The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-06
IN e w Y ork
Stock Market

New York, July s.--pemands for
stocks showed extreme prostitution To-
X DAY and prices We're allowed 10 run
port in opposition on the part of
important Banking and financial in
sterests The amount OF stocks mar
1.-THE days total iransastiQns The
tscverity OF the extreme declines Mas
not able In that account;
The bear party in the market seem
which they We're able TO procure
stocks to cover the short contracts
left open after last weeks break III
Prices. Havins covered over the three
days holiday interval they we're pre-
pared TO put out fresh short mes
to-day The demand was so languid
that this selling was easily eliectiNe
il was suspected that there was
some reselling of stocks bought on the
break last week for prontable re-
tuenifin the market purely Lor phr-
poses of support to check the democrat
iaation The signs that these stocks
We're coming back on the market
We're taken to mean that the larger
financial interests We're not commit
vance prices or even to sustain inc
market at recoveries, The conse-
quence was drop To near last week
low level OF prices quiet early in tne
q recovery later.
The renewal of the depression was
not accounted for by any striking new
development in the situation. Ihe
mos; important item OF news was the
sudden death of the venerable Chief
Justice of the supreme Court. Prob
ably no person in the history OF the
Supreme Court has seen questions OF
such Vital and peculiar interest 10 cor.
porate wealth awaitlu. tne deGlsish
ofstiiat tribunal 4ite eHtItn.e t!e% OF
the pending sherman law rases before
iii1t court is that the very existence
Sf corporations is wrapped up in the
FORM which the decree may take. Even
where that extreme view Is moderated,
the opinion is very general in fnan-
ciai circles that definite plans for for
ward action involving the corporations
is held back, and will be delayed until
the Supreme Court has set its definite
Interpretation upon the Sherman law.
Unless special session of the Senate is
called to act on early appointments to
I'LL vacancies on the supreme bench, a
further delay in the hearing of the
cases until after December ] Is re-
garded as unavoidable. This prospect
was felt as q encouragement.
Another item in the days disquietude
was the large shrinEage in cash hold-
Saturday bank statement. A loss of
nearly s19,0o0,000 In the actual cash
holdings was difficult to account for,
even with allowance for the record
heavy decline incident to collection
of the corporation income tax which
is being paid almost entirely through
the New York banks. S9S3,S0O loan
expansion did not consist with the
known facts of the drastic stock mar
ket liquidation. although the semi an
ntial settlements might offer plausi
BILE explanation of the loan item. Thu
cash item, however, caused supposi
ton that outside banks had draw
Very heavily on their New York bal
ances. and this directed renewed at
.ention to the possibility of furthe
requirements to conserve the interio
banking position. The easing discoun
market in London and the downWar
course of foreign exchange rates aWak
cred discussion of possible imports o
gold.
Something was made of the strengt
OF wheat and cotton and the threat Q
strike on the Pennsylvania Railroad
Tho fact that resistance to the ceclln
was encountered short of last week
low prices, except Reading and Ameri
can Smelling, served to reassure IN
market closed at some recovery froI
the days extreme declines.
par Value. sl.7eo.0oO United State
bends were unchanged on call.
Total sales for the day, so3.4o
shares.
New York. July 5.-Money. on cal
hrner; 263 Ia per cent; ruling rat
g. last loan. 23a offered at per cen
Time loans Arm: sixty days. 1-4GS l.
per cent. and ninety days, 3 l.2e
1914 per cent; six months, o. "a
per cent. Prime mercantile paper, ),
m5aper cent. Sterling exchange veal
with actual business in bankers bin
at s4.S375@JS4.S4 for siXty-day bill!
and at s4S56o for demand CONNER
cial bills. s4.S3@s4,sS1a. Bar silve'