Daily press. [volume] (Newport News, Va.) 1896-current, 1907-07-23
Tone Of Warning Amongst Banking
and Financial Authorities Makes
Them Shy Of Market.
LIST GENERALLY DULL AND HEAVY
Dealers Are skeptical and Do Not
View the Situation With Any Large
Amount of complacency-Western
Money Market strons-Thc Total
Sales and Closing Quotations.
(By Aasoclated Presa.l

NEW YORK. July 22-Thc opera
lions for the advance In limited
group OF stocks, which distinguished
the stock market mt all times last
week, were discontinued today The
tone was promptly responsive and be.
came dull and heavy as these opera
lions made up about all there was of
last weeks market. The action OF
the market had little In the news to
explain it, unless 1t might be the re-
sumption OF an advertising campaign
on the long side which has been dis
trusted in previous stages and which
offers companionship considered un.
desirable by friends OF higher prices.
Speculative sentiment may have been
affected to some extent by the tone OF
warning amongst banking and finan-
cial authorities OF threatened made
Quacy OF money market resources TO
nny desirable speculative undertaking
In the stock market. This Influence
was not directly effective In the mon
ey market. however. which is the
only point at which II usually receives
attention from professional operators
In stocks. Money on call In fact con-
timed TO rule easy and ut Is only in
the more remote prospect that in
convenience to borrowers Is expected.
In spite OF the gain In surplus re-
serves by the banks shown in tho
Saturday bank statement, the item q,
the surplus now stands Mt lower
figure than In any year in this period
since 1898.
Tho proportion OF cash reserves OF
the Tank as whole disclosed by the
| nnut rnllnt'c f>f In ln.,t
unusually low and this was especial
ly true OF banks outside OF the pr.n.
clpal reserve centres. The Chicago
money market is reported strong, ana
Estern commercial paper In that
market. is partly responsible for tho
strength. New York has resorted to
foreign money market for relief and
has placed some large amounts of fin.
ance bills abroad by the deposit of
securities in the hands OF agents In
New York of the original leaders as
collateral. but this process is viewed
with trepidation in foreign markets
and Ia The subject of warning utter
ances by many financial reviews. The
halt today was partly due also to scep.
tlcism over some of the rumors which
caused the rise of the latter part OF
last week
Substantial difficulties were pointed
out In the carrying out of tho supposed
rcadjustment OF control OF Burling-
ion by the Northern Pacific and Great
Northern. An installment fell due to-
day of some $14.000.O00 on Union Pa
cific convertible bonds which fall al
most wholly to the underwriters and
with q considerable interval to olapse
before another payment 1t was he
lleved that an immediate motive for
stimulating the market for the bonds
though the stock WAS withdrawn.
The closing was heavy Bonds were
steady. Total sales par value $685.
900. u. s. 2's advanced one-half and
the coupons declined one-fourth per-
cent on call. Total sales today 479 800
shares, including Copper 45,500:
Atchlson. 24.4oO Sugar. 100; Tobacco.
400; A. C. L.. 100; C. & o., 1900: L.
& n. 500: N. & w. LOO; Southern
Pacific, G4,s00: u. p. 95SOO; U. 8.
Steel, 10000: Northern Pacific, 81.
300; Sloss Sheffield 100.
Adams Express .l55
Amalgamated Copper ........ 91h
American Car e Foundry 43H
American Car & Foundry pfd. 100
American Cotton Oil ......... 32ia
American Cotton OIL pfd 49,. Sc
American Express .210
American Hide & Leather MD. 10
American Ice 50
American l.inseed Oil o
American Llnseed OIL pfd 22Ib
American Locomotive 50
American Locomotive MD 1O7ih
American Smelling & Ring
American Smelling & Ring ND 100
American Sugar Refining 1000
American Tobacco pfd certif S5is
Anaconda Mining Co. b7iI
clemson ':........ ........... s3Hs
Atchison pfd ........... %
Atlantic Coast Line ... %
1nltinnra 4. Ohio orof