The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-31
DAYS! BESTPR|CES
MADE AT OPENING.
Final Figures an Average Of
Nearly Two Points Under
Top.
SOME STOCKS ARE ACTIVE
No Encouragement Is Offered to
Buy for Invest
SOME STOCKS ARE ACTIVE
Especial to The Times Dispatch.l

Especial to The Times Dispatch.l
New York, July 30--Stocks closed at
Tho low figures Of the session to-day,
and with a weak undertone. The best
prices of the day were made at the
opening, and the final figures were an
average OF nearly two points under
the top in the leaders
Reading, Steel and Union Pacific were
most active The selling came from
the best quarters, and represented
much OF the stock taken on Monday
and Tuesday, when the big people had
to buy to prevent total collapse. The
high prices recorded on Friday showed
gains of from five to eight points in
the leaders. and the low figures of
Saturday show reaction of about
three points from the highest.
There is no encouragement to buy
stocks for investment. Even such
stocks as the local gas shares.
which are selling far under their true
value. seem to be neglected.
An increase OF s13,9l7.900 was shown
in the cash reserve In the regular bank
statement as compared with last week.
The actual statement OF banks. at the
close. OF business Thursday night
shows a cash increase OF ss.s47,90o
position. holding reserve of 1882 per
cent. No trouble Is possible in the
local banking situation this year. but
the condition of Western banks Is
entirely different.
Corn had another sharp advance to-
day because OF clear weather reported.
and forecast in the corn belt The
crop Is not yet out of danger, and I'M
til 1t is reported SO. authorities In Wall
IT,.
gard to the Immediate future of
the stock market
In the midst of great excitement,
the stock market recorded new low
prices in nearly all stocks last week.
and then recovered sharply on techni-
cal grounds clone. Tho technical con-
rIition OF the market has been weak
ened in which the bears were forced
10 cover SO hastily. Further liqu!da
tIon was accomplished on the rise and
events OF the week, leaving basic con-
dit!ons unchanged in every part!cu
lar.
Collapse OF the Pearson syndicate In
Rock Island and Leb!gn Valley forced
bankers TO relieve these ambitious
plungers OF their great load OF unde-
sirable stocks. DR.. F. s. Pearson. the
mechanical engineer who organized
this syndicate. has no relationship
great engineers and oil producers.
some confusion exists in the public
minds as the result OF the erroneous
report that the Standard OIL was
sghting the Pearson syndicate. be-
cause OF the competition in the OIL
business in Mexico. The absurdity OF
this report is apparent Nobody was
cunning for the Pearson syndicate 1t
collapsed because OF its own weak
ott
doomed to collapse before the end is
seen.
Leading bankers. finding themselves
compelled 10 take over Rock Island,
1ehigh Valley and Missouri Pacific
stock owned by the Pearson syndi-
cate, forced rally In the market in
order to llquidate this burden OF Sc
curlties. There is no indication OF us
ing the stock to organize any trans
continental railroad system.
The stock was taken over at 20 for
Rock Island, common so for Rock ISL
and. preferred and so for Lehlgh val
ley. The Pearson syndicate DID not an
tagonize any interest in Wall Street.
The Rock Island stock was purchased
with the full knowledge and personal
approval OF ;he Reld-Moore combina-.
ton. which was delighted TO get rid
OF 1t at the price paid. The syndicate
was a wnfall to Walt Street operators.
and did not have. and cannot have, any
influence on the SeNeEaI sllualiOIl.
Western banks are still! unable to
reduce their enormous loan accounts.
and their distress is becoming very
serious Many Of them are expected
the Currency has taken measures TO
prevent reckless organization OF small
banks in the future.
The crop situation seems fair, but
conservative bankers are very much
worried over the fundamental princi-
Pile, which has not improved at all in
the past few weeks. and the weather
growing worse, for bumper corn crop
tempt to force premature boom IN
business has caused serious complica-
tlons in banking circles. There is no
promise of permanent reduction in
food prices and chaotic condition ex-
lists In the railroad world.
On the Curb.
Trading: on the curb, market was
very important issues. Boston bros-
ers continued to fish for suckers in
Bay State Gas, the only stock that
was very active: Kerr Lake was
Silt. The prophyory coppers have
ment to restrict production.
Jn the Street.
Number OF shares sold: To-day, |
234,S37; a year ago, 606.16O.
Par value OF bonds sold: To-day,
$6so.ooo; year ago; s2,7ss.ooo.
0CN1SASSS o. J,SoV IS reported In
the number of idle freight cars by the !
American Railway Associations COM
mittee on relations between railroads
in Its statement for July 20, Just pub
lished. The reported demand was |
chiefly in box and refrigerator cars
The total number of idle freight cars |
on July 20 was 134.594, There is a |
shortage also reported OF 1903, max
Ing the net surplus 133.aO1.
Pittsburg Steel men estimate the
July bookings of fabricated steel cakes !
Mt 100000 tons. Although bookings in |
business taken in July Is considered |
largo for q summer month.
New York. Jtly 30,-NIoney on |
call, nominal; time loans easier; sixty |
days. 3@31-l; ninety days, 4 six |
months. S.
Prime mercantile paper 5l-2 to
per cent Sterling exchange easy