Daily press. [volume] (Newport News, Va.) 1896-current, 1907-08-08
OVER ONE MILLION SHARES SOLD
Big euna on the Bear Side of the
Market Play Havoc With the Stock
List-Market Honey-combcd with
stOp-Loss orders-Thc Closing QUO
tations.
(ny Associated prcss I,


winch broke over the stock market
today has been comm efor several
days and there are not wanting oh.
servers To contend that the seeds of
the trouble were sown in the il.ad
Vlstd market movement to advance
prices which was embarked upon I'M
der ilamboyant auspices late I'm June
Inc market commitments now holding
over from that period. besides the en-.
DarfasSmont of the money and cant.
TAI agitation which were then pcr.
loctiy well forsccn have l,ecn over.
taken by the bad effect on sentiment
or me renewed outbreak of hostility
AGAINST generations. The stock mar.
ket was disposed to view with mild
ulSquict the news of the cnormnus
lines levied on the tSandard Oil com.
pahy by Judge Lands last Saturday.
Every day since then. however. the
d'llly news has consumed large space
WIN inc announcement of now meas
urcs or plans in pursuit of the rail.
roahs or other corporations Tho il.
GRAFTON mas got upon the nerves Of
wall street and the disposition to sell
mas increased and the decline I'm price
mas gained cumulative velocity. as Is
the way with falling bodies. the ont
come being the spasm of liquidation
To-Day. No one questions tina there
was large important liquidation In
progress although the part PLAYED nv
! the bears In forcing prices lower and
ain nrccitating the liquidation was also
, obvioms. Tho hear element had grows
cautious after the considerable decline
mat mas occurred this week and cs-
pccially after the small disturbance
IN the carly London market today.
American securities were proonuncc.l
Il bright spot In the London market
an dthcrc was some buying for for.
eign accoun here. The result was n
show of strength in the early mart Of
the day and some demand from tho
shorts to cover This appeared later
10 have been Il device on he mart of
tho more Influential l,ear leaders To
clakc Of n weak following. Thor,
were signs enough as the morning adj
canccd that important liquidation was
still in progress The onslaught o.,
he bear hcrcupon was fierce ana the
slump in prices somewhat alarming.
The market proved to be honey
combcd with stop-loss orders rcfmtin,
the common supposition of It's sold out
condition. Gossip of several days past
was received in full force of The seal.
ing down or closing ont of spccula.
tive accounts following recent re.
turn from Europe
The stocks most actually affected
by the weakness were those identified
In popular estimation with tho stock
market activities of the interstate
pointed to in this gossip, notably I'm.
ION Pacific ana Reading. The Copper
group also was violently depressed.
The industrials as a group were great.
or suffers than the railroads. The
Copper group, Sugar and Southern
Railway equipment stocks including
General Electric sold at low pricc:
for the year. In the railroad list thil
was true only of the Southern rroup.
although other prominent stocks an.
preached the level of the March panic.
Reports of Il conference of state dis.
trict attorneys of the Mississippi Val.
ley to concert further measures
against corporations, the Alabama in.
dictmcnt against the Southern Rail
way Company ana reports OF confer
ences of the apprehension on the sub
ject. The late rise in call money to
six per cent reflected the increasing
pressure on resources there and time
loans were strong and the demand ac-
tive. Discounts were also higher both
In London and Paris, and sterling OK
change ut Paris declined. the move
ment tending towards the point o!
attraction for gold from .>cw York
Last prices represented rallies OH
short covering of l TO 3 points and tho
fact that such net declines remain az
is in Union Pacific, is in Amcri
can Smelling, 35 in Amalgamatod
Copper, 8 ~ in sugar and between
and 3 points in Reading. St Paul
and the Hill stocks IS evidence of the
violence of the days decline The
closing tonc was unsettled AMI irree
ular with not all the rally held.
Bonds were easy. Total sales pan
value, $i,1GS.0OO. u. S. As decline
one-half per cent. on cali
Total sales today l,0S2s,0O shares
including: Copper 109.5O0; Smcliin;
$500: Atchison 24,500; a. c. L., /.
200; Sugar 1i,l00; Tobacco 1000; c
& O., 300; st. Paul 10000; L. & n
$500; N. e w, 500 Pennsylvania
100000; Reading $4,000: Southcrr
Pacific. 10000; Southern Railway
500; Southern Railway, pfd., 800;
Union Pacific, 2l5,Go0; U. S. Steel
1l1,900; V. c. c., 200; Northern Pa
cific, 29.70O; Sloss Sheffield 500.
Adams Express $40
Amalgamated Copper 7Gs;
American Car e Foundry 800,
American Car & Foundry pfd 9ya,