Daily press. [volume] (Newport News, Va.) 1896-current, 1910-04-29
Storm of Liquidation Breaks
Over Stock Market.
BEARS PULL ALL DOWN
Position Of United States Steel is Ac-
eepted as Typical OF the Whole and
Its Sympathetic Effect Is Felt
Bank Calls Raise Money Rate.
(By Associated Press.)


NEW YORK. April 2S.-The storm
OF liquidation which broke over the
stock market today was elimination
OF Influences which have been gather
ing for some time past. professional
sentiment has been bearish but oper-
ators on that side of the market have
been timid because of their fear that
the most powerful capitalist groups
were opposed to them. Suspicion
that these groups were no longer az
gressiyely supporting the market,
emboldened the bears and they car
rled prices rapidly downwe:cs, when
they got started
The position in United States 81 ee'
was accepted as typical o. The whole
market. It was this that gave tina.
stock its strong sympathetic effect oil
the market. Evidence that liquidation
was in progress in United Sta,es
Steel was considered conclusive. Tn
fact that so avOiable development
rs the increase II the dividend on
that stock shouii. be taken advantage
of 10 push the selling. demonstrated
that over extended speculation In IL.
This selling might be prompted by
the pressure OF lenders of money to
carry the stock or by fears over the
trade prospects on the part of hold
ers. Signs of both motives were dis
cernible in the calling of loans by
the banks and the rise in the call
loan rate and In the movement
amongst iron producers to curtail
products and thus check the exces-
Isive supplies which are forcing
prices downward.
The importance attached to the
iron trade as barometer of general
trade conditions made this news in
fluentlal in increasing the feeling OF
anxiety over a possible trade reca.-
sion. This feeling has arisen by rea-
son E. reports Of hesitation in various
lines oI BUSINESS and of the ..igS
prices Of commodities. For these an,.
kindred :shscns It has been felt tna.
speculative defation was a necessary
pre,iminai 20 the re-establiShmont Gf
s.rrd q G:tions. Anxiety is eel' new
erthnifss over the conduct of this de-
flation. The solicitude expressed to-
day over the situation in the cotton
market is an example of this feeling.
Tomorrow being first notice day in
the cotton market involves the obi
CATION of buyers of cotton TO accept
deliveries of May cotton contracts.
The later settlement to come when
May cotton sellers are called upon to
deliver, is still more dreaded.
The approach of the May money
settlement. convergins on the weeks
heavy gold exports. complicated. the
money position. Loans were called
by the banks and the resulting per
cent money rate was the highest
touched since the first week in Janu-
airy. sharp reaction in foreign ex-
change showed one effect Of the high
er money rate. The stock market it,
self showed the relief offered by the
days liquidation in the stronger tone
! that developed before the closing.
The covering of shorts, of course,
made a large element in their recup-
erstive power The closing Itself was
decidedly unsettled.
Bonds were easy. Total sales. par
value. s3.3SS.000.
United States bonds were unchang-
ed on call Total sales today. 1,27S,-
600 shares. includins: Amalgamated,
1920: American Smelling. 5000;
Sugar. 500: Tobacco. 400: AtchIson,
$4,000: A. c. l.. 500: c. & o. 10000;
l.. & y. 1.500: " & W. 1900:
Pennsylvania. 1890: Reading. 2ls-
, 400: SIoss. 100; Southern Pacific. ST.