The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1910-07-01
FURTHER DECLINES
Recorded in Prices Of Stocks Yester
day-Market Seemed to Have
No Bottom at Times.

AeW YORK, June 30.--The ebbing
tide Of Value in the stock market be-
gan to go out this morning from the
opening with rush that showed the
lock wide open. Great banking inter-
ests seemed willing to let readiust-
ment take its course unhampered and
rumors that J. Pierpont Morgan was
holding a conference in his office
iwth other powerful finapcers were
met with a statement that neitaer
Morgan nor his son hal been in their
offices today.
During the morning the market
seemed to have no bottom.
An enormous line of selling orders
had accumulated over night and from
the size of the blocks that came our,
it seemed positive that holding pools
were dessolving. Steel common
broke through the price of 20 at
which it has been said it was peg
ged; Union Pacific sold at a decline
of 20 points from the mark of week
ago; many other new low marks tor
the season were set.
Late in the afternoon there was
recovery due in part to the profit
taking of shorts, and the lessene,l
Volume of trading seemed to Indicate
that an easier feeling would follow
the violent reimbursement of the ear
lier hours. Total sales for the day
were 1,515.775 shares.
SO violent crash in prices is not
to be explained by the usual surface
causes. Deeper causes were indisat.
ed
Starting with the powerful artific
last year, there followed an initiation
OF values in all directions, cutting
down the country's exports, abnorm-
al growth Of imports, an era of extra
vagance in living and in business and
industrial methods, immobiliKing Of
capital resources in land speculation
and irrigation projects, at time when
the maintenance of business activity
and carrying on of enterprises We're
most in need of resources.
There has been a conviction that
extensive commitments in specula-
tion holdings of stocks whica were
carried through the elimination OIL
last years rise, in October, have been
obstinaJely held ever since in faith
that each successive down turn in
the market was simple reaction de
stined to be followed by resumption
of the march of progress. There were
current belief that the market pools
invoved in such holdings were being
liquidated yesterday and today in re
Spouse to imperative admonition OF |
authorities in the banking and Fl, |
nancial world who believed the cred |
it position must be strengthened and |
prepared for exigencies of the com.
ing fall Process proved a painful
one and involved price adjustments |
Money on call went to higher than
3h per cent in spite of the disturb |
ance of loans connected with the
days impairment of margins.
The substantial recovery and
strong tone of the closing was evi- |
dence of the relief afforded by the |
days purging and was taken as a /
promise that the storm had spent its
force SO far as the stock market |
was concerned.
NEW YORK MONEY.
Money on call strong and higher
2AQ3 per cent; closing bid 81 Time
loans steady and very dull; sixty days
1904; ninety days 3A; six months
Az @44 per cent. Prime mercantilel
paper Az as per cent. Sterling ex-
change weak; demand $4S5,9O; sixty |
days 4S405@4S4.25. Bar silver 531.