The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-11
LOWEST PRICES NJ
CLOSE OF MARKET
Weight Of Realizatiors i. 8 sck:
Coupled With Speculative
Attacks OH Values.
HEAVY SALES OF ONE iioFUsE
Either Represented Profit Taking
or Speculative Sales for
New Plunger.

Especial 10 The Times. Dispatch.l
4 NEW YORK. July 1o.--l'or the first
z time In the present week the weight OF
oscillations In the stock market, cou-
pied with speculative attacks upon
values. was sufficient to bring about a
depression in ma sket prices that lasted
throughout the entire da%. the ioWest
quotations beng gtneratiy made at or
near the close of bus ness.
Il This was by5no means an unexpected
phenomenon. The market mas been
advancing continuously ever since sat
,urday of last week. the rise haSlhs
been generally distributed, and in Ger
tain stocks very considerable. NO
stock market can go on advancing IN
this way without reactions, even one
which is sustained by large public
i buying, which is admittedly rot the
3 case in the present condition of affairs.
The market has been and is strictly a
PROFESSIONAL one. purchases of secur-
tiles for the outside public being large
Sly limited to the bond market and 10
certain stocks of investment grade The
only matter of surprise is that such
reaction as to-day occurred did not
take place earlier in the week.
ono House Sells Largely.
AS 1t was, the one distinct feature
5pt to-day's business was the extremely
I heavy selling by single commission
house. either by its own brokers or
B through orders distributed to the mem
bers Of the Stock Exchange. which
were variously said to either represent
b profit taking or speculative sales for
latlle decline for the account Of a. single
Y operator come inte-new prominence IN
Wall Street, who has been for several
months the largest daily individual
Il buyer and seller of stocks in the fnan-'
+ cial district, at least among the profess
sional trading class. According to
common report, this specuator' was a
buyer of stocks on an extremely large
scale earlier in the week. and opinion
was about equally divided as to wheth-
err his transactions. which We're also
lin larger way a continuance of those
of yesterday. represented merely profit
taking or a change of market position.
AT any rate. the selling OF stocks
: proved sufficient to overcome whatever
powers of absorption the market pre-
scented, and declines of between one
and two points in the leading Issues
were common
Early in the day the market was
strong, but the highest prices were
made shortly after the opening of the
business. and the general declining ten-
5dency Of values soon manifested Itself.
Dizziness reigned in the midday hours
of the. stock Exchange session. the
market this time being very narrow
and exhibiting but little support, so
that efforts to sell comparatively small
quantities of stocks developed scare
lily of buyers. In the afternoon the
market isoon began to present that
familiar appearance known to profess
sonal Wall Street as one full of
stocks" and upon this prices declined
quite rapidly, closing at the lowest
points, as described.
Grain Market Irregular.
Stock Exchange business to-day was
devoid of striking incident. There
were those VINO attributed the fan IN
prices to the continued strength OF the
!, grain market, but the fact is that the
grain market was more Irregular than
strong, and that final prices for wheat
swere lower than those of the da! pc
fore. Quotations for corn were en-
ceptionally strong, owing TO apprehen-
sions that spectators who have SOLD
corn for delivery next September may
find that supplies of the staple are
not adequate for the fulfilment Of their
contracts. The price of wheat was
subjected during the day to all sorts
I Of contradictory advices regarding ia
vorable and unfavorable weather In
5 every portion of the spring and winter
wheat section.
Admittedly a factor of some influ.E
aence during the day was the fact that
the Democratic nomination for the
tVice-presidenc&I would not be made
until after the .close,of the Stock Ex-
change session. and that this matter
constituted the only result at Chicago
which had not been thoroughly anti
cipated in Wall Street discussion. 1t
e was realized that there was at least
n possibility that the choice might be
: of a character to make the chances Of
the success of the whole ticket some
what brighter at the polls than people
IN the financial district had hitherto
( been willing to admit, With the nom
ination of Mr.. Bryan a certainty, there
was the usyal disposition among spec.
sulatcrs to Consider that the event had
been discounted in a market sense, and
that the actual upshot of the years.
h presidential contest yet remained to
a be settled.
June Exports Encouraging.
rs The most encouraging statement of
q exports OF domestic products for any
month OF the year was made to-day
u In the governments report OF these
Il exports for June. Such shipments
. showed the smallest decrease from
those in the corresponding month a
z year ago that has been exhibited since
n F,e bruary, when the commercial de-
i preston first made itself visible in
the country foreign trade.
The better showing for the month
q was because of an Increase of S4,395..
Il oSo IN cotton exports. For the fiscal
3yearEt to date the entire value Of agri-
x cultural exports Is only IS. 100000 less
& than II was In 1907, and with the ex
sfception of that of last year. is the
) largest IN the country's history ster-
ling exchange was strong to-day, Ger
A. man bankers still offering induce
4 ments here for gold remittances. Es-
X Inmates regarding to-morrow's hank
"a sta tement were of a gain of about s4.,
& 600, 600 In cash by the clearing house
institutions.
Bonds Were irregular Total sales
II par value, s2,4l50o0. United States
\ bonds We're unchanged on the call.
Tota! sales Of stocks to-day were 45S,-
200 shares.
a45 NEW YORK, july 10.-NIonev an c,,,