The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-25
'MARKE: BREAKS
TO 8 P.0IN is
President Roosevelt's Action Re-
garding Standard Oil Used
to Depress Prices
FIND MANY STOP ORDERS
In Spite OF Plentiful Money Sup
ply, Professionals Rout Small
Holders.

81. NEW YORK, july 24.--speculativ'
liquidation on large scale broke
prices OF stocks badly to-day. The
{ fall was gradual and restrained In the
Is early stages, but became more precipi
tate as 1t progressed, tincovering stoI
loss orders. knowledge of the exist
I; ence of such orders emDoldens the pro.
5fessional operator TO make short sales
tand to offer concessions in prices In
making these. sales. thus forcing de-
clines. Speculative liquidation and
!, short selling have been in evidence
before this week, but they were over
come by the force OF the buying de-
nand. It was in this respect that the
market showed notable change to-
day, the buying orders. except at
prices below the opening level, showing
a material shrinkage. The order of
President Roosevelt to push a retrial
of the Standard OIL case was a pro-
fessed motive for much OF the selling,
especially amongst those who had
bought stocks largely on the ground
1 of the decision In favor Of the Stand
ard Oil Company. The buying demand
prompted by that decision was fed by
realizing sales yesterday and the day
before by those who had bought stocks
at a lower level
Less skilful Hands.
The digestion OF profits in that way
4 is supposed to have been very largo
/. and to represent, moreover. the passing
4 OF stocks from the hands Of the power
Eful groups which have fostered the
advance into those OF scattered hold
ers. much less wealthy and much less
skilful and practiced in the conduct OF
speculative operations and the manipu-
lations OF prices. The nature OF the
reports put in circulation to sustain
the upward movement has pointed to
the excess into which 1t was running.
Yesterdays reports, for instance, that
the United States Steel subsidiary off
4cials We're meeting here to concert
measures for starting up the full ca
pacity OF the companies was met by
the formal statement by President
Corey that the present activity Of the
plants represents e5 per cent. OF It's
capacity. The days news offered little
change in general conditions. The
weeks currency movement Indicated
another huge accession to the cash
holdings Of the local banks, the Sub
treasury operations and the movement
on balance from the interior indicating
an fncrease of about s10.oo0,O0O for the
week. The stock market was quiet in
tile latter part of the day. but showed
no effective recovery, the days losses
running quite generally from to 3
points. There was pronounced con-
traction in the volume of the bond
market and the tone was easy. Total
sales. par value. ss.o2o.OO0. United
States IS. registered, declined is in
the bid prices Total sales OF stocks
to-day were 775.9Oo shares.
II NEW YORK. July o4-nroney on call
easy: 1@l IA per cent; ruling rate.
I. la: closing bid, !: offered at 1 IA
per cent. Time Joans steady; sixty
days per cent. ninety days, 2@2 IA;
SIX months money. 3 s-4@4 per cent.
Prime mercantile paper. 1904 per
cent. Sterling exchange steady, with
actual business In bankers bills at
siS6l5 for demand, and at s4.s515@
si.S525 for sixty-day bills Commercial
bills, s4.S4 3-4@s4.s5. Bar silver,
? q n q = e b. ~