Daily press. [volume] (Newport News, Va.) 1896-current, 1910-07-06
Business Of Market Shows
Extreme Prostitution.
PRICES MOVE DOWNWARD
Most important News Affecting sisua-
ton Is the Death Of Chief Justice
Fuller and Large Shrinkase in Cash
Holdings Of Banks.
nv Associatcd Pressl

10y ArSbNAd'NA ANSNf
NEW YORK. July demand for
stocks showed extreme prostraton TO-
day and prices were allowed 10 run
downwards without any sign OF sup
port in opposition on the part oil I'M
portant banking and financial inter-
asts The amount of stocks marketed
was not large. The severity OF the
extreme declines was notable on that
account.
The bear party in the market seem
cd encouraged BY the facility with
which they were able to procure
stocks to cover the short contracts
left open after last weeks break III
prices. Having covered over the
three days holiday interval, they were
prepared to put out fresh short lines
TODAY. The demand was SO languid
that this selling was easily enecuVe'
The consequence was a drop TO near
last weeks low level of prices quite
early in the day. but an arrest OF That
and a recovery later.
The renewal of the depression was
not accounted for by any striking new
development in the situation. the
most important item OF news was the
| sudden death of the venerable cher
| Justice OF the Supreme court. Prob
| ably no period in the history OF the
| Supreme Court has been OF such vital
interest to corporate wealth awaiting
! decision Of that tribunal. The ex-
| IRENE view of the pending Sherman
l law cases before that court is thai
| the very existence of corporations is
wrapped up in the form which the de-
| cree NAV take. Unless a special SEES
| sion of the Senate is called to take &C
| tion on early appointments to fill va
| cancies on the Supreme bench, a
further delay in the hearing Of the
| eases until after December l is re
| garded as unavoidable. This prospect
| was felt as a Encouragement.
Another item in the days disquiet'
l ude was the large shrinkage in cash
| holdings of the banks disclosed 10y
| the Saturday bank statement. A loss
| of nearly s19,O0O,O 900 in actua' holdings
was difficult to account for even with
allowance for the record half yearly
| payments made and the heavy drain
] incident to collection of the corpora
| ton income tax which is being paid
almos; entirely through the New York
| banks
A s9,S13,S00 loan expansion did not
consist with the known facts OF the
drastic stock market liquidation, al
| though the semi-anual settlement
| might offer a plausible explanation OF
| the loan item. The cash item, how
ever, caused a supposition that out
side banks had drawn very heavily On
their New York balances and this d.
| rected renewed attention TO the pos
| siblity of further requirements TO con-
| serve the interior banking position
| Something was made of the
strength of wheat and cotton and the
threat Of a strike on the Pennsyiva-
MIA railroad. The fact that resistance
to the decline was encountered snort
of last weeks low prices, except IN
| Reading and American Smeting
\ W lt-d-Suit 4oeNA
| tive sentiment and the market closed
at some recovery from the days ex-
| ira declines.
Bonds were Irregular, total sales par
| value s1,760.OO0. United States bonds
| were unchanged On call
Total sales for the day S05,4Ot
| shares, including: Copper, 10000;
Sugar, 500; Tobacco, 400; Atlantic
Coast Line. 800; Chesapeake & Onie
| 5000: Louisville & Nashville, 1.S00;
Norfolk & Western, LOO; Reading
10000: Sloss Sheffield, 300; Southern
Pacific, 1900; Southern Railway
1000: Southern Railway, pfd, 700;
Union Pacific. 133 300; steel. lss.5o0i
| Virginia Carolina Chemical $500
IHis Chalmers pfd .---....--- b
| Amalgamated Copper -. --.-.- 5S1S
| American Agricultural $50 % Z
American Beet Sugar -.----.-. 2s1z
| American Can -----..--------- ~
| American Car & Foundry --.-. ~ 4