@5 per cent, ruling
rate. 4 IL per cent: closing bid
per cent; offered at 8 IL per cent
Time loans firmer; sixty days. 4:
per cent: ninety days. 6 per cent; ST,
months. 1-4M6 12 per cent. prlm,
mercantile paper, 6@6 10 per cent
sterllns exchange easy, with actua
business in bankers bills at s4.S635 fo1
demand, and at s4.S275 for sixty-da,