The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-08-13
ONSLAUGHT OF BEARS
Leaves the Market Vulnerable to
Attack
Reports of Intended Crimi5al Pros
ecutiOns Against Heads OF COrpO-
TationS Adds to Cneasiness-In-
fated Credits Indicate a Close
Money Market During the Fall.

- =
New York, August 8,-The nerv-
Gus temper of the speculation as a
result Of yesterdays violent collapse
in prices was clearly enough in evil
dence today and was promptly re-
fected in the heavy declines which
occurred in the first hour.
The recovery which followed WIS
not accompanied by any new devel-
opment and was due apparently to
the fact that urgent liquidation had
ruiz its course for the time. Corjec
ture oantinued busy over the source
of the heavy liquidation and its mo-
tives. While the identity Of the SET
lers ns,as not disclosed the motives
were not beyond defining IN the
money situation and the futility Of
the campaign for the advance of the
last few weeks to effect any distribu-
>tion of stocks, Left without @~Srtifie al
supporting measures the market was
vulnerable 10 attack and was incap-
able of CbSOrbilg any sales tOftake
profits.
The aggressiveness Of she hears
sufficed to develop this situation and
shake the market. Soch is the gen
eral view Of the events OF the week
in the Wall street district l. does
not escape notice that the quotation
for Union Pacific convertible bond
. certificates which had 3een pushed
up to above 80 compared Nth the
subscription Of 90, al which they
had been offered to stockholders,
have disappeared from h tape il
~disOrderIy market of the past few
days.
The reversion OF 81 1905, 900 out
of SIS. 900 800 Of these bonds to the
underwriting syndicate was suppOs-
ed to be the motive for attempting
to revive speculative interest in Sc
curitieS.
Payment Of S15;HO0rtF0 subscip-
lions OF thEse bonds falls due tomOr-
row and $4,000 subscrip-
stock on Thursday OF next week
The obligations together may &C
count fer some CT yt1e pressure to Sc
cure ny stock market IL
quotation.
The course of Ihe interior exchange
is another index of the source OF
growing pressure. DEPOSITS at thf
ub-treasury were made today OF
100000 for telegraphic transfer to
San Francisco and $5OO, 600 to Chi
cago.
L u NhSSl L 80 N'COS~N~
bankers are finding their way into
Wall street at the sane time, that,
over trading and high prices for labor
speak Of extravaganza in more gen
eral expenditures have brought
about a condition of inflated credits
and gives prospect of a close mon
ey market during the fall. With
the relief afforded byrthe liquidation
stocks we're able to tend with the
~unfaVorable factors in the situation
and to maintain the recovery.
Reports from Washington of the
intended prosecution OF the heads OF
offending corporations kept alive the
uneasiness over that's subject.
The New York Central reported
a heavy deficit below the dividend
requirement. for the half ear end
ing with June and the increased div
idend requirement fOf the quarter
ending with the same date was but
little more than met by the increase
for that period in the earnings avail
able for the dividend.
The market vas SO far OversOld
however, that these obstacles were
overcome on the recovery and the
market closed strong and at net ad,
yances of the day.
Bonds dull and easy. Total sales
par value $1,212,000. United States
Is advanced Il per cent on call
Total sales of stocks tOday 900 0
shares A. c. L. 1900. shares.