The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-12
PRESSURE TO SELL
R|E| |: 6 [. s
Close Of Business Finds Nearly
All the Leading Stocks Below
Recent Quotations.
ATTACK ON UNION PACIFIC
Decline in It's Common Not
Greater Than Others, but IF
forts to Advance Futile.
rspee!sl to Tho rlmes- plspa.ch.l

isist - 81.
Especial to The Times Dlspatch.l
NEW YORK, July 1.-THE Same
pressure to sell stocks that was the
governing influence in the security
market on Friday. and to greater or
less extent on the day before was
continued to-day with the result for
q second time this week OF producing
net losses at the close OF business IN
the price OF nearly all the leading
stocks.
To-day's narket was totally without
salient feature; but tho centre OF at.
tack or liquidation, as the case may
be. was the Union Pacific common
shares. although tile decline here was
not greater than In many other quar-
ters. The Union Pacific common, Read
ing common and one or two other
prominent stocks have been relatively
backward In the market ever since the
middle OF the week, efforts to advance
their price In any notable degree SEEM
Ing to meet with a good deal OF dtf-
ficulty.
One reason suggested for this devel-
opment in the case OF Union Pacific Is
that the price of the stock is now, Or
was few days ago. not greatly below
the point at which the process Of turn
ing Union Pacific convertible bonds
into common shares, may be proftably
accomplished. An advancing move
ment beyond this point would, In other
words, have TO embrace the price OF
the bonds as well MS the stock, since
the bonds are at this point equivalent
to the stock
Not. Favorable to Rise.
AS regards both Union Pacific and
Reading too. 1t IL commonly UNDER
stood that one very large capitalist.
who IL. at times. very active In the
Itock market. has not been In sympathy
with the rise In stocks In the last
Two or three months, and there is
presumption that he has parted With
i considerable quantity OF his holdings
OF the two stocks named. and the
have come TO the market. Nearly all
the leading stocks to-day closed at de-
slInes of something less than point.
and there was no one stock in which
rising movement served.to counter
balance the effect Of recessions else
where.
The most prominent subject OF rumor
and gossip was. as heretofore In the
last two or three days. the operations
OF an Individual speculative plunger OF
youthful years. who has undoubtedly
been responsible OF late for dispro-
portionate share Of the activity OF
the market.
IT any ostensiblc cause was assigned
for the weakness OF the market yes.
terday and to-day other than that OF
the presence OF natural reactlonary
tendency after the rapid rise earlier
in the week. it was the alleged preva-
lence OF feeling that possibly exag.
gerated views had been entertained
as to the certainty OF the defeat OF Mr..
Bryan in the years electoral contest.
or. In other words, that the stock
market might have temporarily over
discounted this hoped for result. The
consensus was, however, that the Dem
ocratIc nomination for the vice-presi-
dency did not strengthen the party
ticket as much as another nomina ton
would have done. which, 1t was feared
yesterday. might be made
Wheat Market Firm.
The wheat market was firm through
out the day specifically, because OF a
certain amount OF success that has at
tended the efforts by spectators OF
the rise to start a crop scare over
the occurrence OF high temperature
over limited portion OF the spring
wheat belt. Crop scares as regards
wheat are of course. confined now to
the spring wheat district, inasmuch as
winter wheat is substantially harvest
ed. The small amount of corn avaiIa BILE
for delivery OH September contracts is
also facilitating anSupward movement
in tho quotation for the particular OPP
ton named. but the best opinion in
the grain trade is that II present pros
rects hold for the seasons crop OF
corn. ruling quotations for the price
of later options cannot be maintained.
The Bank Statement.
Tho weekly bank statement to day
again presented that curious state OF
difference between the condition of the
banks as calculated upon the average"
and actual" basis that has been ex-
libited several times before in recent
!. weeks.
According to to-day's average figures
there was a decrease during the week
in tho cash held by the members of
the clearing house Of over $500. 900,
acco ntpanied with an increase IN loans
8 of, $14616,000 resulting in decrease
in tho surplus reserve Of s7,642. 900.
Under the actual figures an increase
+ of $500 900 in cash was shown, along
with an increase Of nearly $4,000, 900
In loans; the upshot Of this method
of calculation being an increaesaln the
surplus reserve of s2,47S,O00. There is
no known reason for the increase In
loans. as shown In both statements,
except that. perhaps, it may have rep
resented a transfer of loans from the
trust companies to the banks. Both
forms of statement are complicated BY
the fact that this week thef banks
have been paying into the Subtreasury
In advance Of the stipulated time there
for money duesunder5t tho call Issued BY
the Secretary of the Treasury for 1.-THE
return of $4,000. 900 Bpu bile deposits on
July 18th. Is |,
To a great extent also the banks
have been nanifestlnE reluctance to
pay full current rates Of interest on
trust company deposits. asking the
trust companies either to assent to a
Reduction of interest or to cut down
Z their depo sits The in crease OF S,OOO,-
4 900 this week in the reserves of the
trust companies and banks no t, members
OF he. clearing house was und oubtedlyi
caused by compulsion of this sort, TO-
day a weekly report5of the commercial
agencies was generally of moro cheer
ful tone. rat least told of less.
|honasBr h.