The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-28
Ne w York
Stock Market

New York. N. y, July 27.-The ac-
ton of the stock market underwent
violent reversal from yesterday, with
prices advancing by leaps and bounds
where yesterday they were breaking
without sign of resistance Speculative
sentiment underwent corresponding
transformation but with the usual
confusion between cause and erect
The extensive liquidation accomplish
ed yesterday afforded great relief IN
itself, and to this was added, accord
ing to current rumor, some important
private settlements, by which emoar.
raised accounts were taken over ana
the necessity thus avoided OF continu-
ing the sacrifice of market which
the demand had become well-nigh
paralyZed
Il The brighter feeling due to these
Ereports. was enhanced by clear per-
ception of the local nature Of the acute
trouble which was forcing liquidation;
In place of the supposed widespread
Il sources OF the selling, based on gen
4 eral encouragement with the situation
of trade and money markets, there
~ emerged the conviction that a con-
fined area represented the limits of the
trouble A renewed slump In Rock
Island preferred to 81 carly in the day
was aeceptd as one index of the source
of the difficulty. Many rumors became
current OF shifting Ct large. newly
acquired holdings OF various railroad
stocks reaching out from the Eastern
anthracite and trunk line field and into
Western and Southwestern connec-
itions, in the pursuance of an ambi-
tious project of extension and merg-
ing.
In addition to this source of weak
ness it was surmised that over-exten-
sion in the high capitalization of va
rious new copper properties, small in
sdividually, was in process of correc-
I ton The maturity of loans in which
the securities involved in those VEN
posed to have given the occasion for
the severe cur,ailment. The percep-
ton of these special causes to-day put
a new face on the demoralized APP
pearance of things yesterday.
So severe a decline as has been wit
companied inevitably ~ large eX-
pansion of the short interest in a
market. Usually nothing checks this
short selling but an actual turn in
the price movement itself With that
effected, the limit becomes urgent. |
Such was the case to-day, the demand
from uncovered shorts making up a
substantial part OF the large demand
and the up bidding of prices. Testi- |
mony was offered by some of the COM |
mission houses of material growth of /
Investment demand as we'll, attracted |
by the low level to which prices had |
, fallen, and the inviting rate of return
! afforded in consequence by dividend
Z payments. London Joined actively in
the days buying on a sufficient scale
I to affect the foreign exchange market.
!. relieved that market of apprehensions
in connection with the stock market
settlement in progress.
An example of the reversal of spec
ulative form was found in the prefer
2 ence shown for the item of earnings
report, over that OF the untitled tom
mage on hand in the selection of a
topic for discussion.
The increase in the earnings over
anticipations was pointed out as mat
ter for encouragement, while little at
tention was paid to the excess over
the estimates of the decreases in un
filled orders on hand Expressions of
confidence emanating from the steel
directors meeting and the opinion of
the quarterly report in the Iron Age
served to stimulate the more hopeful
feeling There was a repetition also
of the report of agreement to reduce
production by the principal copper pro-
Il dUcers and an advance in the price of
that metal.
The wild advance in the cotton mar
ket failed to destroy the increased con
if hdence manifest in the stock market.
The hazardous state of part of the
corn crop also lost its influence for
the time being.
s8 Bonds were stronger. Total sales,
par value. s2,S90. 900. United States
!, bonds We're unchanged on call
Total sales OF stocks for the day
were $4,000 shares.
] New York. July 27-Money on call
Easy, 1-2@2 per cent; ruling rate.
"a; closing bid. ga offered at Q
Time loans dull and firm: sixty days.
E l-t43 IL per cent. and ninety DAYS
81 "a; six months, SOS Ia. Prime
mercantile paper. 5 Legs per cent
Sterling exchange weaker. with actual
! business in bankers bills at $4s35O@
Z $4.8360 for sixty-day bills and at
S4.S540 for demand. Commercial bills,
s;.S2 AZ s4;S3 Ia. Bar silver, SO SIS.