The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-27
New Y Ork
Stock Market

New York, n. Y, July 2s.-F'orced
liquidation OF stocks, while banking
and financial interests refrained from
offering support. played havoc with
stock market values to-day. SO rapid
and comprehensive a shrinkage OF
prices is witnessed rarely except in
periods OF absolute panic. There was
some selling to-day by holders through
sheer fright at the rapid melting away
of values but for the most part the
selling was done in cold blood and
with the systematic determination OF
surgical operation.
The lack OF INN ediate news which
might be held to indicate sudden and
violent change In conditions affecting
values. pointed to an action OF iailu-
ences to account Tor the movement
The absence of the usual talk of eril-
barrassrrients on such occasions was
taken 10 prove the selling to come
from sources outside the immediate
stock market circle. and 10 represent
losses trom large resources, which
amounted 70 impairment rather than
wiping out of fortunes. There was
every indication 10 warrant the as
sumption that some heavy speculative
accounts were in process OF closing
ont, while, at the same time, thor
ough housekeeping was going on
amongst the lenders of money on col.
lateral looking TO the wedding out
of undesirable loans.
were disregarded. The United states
Steel quarterly meeting to be held
after the market closed almost drop
ped out OF the consideration,
The declaration OF the Regular quar-
ieriy dividend was takensfor granted,
and the probable showing OF the earn
ings' report was discussed WITH Only
languid interest, as likely 10 throw
light only on past conditions without
increasing knowledge OF present 'or
future situation The reaction in the
corn market pointed to relief from
the more excessive weather conditions
which were believed yesterday to DO
threatening the prospects for the har-
vest. The money market was easy,
and the rate for call loans ran OFT
to the lowest level reached in several
months. while influences towards re-
Punishment of the supply of bank
acute apprehension was at work was
obvious, nevertheless. from the swift
drop in prices to level for which
1t would be necessary to go far back
into the year OF 1908 TO find any par
allel at the Stock Exchange. Reading
at 100 SIS, Union Pacific at 1o2 Ii,
United States Steel at 81 Ia. and
Southern Pacific, i0S, VIII offer
graphic suggestion of what occurred
in the days stock market. Even
more sensational Were movements In
stocks which are not the tayorites oil
the professional traders operating IN
and out The anu LOT NiIlSh
the consequences of enforced liquida-
ton werc, therefore, most hurtiul.
Missouri Pacific Southern Railway,
preferred: st. Louis southwestern,
preferred; Rock Island, preferred; Re,
public steel, preferred. American Steel
Foundries, Westinghouse Electric
Central Leather and others We're fore
ed down from TO over IL points
There was seen in this list the evil
ience of a conclusion that hopes OF
Il tpif Tod l{vi6nnfG
slender foundations In face of the re-
dictionary tendency taken on by trade
and business.
Coming without any sudden !shocl
things. the days movement was es
pecially impressive. Its scope and II
Indication of consensus of vide
spread opinions cannot be denied
whatever its source. The consensu
clearly amounts to determination b
bankers. financiers and ruling authori
ties generally in finance to retrenc
resources an. and to Of, be I prepafed Tor
There was some show of relief Il
the last hour of the day by reason 0
the drastic purgins process to whc
tho market had been subjected. Blu
it was accompanied with appropriat
signs of exhaustion. After rallying
to points and even more from IN
low points Of the day. prices sold OF
again and the closing tone was mucl
Bonds were weak. Some of the Low
grade speculative issues showed losse
Corresponding in violence with thos
of stocks Total sales, par value, 81,
$4,000. United States bonds were un
changed on call
Total sales OF stocks for the da'
We're 1,300,700 shares.
New York. July 26.--Money on cal
easy. 1a2 per cent; ruling rate
closing bid, L: offered at 1-2 pc
cent Time loans, firm; sixty days
Ia, and ninety days, 3-4@4 pc
cent: six months. sos IA Prlm
mercantile paper, 5 1-2@6 per cen
sterling exchare.e barely steady. wit
actual busjness .in,' bankers bills a
s4.s355 s4.s466 for sixty-day bills, an
hills s4s2 3.4mS483 Ia. Bar silve
So "a. Mexican dollars. "A.
p,ctr,IOSD STOCK MARKET.