Los Angeles herald., 1910-07-23
BEARS HAVE CLEAN
SWEEP IN MARKET
Push Prices Down with but Little
Effective Resistance
from Buyers
SHARP RECOVERY COMES LATE
Poor Showing of National Banks
Contributes to the Gen.
eraI Depression
TAssociated d Pressl

NEW YORK, July 22.-The bear par
ty was not much molested in its opera
tions in stocks today. The decline In
prices encountered little effective resis-
tance in the form of buying orders
except such as the bears themselves
supplied when they covered shorts
from time to time. The operations
were eongested largely in a few Of the
speculative stocks. But the price con-
cessions applied to the whole list, ac-
tive and inactive. Bear covering
caused the sharp recovery late in the
day.
The cut in the National Lead divi-
dend was the ostensible motive for the
sentiment of encouragement in the
speculation which overcame the
market, The incident was thought
scarcely adequate to explain the ex-
treme depression of speculative senti-
ment and other causes were sought.
The showing made by the national
banks in the compilation of returns to
tie comptroller and the fears of a poor
quarterly statement by the United
States Steel corporation at next Tues
days meeting of directors were cited
as possible further grounds for the
tone of the market.
PERSONALITIES COUNT
The personality Of the capitalists
credited with the control of the Ma
tional Lead company made the action
influential as possible index of finan-
cial and speculative policy. The par
nllel interests in copper of the same
financial interests and the eXpecta-
tion of confliction 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 a sign of stock market
contest that might prove damaging to
onlookers as we'll as participants.
The consideration of the condition of
the 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 reported
on June 80, when considered In con-
nection with the greater loan contrac-
tion by the New York banks for the
same period, is no decrease at all. but
an increase of over $2S,000000 outside
New York.
LOANS INCREASE
In the same way the increase on the
loans of 1894, ,276,OO0 in the yearly COM
parison has to take account of the New
York decrease for the same time in
cluded in the total, which indicates
that outside of New York there has
been considerable expansion of $476,-
233OO0 in a years time. The gain in
per centage of legal reserve in three
months amounts to one one-hundredth
of one per cent. and for the year there
has been a decrease of 1.15 per cent.
the percentage to deposits of cash
on hand, redemption fund and due
from reserve agents stands at only
2444 per cent a decrease In three
months of so per cent. and In year
of 24.25 per cent.
The last item is affected by the
heavy decrease of $S3,102, 300 for three
months in the item due from other
banks and reserve agents, showing
how the interior banks have been
drawing down their balances from the
reserve centers.
Bonds were irregular. Total sales
par value $1,233000
u. S. bonds unchanged on call.