The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-29
N e w York
Stock Market

New York, July 2s.--The further ma
terial recuperation OF stock market
values to-day followed the disclosure
In additional details of the arrange
ments by which heavy blocks of secu-
! rites hanging over the market had
been taken over by powerful banking
syndfcates, thus saving the necessity
of further sacrifice of.values in ruth
less sale in the open market with no
ings.
Attention was focused on the OPP
Grafton dealing with the Pearson syn
dictate holdings, taken up by Kuhn,
Loeb & Company and foreign ascot
ates. The circumstantial and anthem
tic reports on this transaction gave IL
a major interest, but there were con-
lectures OF the similar settlements,
especially one growing out OF pro-
ject of railroad amalgamation, ambi-
tious almost in scope as the one over
taken by the transfer admitted The
effect of these Developments on the
speculative tone of the market was
electrical. The relief from threatened
liquidation of dislodged holdings, was
enough in itself to change the complex
ion of the outlook. To this was added
the room for surmises over the new
combinations and changes of control
possibly to be effected out of the new
ownership of shares. There was some
anxiety shown in the direction of this
surmise so far as 1t supposed the pos
sibility of these new holdings coming
back on the market at more advan-
tageous opportunity. The bad effect
of this supposition was neutraliZed by
intimations OF the probable permanent
character Of tile new investment.
The sudden adjustment of so danger
Gus a situation left very large short
interest uncovered in the market which
mad counted on a continuance of a
forced liquidation to depress prices to
were large and urgent buyers in all
departments of the market and their
necessities made it easy for their op.
ponents to bid prices up on them rap
idly.
1t was assumed that the settlements
which had been effected would include
the placing of substantial amounts OF
securities with foreign holders. Some
large blocks Of very high grade stocks
were believed to have passed in the
process of protection and adjustment,
part of which were designed for for
eign investors. The buying in the open
market also included substantial pro-
portion of orders for foreign account.
The low level to which prices had been
forced proved attractive to investors.
when the fact became known OF the
clearing of the situation. The currents
of the money movement continue to
raove towards the Strengthening OF
New York bank reserves. in spite OF
some offsettins movement. A ship
ment of 100000 in gold to-day to Can
ada makes total of s1,000,000 for that
destination this week Special interest
VIII attach n the re he
coming bank statement. especially that
ct some of the trust companies and in
stitu:ions outside the clearing house,
where the important relief operations
cs the week may be looked to have
their effect. The Bank of England
weekly report showed the strong re-
operative forces for that money mar
ket still In full force, with correspond.
ing security for the New York money
market as source of available RELIEF
FOR any need.
The corn crop advices We're more
favorable to-day. and the poor cotton re-.
ports were disregarded The reports
of restriction of copper production took
more concrete form with the authority
tor them given by name and including
the president of the Alnalgamated
Copper Company.
Bonds were firm. Total sales. par
value, s2,SS4.0o0 United States bonds
We're unchanged on call. Total sales
for the day, 9SS,70o shares.
New York, July 2s-Money on call
easy. 1-2a2 per cent; ruling rate
l3-i; closing bid. La; offered at
Ii Time loans steady; sixty DAYS,
l-443 l-2 ninety days, 37-S04 per
cent; six months, 4d5 per cent prime
mercantile paper, 5l-2 to 6 per cent.
Sterling exchange easy, with actual
business in bankers bills at s4.S34o6o
SlS35O for sixty-day bills, and at
S4S535 for demand Commercial hills,
si.ss s-4Q s4s3 Ii Bar silver, SO VIA