The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-26
DECLINE Nj First
BUT S00N...A||.D ! I N }
8Dut-of- Town Holders, frightened
by Presidents, Prontnciamento,
Hurry to Sell.
ALL OFFERINGS ARE TAKEN I::I,
Bears Soon Convinced It Was
4 Not Safeto Pursue Their Opera
tions-Criticizc Roosevelt.
fspeclai 10 rhe Times Dispatch.

4k1s9ss llOllS- 4NOOSSSSASs
Especial to The Times Dispatch.l
4 NEW YORK, July 25.-There was a =
The opening of the market to-day some
selling Of stocks BY out-of-town holds
srs who had taken fright over the re-
markablc "pronunciamento" OF Presi-,
lent Roosevelt, and .the interests work.
ng for decline made u vigorous as
,ault on prices, the combined erect
being that for some minutes after the
opening the. general list showed heaV-.
ness, which at some points amounted
Utmost to positive weakness. On the
leclinc, however, buying OF the same
character that was encountered yes
.erday was met With q general bid
ling. which absorbed all offerings of
,tocks In q way that convinced the
)ears that 1t was not gate to pursue
heir operations far.
THE supply OF real stock was soon
feared up. and when the shorts az
tempted to cover they found they could
pnly do so by bidding for what they
lecded and advancing prices sharply
lpon one another.
From the time they commenced COW
lrlng, which was about the middle OF
he first hour. prices continued to rise.
Until at the close many OF the leading
ssues recovered nearly all OF yester-
: lays net loss.
Consolidated Gas Goes Up.
n Consolidated Gas was conspicuous
in the side OF advance. and especially
y the early part OF the session, before
lie strength in the general list became
pronounced. It's rise being based on the
u a tao
I0-cent gas law would favor the COM
,any. and that stockholders would In
lone way obtain the benefit OF the
PORTION OF receipts from customers de-
posted with the court, In addition to
.eceiving an enlarged rate OF dividend
distribution when the old 81 charge
,or Illuminating gas is legaliZed.
In the railroad list, Union Pacific
Southern Pacific. ST.. Paul, Reading and
he Hill stocks all made substantial
gains. The rise in Reading was accom-
panied by reports OF al increased de-
nand for anthracite. which would re-
four days, instead OF three days. a
week, as at present. United States
steel was also strong feature on the
resumption OF work at some OF tho
plants closed down since the beginning
81 the year. and the prospect OF the
starting up. of the new plant at Gary.
In anticlpa zion Of which deliveries OF
iron ore at the new port have begun
Large gains We're made by American
Smelling. Amalgamated Copper and
Westinghouse. On the rise bear stop
loss orders were met with In all the
leading issues, the execution adding
materially to the rapidtty OF the adj
rance.
The weekly statement of the assoc
Gated banks made a favorable impress
sion, showing an increase of s3.7SI850
in surplus reserve. There was an in
crease of $6,233,10O inIoans as result
,f the activity In the stock market
md a gain of s7.031.s00 in cash. while
The deposits We're larger by s12.975,00O
than the corresponding Item reported
/ week ago.
Indignant Toward Roosevelt.
y The Indignation everywhere felt yes
.erday over the Roosevelt .pronuncia-
mento" was to-day in many places soft
ened Into pity for the man who could
SO far forget the dignities and re-
sDonsibilities OF his high office as to
utter sentiments which. had they been
uttered by others in regard to some
action OF one OF the courts. might have
Induced the President{to class the per-
sob among the
undesirable citizens Tho extraordi-
nary statement given out at Oyster
{ Bay on Thursday night Is. In the opin-
Ion OF men influential in Wall Street
affairs, an affront to every occupant
II the bench. which can hardly fall to
remove whatever little doubt may have
anywhere been felt rs to the complete
Independence of the judiciary. i
5il AT the time Wall Street learned 81
"a reaction In the stock market was
due, and the violent outburst against
must inevitably have occurred at abn,i,
That time on purely technical grounds
Tne DECLINE brought I,a buying By larga
thesveek. and the new buyers who had
come In proved their quality by5 rcfii
Ing to sell. ~ Il -
Reports Are Encouraging.
The weekly reports OF the CONNER
oial g agencies sshowed further progress
The restoration Of confidence, and ;he
figures aof the. clearings OF ali the
banks in the United States. fell cn.y
sponding week last year. the Increased
nctivity In the speculative markets
having no doubt some influence In 5rais.
me s t 1nss figIref ST.; g2od Indication q
strikes last spring was furnished BY
g statement by the Pittsburg Coal
gompasn =, which for sin months endina
Z june s0th: showed gross earnings 81
only sS6S, 069, a. decrease Of s1,65T.OaO
as colnpared with the same period al
last year Weather conditions inrtns
the week We're. on the whole, favoru.
ble for the growing crops. and the
drought In North Dakota was endei
ht the close Of the period by rain.
which should greatly BENEFIT the sprIne
L wheat. ,2ss 80 F...'s :
Bonds were steady. Total sales. par
value, $1,666,0O0, "a; t5lf 3
4 United States rs registered have do.
tclined 1-S per cent. on call for the
week. A. Isl 5Ss
Total stock sales to-day were 4aa,.
Z 80Ossharas. Is
\ NEW YORK. July 25.--Close: Prime
y mercantile paper l-2@4 per- cent
Sterling exchange firm, with actua,
business in bankers bills Mt $4s67590
3It4,S6S5S for demand, and at $4.S525dI
i&4.S555 for sixty day bills. Commercial
bills s4,S4B 3-4 Gp$4.S5, Bar silver 52s1-2
Mexican dollars AS Money on cal
nominal. Time loans dull and steady
l-o.. : i rH