The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-23
N w Y ork
Stock Market

New York, July 22.--The bear party
was not much molested in its opera
N lions In stocks to-day. The decline IN
prices encountered little effective re-
sistance in the form OF buying orders
except such az the bears themselves
supplied when they covered shorts
from time to time Al other times,
the buying consisted simply in aecep-
lance of the concessions, and the con
cessions were made rapidly Tor the
most part. The operations were con-
gested largely in q few of the specu-
lative stocks, but the price eonees-
sions applied to the whole list, active
and inactive. The sales affected In
the active stocks and the proportio!is
of the declines obviously represent
important progress towards the hqui-
dalton and the adjustment to condl-
Il tions which are sought in such
movement. Bear covering caused the
sharp recovery late in the day.
The cut in the National Lead divi-
dend was the ostensibie motive Tor
disturbance in speculation, which
overcame the market. The incident
was thought scarcely adequate TO eA-
plain the extreme depression OF spec
\ ulative sentiment, and other causes
were sought The showing made by
the national banks in the compilation
OF returns to the comptroller and the
fears of a poor quarterly statement
Z by the United States Steel Corporation
at next Tuesdays meeting OF directors
were cited as possible further grounds
for the tone of the market. The Ma
tional Lead incident itself was much
more influential for the differences
of the action itself. AS the company
is comparatively small. engaged in an
industry subject to individual intlu-
ences and, moreover, with varying
dividend record, owing to the custom
of disbursements UP to near the limit
of earning power, the reduction in the
amount of the disbursements might
pass ordinarily with little notice.
The personality OF the capitalists
credited with tho control Of the COM
pany. however. made the action influ-
b entail as possible index of'fnencial
and speculative policy. The parallel
interests in copper of the same flnan-
cial interests and the suspicion of
conflict of opinion over the allotment
of copper production in the effort to
settle on an agreement for curtailment
begot the suspicion that here might
be sign of a stock market contest
that might prove damaging to onlook-
ers as we'll as participants.
The consideration of the condition
of national banks of the country was
more limited to bankers. but may not
have lacked influence on the stock
market for that reason. The nominal
decrease in loans since March, report
ed on June 80, when considered in
connection with the greater loan con-
traction by the New York banks for
the same period. is no decrease at all
but an increase of over S2S,000,000
outside New York. In the same way
he IN Of
in the yearly comparison has to take
account of the New York decrease
for the same time included in the to-
tai, which indicates that outside OF
New York there has been a credit ex-
pansion of S476,233,0o0 in a year:
time The gain in percentage of lega
reserve in three months amounts Il
1-100 of ! per cent, and for the yea,
there has been a decrease OF lis pc
cent. The percentage of deposits o
cash on hand, redemption fund anc
due from reserve agents stands a
only 24.44 per cent. a decrease II
three months of so per cent, and in
year of 2.52 per cent.
The last item is affected by the
heavy decreases of sS3,102900 fo
three months in the item of due from
other banks and reserve agents, show
ing how the interior banks have beer
ing ooWIl tUtlT DdidNCeS from INT
reserve centres. Their future power
TO draw Is correspondingly impaired
and will throw on the reserve cen.
tres the demand for credit to remove
the crops. The prevailing note OF
warning in the banking world was
amply explained by this showing, anC
also the active preparations t.
strengthen the reserve condition o.
the banks In pursuance OF this OBJ
ject, there has been another heavy in
fioy. of cash 10 New York this week
by receipts from outside points, in
Guiding gold exports. and by dis
bursements from the subtreasury
Estimates of the weeks total gain raj
to nearly s2o.esGooo,,.
Bonds We're Irregular Total sales
par value, sl,233,ooO
u S. bonds were unchanged on cal
81 Total sales for the day We're 74o,
500 shares
New York. July 22.-Money on ca
easy. 2@2 1-2 per cent Ruling rat,
IL; closing bid. offered, . l.:
Time loans easy; sixty days, 8 Lao
8 1-2 per cent. and ninety days, s.
At six months, per cent. Prim
mercantile paper. 5 12@6 per cen
Sterling exchange steady with actui
business in bankers bills at s4S365d
s4.s37o for sixty-day bills, and a
s4.s4s5 for demand, Commercial bill
s4,S3@s4.s3 IA Bar silver, 81 l..
Mexican dollars, IA