The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-08-08
SLUMP FOLLOWS
BEAR ONSLAUGHT
Hostility to Corporations By Ma
ton and State Prc1cNt lor
FURRY.
lNDusTRlALs SUFFER MOST
Copper Group, Sugar and Rail
way Equipment Stocks Make
Low Records.

NEW YORK, August 1.-THE squat
which broke over the stock market
to-day has been coming FOR several
days ana there are not wanting OBJ
servers to contend that the seeds of
this trouble We're sown in the ill-ad-
vised market movement to advance
prices which was embarked upon UNI
der ilambGoyant auspices late in June.
The market commitments now holding
over from that period. besides the en-
barra s$lncat OF the money and capital
agitation. Which We're then perfectly
we'll sorcSt en- have been overtaken by
the bad effect on sentiment of the re-
newed outbreak or hostility against
corporations. The stock market was
disposed to view With mild disquet
the news of the enormous fines levied
on the STANDARD OH Company by Judge
Lands last Saturday. Every day since
then, however, the daily newspaper
has consumed large space with the
announcement Of new measures or
plans in pursuit of the railroads or
other corporations. The iteration has
got upon the nerves of Wall Street,
and the disposition to sell has in
gained cumulative velocity, as is the
way with falling bodies. the outcome
being the spasm of liquidation to- day.
No one questions that there was large
and important liquidation in progress.
although the part played by the bears
in forcing prices lower and in pre-
cipitatins the liquidation was also OBJ
vious The bear element had grown
cautious after the considerable decline
that mas occurred this week, and es-
peciaily after the small disturbance in
the early London market to-day
American securities were pronounced
brigh. spot In the London market,
and there was some buying for foreign
account here. The result was 81 show
of strength in the early part of the
day ana some demand from the shorts
10 co yer. This appeared later to have
been q oevice on the part of the more
lhfluenfial bear leaders to shake off
weak following. There were signs
enough as the morning advanced that
lmporea1t liquidation was still in pro-
Eress. The onslaught OF the bears
thereuron vas fierce and the slump in
prices somewhat alarming. The mar
ket proved to be honeycombed with
stop loss orders refuting the common
suppos1J'on of It's sold out condition.
Gossip CT several days past was re-
rivcd III fun force of the scaling down
or closing out of speculative accounts
following a recent return from Eu-
rope.
The stocks most acu.oly affected by
the weakness were those Identified in
popular estimation with the stock
market activities of the interests
pointed to in this gossip. notably
Union Pacific and Reading. The Con-
per group also was violently depressed.
The industrials as II group were
The Copper group, Sugar and some
OF the railway equipment stocks. in
GLIDING General Electric, sold at low
prices for the year. In the railroad
list this was true only of the South
ern group although other prominent
stocks approached the level Of the
March panic eports of a confer
ence of State district attorneys of
The Mississippi Valley to concert fur
Their measures against corporations.
the Alabama indictment against the
Southern Railway Company. and re-
ports of conferences also among the
corporation advisers to devise protcc-
tive measures of the apprehension of
the subject. The late rise in call
money to six per cent reflected tn
increasing pressure on resources there
and time loans Were strong and the
demand active. Discounts were also
higher, both in London and Paris,
and sterling exchange al Paris de-
clined, the movement tending toward
the point of attraction for gold from
New York
Last prices represented rallies on
snort covering of ! to 3 points, and