Daily press. [volume] (Newport News, Va.) 1896-current, 1910-07-27
SHRINKAGE IN PRICES
EQUAL TO PANIC TIMES
Thorough House-eleaning Goes on
Among Lenders of Money and Col
acknowledgements Clearly Amounts
TO Determination by Bankers and
Rulina to Retrench Resources.


financial interests refrained from OIL
fering support played havoc win
stock yalres today. so rapid ana
comprehensive shrinkage Of prices
is witnessed rarely, except in PERIODS
of absolute panic. There was some
selling Today by holders through sheer
fright at the rapid melting away OF
values. but for the most part the sell
inc was lane in cold blood and with
the syssRatic determination OF
surgical operation. There was even
indication to warrant the assumption
thar some heavy speculative ac-
counts were in process OF closing OUT
while at the same time Thorough
house-clesning was going on amongst
the lenders of money on collateral
locking TO the wedding out Of unde-
sirable loans
Occurrences in the immediate news
were disregarded. The reaction III
the corn market pointed 10 relief from
the more excessive weather conditions
which were believed yesterday TO be
threatening the prospects for the mar
vest. The money market was easy
and the rate for call loans ran OF 10
the lowest Level touched in several
months. while influences towards re-
plenishment of the supply OF Dahk
cash continued actively at work. Ihat
acute apprehension was at work was
Obvious. nevertheless, from the swift
drop in prices 10 level for which it
would be necessary to 20 far back IN
tdpthe year OF 1898 to find any parailei
at the stock exchange.
Reading at 1905, Union Pacihc'
ll5A aud South Pacific, l0S, VIII ofer
graphic suggestion of what occurred
in the stock market. Even more SEN
sationai were movements in stocks
which were fav0rites of the probes
slonal traders operated in and out OF
the market and for which the conse-
uuences of forced liquidation were,
therefore most hurtfui. Missouri Pa
ciiic. Southern Railway pfd., ST. LOUIS
Southwestern pfd.. Rhode Island pid-'
Republic Steel pfd.. American Steel
Foundry. Westinghouse Electric, Cen
trail Leather and others were forced
downward from ) 10 over L points
There was seen in this list the evil
dence Of a conclusion that hopes OF
Increased or initiated dividends have
slender foundations iii face of the re-
dictionary tendency taken on by the
trade and business.
Coming without any sudden shock
Of consequences to upset the order oil
things, the Gays movement was es-
specially impressive. It's scope and its
indication CT concensus o. wide
spread opinions cannot be denied
whatever its source. The concensIs
clearly amounts 60 a determination by
bankers, financiers and ruling authori-
ties. generally. in finance to retrench
resources and to be prepared for a
strain in the coming months.
There was some show OF relief in
the last hour OF the day b. reason Of
the Drastic purging process to which
the market had been subjected. but II
was accompanied by appropriate signs
Of exhaustion. After rally ! TO :
points and even more from the low
points Of the day prices sold or again
and the closing Tone was much upset
tied
Bonds were weak. some Of the low
grade speculative issues showed
losses corresponding in violence with
| these Of stocks
Total sales. par value. s2.5l5.oea-
United States bonds ~cre unchanged
on call
Total sales for the day i.559-Sos
shares. including. Copper. 5000.
sugar I.se5. Tobacco. LEO. Atlantic
| Coas, line. ssco. Chesapeake & Ohio,
600: Louisville & Nashville. $1,000;
\ So:folk a Western. s.See. Reading,
| ie9 600. Virginia Carolina Chemical
400. Sioss sheffield. i.eoo; southern
Pacific. fe.sae. southern Pacific pid.-
2.sao. Union Pacific. $4,000. United
states steel. so5.ceo.
Closing List
AVE. Chalmers pfd .. .. .. co.. = =
Amaigs mated Copper .. b.. zee. seA
American Agricultural .. .. o.. -
4 American Boet sugar. .. .. ..... 20