The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-02
Ne w FORK
Stock Market

New York. July 1.-The action OF
the stock market to-day was in ac-
cordance with the usual symptoms OF
following so violent a disturbance as
that which occurred yesterday. The
mere fact OF the arrest of the decline
relieved the market Of a weight of
forced liquidation through wipng out
of margins and uncovering OF stop
loss orders
The imminence Of triple holiday
Interview empha sized the disposition
= of the large short interest to cover.
and this constituted an important sus-
tanning influence. There was percep.
tible, also, the operation OF the usual
stocks bought Al the bottom prices
yesterday by lucky spectators eager
to secure quick proits, or By banking
interests and insiders who bought yes
terday solely for the purpose OF check
ing Generalization and with no de.
sire to retain their holdings Still
another class of selling came from
belated liquidation. that had been car
ried through the break of yesterday
10 save heavy sacrifice. with the condi-
ion of retirement al the first available
opportunity In some cases THIS be,
OF coming from dissolved pools of
considerable caIibre. In response to
these varying factors the market had
its periods of feverishness and unsettle
ment. Aside from the buying by the
shorts. there was not an aggressive
demand and the hesitation of the buy
ing increased as prices extended their
needs of the bears still uncovered
were Indicated in raising tactics on
special stocks, eSemplified in the sud-
den and violent declines and iinmedi-
ate recoveries with very little stock
changing hands either on the decline
or the rebound
The resumption of interest in the
more normal Influences affecting values
sion of attention by yesterdays
slump The possibilities of changes IN
holdings and influence in different
way. owing to the known policy of
aggression in the, requirement of new
properties on the part of several con-
spicuous personalities.
The issuance of the call for report
of condition of national banks by the
Controller of the Currency was given
additional interest by the simultaneous
department on the State banks and
trust companies. statement of con-
dition of all the great credit institu-
tons of an Identical date is particu-
check of any shifting OF accounts be-
tween them might disguise the real
condition. There is no doubt that |
synchronous report from all the credit |
would be particularly valuable at this |!
time, owing to the suspicion of extern |
sive interest by national banks in |
directly through operations of allied |
institutions in the land speculation. |
The present call from the controller.
coming fully three months after the
preceding call, represents an unusually
long interval. and the delay in is
suing 1t had been made the occasion
OF growing comment and some solicit
tude The comparisons to be shown
with the extended loan position of
three months ago and the low state
OF. reserves will be studied for the
light TO be thrown on the supposed
progress made in correcting the credit
position
ings of the New York banks esti-
mated for this week are due mostly
to collection of the corporation tax to
the suotreasury, payments before
by interior correspondents. The pos
cotton in the government report. and
the unturn in the wheat market was
little regarded in the stock market.
Bonds were firmer Total sales par
value, $2,624,000.
United States bonds are unchanged
on call from last week.
Total sales for the day, s23,soo
shares
.,s New york July Nome ae5 @sat on n fall
Time loans very firm; sixty days SO
31-f and ninety days, 31-4@2; six
months, 41-4@412
ci9ssprime ms srsa1in paper.
ers' bills at s4.S4@4.s410 for sixty day
bills and at S4.s5sO for demand Com
mercial bills, 1-4d4s33-4. Bar
silver s1-4c.; Mexican dollars, 44c.