The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-24
ACT|ONOF MARKET
IS VERY PUzzL|NG.
Most Expert Operators Fail to
Understand Its Move
ments.
NEW Low RECORDS
Stocks Take Slump, the Deprcs-
sion Being General in
Street.
NEW LOW RECORDS
fsnecial to VIC rimas .plsnatch.l


Now York. July 23.--Notwithstand-
Ing the favorable bank statement.
showing increase OF q little more than
s16.000,O00 In cash. the stock market
to-day continued weak and irregular
with heavy liquidation in tho leading
Issues. The action OF the market dur
ing the past two days. or since the
decrease In the dividend ratio of Ma
tional Lead, has been puzzling In the
extreme, even to the most expert oper-
ators. From time TO time support
was extended to tho market, this be-
ing especially noticeable In the cop
per Issues. But this support was wav-
ering and at the close practically the
entire list had sold off with declines
OF from / to 2 points
Amaigamated Copper, after being al
lowed to drop one-halt point from
Fridays close sustained q rally OF
loss for the day only three-quarters OF
point. Both Anaconda and Utah sus-
tained fractional losses. Copper shares
have met with the greatest show OF
support in the entire list There Is
suspicion that the larger interests are
committed to policy OF sustaining
copper issues largely for It's effect on
the general list,
responsibility for the most recent
slump in the market sold down TO
Al and closed at AZ IL. making a net
loss for the day OF 1-2 points LII
quidatton in this stock stu continues
to be heavy.
shares in Depression.
eral depression, although with no os-
tensible cause Chesapeake and ONO.
Southern Pacific. Reading and ST. Louis
records. Reading sold down TO 1876 ID,
a net loss OF / 5-3 points. Southern
Pacific closed at iOs Ia. decline OF
3-s. Chesapeake and Ohio touched
IS 3-S. but rallied to So Ia. showing
net change of three-quarters OF
Union Pacifc Closed at I57i-4. a
decline OF point. st. Paul lost 1-S;
Northern Pacific was down to lle, ana
closed at net loss OF IL. Canadian
Pacific was nearly points off at the
opening and then quickly lost almost
another point, when it rallied and
closed at net loss of Ia
Brooklyn Rapid Transit was one OF
the weakest stocks dealt in during
the short session. showing net de-
cline of 2 Is points. BROOKLYN Union
Gas fell off 2'7-s points
United States Steel was the most
active stock for the day. and sold
for the year. II closed at 65 SIS. a
net loss for the day OF SIS.
such support as was o. sbors
interests, and the close was weak at
the lowest prices.
While the reduction in the quarterly
dividend of the National Lead Com.
per cent basis. had demoralizing ef-
feet upon the stock market, the is
no reason to believe that like course
Will be pursued by any OF the larger
Steel Directors to Meet.
Much interest attaches TO the meet
Ing of the directors OF the Steel Cor
poration next Tuesday. 1t is antict-
pated that the regular quarterly divi-
dend of / Ia per cent. VIII be or
dered.
Wall street is cheered by reports
that the conditions OF the steel In
dustry is by no means as unfavorao!e
as has been reported. While prices
on some classes OF manufactured steel.
as we'll as by inder"rdent plants. the
net effect of earnings Will be incorsid-
sIderably well. but the business In
rails is somewhat light.
Net earnings for the June 80 quarter
are estimated at sio,oOo,ooo. There is
still an insistent demand for -ore
siders having considerable advantage
OF stock speculation in the manner in
which statements are now being Is
sued.
Much interest is manifested in a
meeting to be held July 20, when A. p.
Heburn. president Of the Chase Ma
tional Bank; H. P. Dawson. of ]. P.
Morgan G. Co. and Frank A. Wander
lip, OF the National City Bank, will
discuss the proposed organization Of
National Currency Association under
the Aldrich. Vreeland law.
Curb Market.
Activity of the silver and gold issues
on the curb market to-day was greater
than for some time and surpassed the
trading in tho copper issues. which up
to recently have made up the majority
OF dealings. Nipissing. although very
active, held steady around 1oss. while
Keer Lake lost three eights of point
on liberal transactions. Only 500
shares OF La Rose changed hands at
So.
Florence Goldaeld led the gold is-
sues with slight fractional advance.
Goldfeld Consolidated held firm. Cop
per shares were neglected. and price
changes in them were immaterial.