Daily press. [volume] (Newport News, Va.) 1896-current, 1907-08-09
LIQUIDATION RUNS ITS C0uRs&
Quotations of Union Pacific Convert.
ibIc Bonds Take Peculiar Turn,
But There Seems to be a Reason
for 1.-THE Total Sales and clos
ing Quotations.
(Dy Associated press.l

NEW YORK. August S.-Thc Nor
vons temper of the speculation ms Il
result of yesterdays violent collapse
III prices was clearly enough in cvi.
dencc today ana was promptly re-.
Elected In the heavy declines which
occurred in the first hour. The re-
covcry which followed was not accom-
panied by any new development and
was due apparently To the fast that
urgent liquidation had run It's course
for the time. Conjecture continued
busy over the sohrccs of the heavy
liquidation and it's motives. While the
identity of tho sellers was not dis.
closed the motives were not beyond
defining in the money situation and
the utility of the campaign for the
advance of the last few weeks to Of.
fect any distribution OF stocks. Left
without artificial supporting measures
the market was vulnerable to attack
and was incapable of absorbing any
sales To take profits The aggrcs.
sivcness of the bears sufficcd TO de-
velop 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 escape no.
tice that quotations for Union Pacific
Nph'ti tiDlt Douu ttIltllCutcS WHICH
had been pushed up to Above % com.
pared with tho subscription at 90. at
which they had been offered to stock
holders have disappeared from iflr
tape In the disordcrly market of the
past few days The reversion of sri.
100000 out of s75,0OO0OO of these
bonds to the underwriting syndicate
was supposed to be the motive for at
tempting to revive speculative inter.
est In securities. Payment of SIS.
100000 subscriptions to Southern Pa
ciflc preferred stock ON Thursday of
next week. The obligations together
may accoun for some of the pressure
TO secure resources by stock market
liquidation.
The course of the interio. exchange
Is another clear index of the source
of growing pressure Deposits at the
sub-trcasury were made today of $500
900 for telegraphic transfer to San
Francisco and 100000 to Chicago.
Published warnings from Western
bankers are finding their way into
Wall street at the same time. thar
over trading and high prices for la
Dor and material, not TO speak of OK
travagance i'll more general expendi
lures have brought about condition
OF inflated credits ana given prospect
of close money market during the
fall. With the relief afforded by The
liquidation stocks were able to con.
tend with the unfavorablc factors in
the situation and to maintain the re-
covery.
Reports from Washington of the
Intended criminal prosecution of heads;
of offending corporations kept alive
the upeasiness over that subject.
The New York Central reported IL
heavy deficit below the dividend re.
luiremcnt for the half year ending
with June and the Increased dividend
requirement. for the quarter cnilinr
with the same date was but little
more than met by the increase for
that period III the earnings available
for the dividend. The market was so
far oversold. however, that these oh
stacles were overcome on the rccov-
cry and the market closed sarons
and at net advances OF the day.
Bonds dull ana easy Total sales
par value $1,2i2,00O, United States As
advanced quarter per cent on call. To
tai sales stocks today $4,000 shares
including: Copper. 10000; Smelling
$4,000; Sugar, $780, Tobacco, 900;
a. G. L.. 1000; c. e o., 300; ST
Paul. $4,000; l.. & N. LOO; n. & W.
1,1D0; Reading, 17l,GO0: Southern Pa
cific. $4,000: Southern Railway. 1000:
Southern Railway. pfd.. 100, Union
Pacific. 1S3,70O; Steel. lOl 500; V. G.
c.. 400; Northern Pacific. $4,000; Slos;
Sheffield. 1000.
Adams Express ........... $50
Amagamatcd Copper .......... 7S5a
American Car e Foundry ...... dOA
American Car 6. Foundry pfd. 99M
American Cotton Oil ....... 33H
American Cotton Oil pfd ...... 50
American Express .............2 10
American Hide e Leather pfd.. 1917
American Ice 56H
American Linsccd Oil pfd. ..... 10
American Locomotive ......... 55%
American Locomotive pfd .... .105
American Smelling & Rcfng ..103a
American Smelling & Rcfg pfd 1913
American Sugar Refining ...115E
American Tobacco pfd ccrtif =. so
Anaconda Mining Co. ......... 58N
Atchison ........ ............ S0X
Atchlson pfd 90
Atlantic Coast Line ......... S5h
Baltimore & Ohio ....... 95H
Baltimore & Ohio pfd ......... SO
brooklyn Rapid Transit ....... al.
Canadian Pacific ........ III
Central Leather . 1873
Central Leather pfd g01