The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-30
Ne w Y Ork
Stock Market

New York, July 2s--The stock
market to-day showed the effects of
the rapid pace at which the recovery
has been going on from the acute
depression of the early part of the
week. The usual after results of a
sudden and violent turn In the market
began to appear. The substantial re.
duction of the short interest diminish.
ed the urgency OF the demand and
speculative party to hid UP prices The
more substantial demand from those
seeking TO secure actual holdings OF
stocks also fell with the movement
of prices away from the inviting low
prices which for the turn came. The
recovery from that low point has been
so extensive and so rapid that attrac-
tive profits have accrued for those
who bought to advantage. The con-
sequence was a considerable volume
of realizing sales, which, with the fall
ing off in demand, affected prices. a
firrner tone was recovered after the
reaction.
The action of the market had the
inevitable effect of modifying spec
ulative opinions of conditions in them
selves unchanged: This was seen in
tiveness OF the settlement of the
Pearson Syndicate's difficulties. The
question was heard whether the con-
centration of power over the railroad
result from the surrender of that syn
dicate's large control to banking in.
terests already affiliated with rival
and competing interests, might slim
ulate renewed agitation against the
power of centralized capital and in
duce more stringent measures OF leSis-
lation for the repression of those ten
denotes.
The determination to discontinue
dividends on the Atlas Portland Ce-
ment stock was used to contest tho
rise in prices. The incident scarcely
lends itself to supposition Of de.
clining business. as the possession OF
large contracts with the government
for Panama Canal supplies makes it
necessary to divert resources for in
stances of incapacity. The special ma
from their Importance as showing any
sign of general trade eXpension. AS
an evidence of the difficulty Of en-
listing new capital in enterprise. how
ever, the incident has real Import
ance.
The point is accumulated by the
persisting sluggishness Of the de-
mand for bonds, in spite of the grow
money market. In special stocks the
misgivings over the maintenance of
dividends We're at work again. a
slump of eight points in Sloss Shelf
field steel recalled the National Lead
dividend episode
Preliminary estimates of the weeks
currency movement gave rate of
inflow to New York bank reserves
that carried its suggestion of decreas-
ing trade requirements for money. The
gain for the week from various
sources seems to have rooched an
aggregate of over sl2,000000. The
drastic liquidations of the earlier part
OF the week were expected to operate
towards reducing the loan item, but
the syndicate transactions which
came with the latter settlements
would affect the other side Of the &C
count The action taken toward form
ing a currency association by the
New York banks passed almost with
out notice owing to the general un
derstanding that the step is taken il
compliance with the. expressed desire
of the Secretary of the Treasury rath
er than from any bbelef that the ma
chinery thus provided will be needed
for any emergency.
Bonds We're firm. Total sales pa
value, s2934,000.
United States bonds were un
changed on call.
Total sales for the day $500
shares.