Daily press. [volume] (Newport News, Va.) 1896-current, 1908-09-23
VIOLENT RECOVERY 1t TUE tID
Traders at Soa As to Motives infiu-
eucins Reversal Of Tactics Of Spec
u!ative Leaders-coverins by Bears
On Enormous Scale.
(By Associated Press).

dr. OF the transactions NJ the otoch
Exchange today. during the demora-
Hzed break in prices, was no greater
than the excessive confusion and con
tradiction of the opinions held as 10
the causes of the collapse.
That it was proof amounting 10 a
demonstration OF the fictitious ana
excessive nature Of the previous al
vance. was agreed to without dls-
pute. The sensational collapse. which
prices have undergone has not al
tered the conviction rs to the soarcc
of the operations. which advanced
them previously, but the motives
which prompt the abandonment o.
the previous position Is subject OF
the most divergent opinions.
Nothing indicates urgent necessity
for liquidation, with surplus reserves
of the banks still above $90,Wo'ooo'
In spite of the inroads mad upon
them. sand with call loans easily pro
durable at per cent. or signify
above. This strengthens a convic-
ton that the leaders OF the recent
speculation must have been cntrench-
cd with supplies of credits, which
would precipitate any such ursTh
selling market as is nov seen. Inc
rise in prices had the growing enect
Of bringing to market holdings. OF an
inv stment or partly investment CHAR
acter. both from home and foreign
sources.
The necessity of accepting these
offerings in order to maintain prices
proved a. growing burden to the Ell
forts of the supporters OF the mar
KIT. There was the openly expressed
sasnicion on the Stock Exchange
floor that the disorder in the market
was a deliberate purpose OF forces
which had fostered the previous al
vance with the object of pointing .
warning of the dangers to be appre-
heudsd from revival OF political ae-
tiyity against corporations am.
wealth. Sales of upwards OF 1o0,oo'
shares in today's market were ascrip-
cd to brokers who have had the larS-
es, share in executing the orde rs'
which carried forward the long al
vance in prices. Blocks OF stock&
were hurled upon the market TO-DAY
from such sources, time after time
when prices showed any disposition
to rally. -
With the market seemingly lacking
all support, the bears operated very
recklessly, and their buying to cover
shorts towards the end Of the day
was on an enormous scale. The vio-
lent recovery thus caused, LETT cams
for the day in not few instances
and materially altered the whole ap
peararce OF earlier losses. The CLOS
iny tone was feverish and exciteo
With the shorts stin covering heavi'
~. -,
: Ponds were weak. Total sales, par
value. $4,14e.0Oo. United States bonds
we're unchanged OF call. Total safes
TODAY 1.4s6,4Oo shares, including:
Copper, 7s,4o0; Smelling, G2.Soo; sn;
gar, 2,4eO; Tobacco, 300: Atlantic
Coast Line. 500: 81. Paul, 49.2oe I
chesapeake & Ohio. 100; Southern.
Pacific. 1ss.50o; Southern Railway
a70O: Southern Railway, pfd. 200;
Union Pacific. 27s,s0o: United Statei
steel 17s,1o0; Tennessee Copper,
400: sIoss-SAeaield. I.loo; virginia.
Carolina. coo; Virginia Carolina Cheps
tcai. It'd. 100: Louisville & Nashville.
aaoo: Northern Pacific, sa,7oc; READ.
ing, 3ss.ioo. -,