The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-08-12
Not for Long Time Was Slump
III Prices So Pronounced
and General.
WILL. PURSUE CORPORATIONS
Interview OF Bonaparte, Aitcr
He Had Seen President, Con-
strued to Mean This.

a week OF continued and disastrous
liquidation, such as the market has
seldom witnessed at this season OF the
year Not since the 1903 panic, when
midsummer was the period chosen by
the Fates to set In operation drastic
liquidation in securities, has there
been such a midsummer stock market.
The liquidation began on Monday,
chiefly as a result of the imposition
of line OF s29,24o,ooo and the bitter
report of the Bureau of Corporations
against the Standard Oil Company,
The week ended with liquidationo still
running, coupled with savage short
selling in progress. and with prices of
leading stocks anywhere from Ten to
fifteen points below the quotations of
Saturday week ago
Character Of the Market.
There was renewed selling yesterday
chiefly from frightened holders of
stocks. Fear was written very plainly
on the stock market. but it was no
panic There was an orderly distri-
button of stocks and a persistent sell
ing. Bear interests covered obtaining
the stocks with more or less freedom,
but II was patentNthat large holders
of stocks wanted money, rather than
securities. he consequence WIS tndt
prices continually sank to new low
levels for the week. Shelters and Cop
per were very weak, touching levels
not hitherto reached. Reading sold
down below the March panic prices and
Copper sold down to a. Union Pacific
was freely sold. There was a feeble rail-
lily after the, appearance of bank state
ment which was negative in character.
but the condition OF the market at the
close was pitiful.y weak
News OF the Day.
Mr. Bonaparte's interview following
his conference with the President
could not be interpreted in any other
way than a Strengthening of the be-
lief than the administration would pur-
sue corporations as far as was possible
with all the resources and facilities Of
the various arms Of the Federal gov
eminent. His -utterances that the
Union Pacific cases would be taken
up soon threw cold chill into the
speculative holders of that stock, as
we'll as into others interested in cor
porations now under the ban of the adj
ministration. Mr.. Rockefellcrs inter-
view Indicated the dsquiet and dis
| trust which he and his associates en-
1 terrain toward the aggressive policy
| Of the administration. The situation
! in the stock market is one which will
| now have to run its course. In the end
| the credit Of the corporations attacked
| Will be affected. It is a short distance
from that condition to the workmen
| and their earning capacity per diem.
Influencing Factors.
| There We're disquleting reports from
London concerning the. financial situa-
ton in Berlin, which seems to be al
| most as critical as that in London.
III addition, cables brought the rumor,
which was not credited In local bank
| ing circles, that Russia had asked a
| grant of time in which to pay the
interest on bonds held In Berlin. The
1 filing Of new indictments against the
Standard Oil Company In this State on
| practically the same charges OF secret
| freight rates was also an unfavorable
development. Little attention or con-
| sideration was given to the crop report
of the previous day. British consols
We're weaker, and sank to the lowest
| level In nearly sixty years The liqui-
| dation in the American market had eX-
erted widespread effect abroad. Ber-
| lin and London are passing through a
| wave of liquidation also on account OF
| tight money conditions. The telegra-
| piers strike was regarded as symp-
tcmatic of the prevailing unsettlement
| of the times. and, while not an i'm
portant market factor in Itself, the
news had a sentimental effect.
Textures Of the Market.
1t was not hard to pick out the stocks
(which made low levels yesterday.
| Standard Oh on the curb dropped 10
| points from ..Ie close of Friday and
closed at 4oo. Union Pacific dropped in
manner that suggested the sensa-
J ffrn al1 ~ - fk,1
cific panic day, when II touched 40 ga.
1t was sold yesterday at 126 IA. South
ern Pacific was slightly frmer, hut
it sold at 81 Ia. Pennsylvania sold
at us. Smeudng common. which was
one of the strkingly weak Issues sold
at 81 rs. Consolidated Gas at Ill,
Reading dropped to 90 Copper sold at
l73 rs. Great Northern at 121 ga,
Northern Pacific at l19 as, and New
York Central at l05, tell the story
of the onslaughts made on values yes
terday and the weak support given
these securities. The traction stocks
seemed flrmer, but it was because there
4 was no effort or desire to sell these
stocks at the present level The entire
traction property could be In the hands
of receiver and yet sell at higher
/ prices,
! \ lie CHaIdCltTH Oh tllS llaIhsL duu slI1'
4 almost absolute lack Of buying power
A We're hest seen In the specialtics Of
4 those shares for which there Is not
A wide market. In the list OF declines
\ for the day herewith appended 1t vii
4 be noticed that there are declines O
4 from four to five points In such stocks
4 as 3Sloss- Sheffield, Third Avenue, United
\ States Leather. Colorado and South
i ern, Chicago Great Western, Atanti,
i Coast Line and American Express. TIL,
\ selling orders in many OF these stocks
5Esuggested the calling Of loans an,
4 necessjtous selling, In the activ,
A stocks there We're many stop ORDER
4 eXecuted and these were offered II
IreclSless manner
Hank Statement Figures.
Figures OF the weekly bank state
ment disclosed an enormous shftins
of hank loans. due probably ia Thu
! liquidation OF the week, the foreign
| borrowing and the increase In trus
company lending The decrease il
.llnans amounted to sl6,fo7,7o0. Will,
4 deposits decreased s22,so7soo.
1 The unfayorable feature of tn