Daily press. [volume] (Newport News, Va.) 1896-current, 1910-07-28
DEMAND FOR UNCOVERED
SHORTS SHOWS UP STRONG
r.. ssina Of Extsrs;V. Liquidation A.
fords Relief on the Exchange Of H.
self and important Private Settle
ments Are Added-cotton Increase
Fails to Destroy Confidence.


lent ItNtTSdl liOiH S'SN"'
prices advancing by leaps and BOUNDS
where, yesterday. they were breaking
without sign of resistance. Speculative
sentiment underwent corresponding
transformation, but with the usual
confusion between cause and erect.
The extensive liquidation accomplish
ed Yesterday afforded the RELIEF in
itself and TO this was added. accord
ing TO current runor, some Important
private settlements by which EN-
baIrassed accounts were taken over
and the necessity thus avoided OF
continuing the sacrifice OF securities
in a market in which the demand had
become well night paralyzed.
In place OF the supposed widespread
sources of the selling, based on gen.
eral Encouragement, with the situa-
ton OF trade and money markets.
there emerged the conviction that
confined area represented the limits
of the trouble.
A renewed slump in Rock island
preferred TO "a early in the day was
accepted as one index of the source
of the difficulty. Many rumors be-
came current of shifting of large new
ly acquired holdings OF various rail-
road stocks reaching out from the
eastern anthracite and trunk line field
and into western and southwestern
connections in the pursuance Of an
ambitious project of extension and
merging.
+ In addition to this source OF weak
ness it was surmised that Overexten-
sion in the high capitalization of va
rious new copper properties, small IN
dividually, was in process of cOrrec-
ton. The maturity of loans in which
,he securities involved in these ven
lures figured as collateral which wa
supposed to have given the occasion
for the severe curtailment. The per-
ception OF thee special causes today
put a new face on the demorHized
appearance of things yesterday.
So severe a decline as has been
Witnessed in the last ten days is &C
companied Inevitably by a large ex-
pansion Of the short interest in q mar
ket
Usually nothing checks this short
selling but All actual turn in the price
movement itself With that effected,
the demand becomes urgent. Such
was the case today. the demand from
uncovered shorts making up a sub
stsntiaI part Of the large demand and
the upbidding of prices.
Testimony was offered by some OF
the commission houses of material
growth of investment demand. as well
as attracted by the new level TO which
had fallen and the rate of return al
forded in consequence by dividend
pos ponement. The wild advance IN
the cotton market failed to destroy
the Increased confidence manifest I'M
the stock market. The hazardous
state OF a part OF the corn crop also
lost its influence for the time being
Bonds were stronger. Total sales.
par value. s2.S96.00 United States
bonds were unchanged on call
Total sales today s55. 400 shares. in
GLIDING: Amalgamsted Copper. 49,
200; Sugar. 1890: Tobacco. 200: Atch-
ison. $500; Atlantic Coast Line. 900;
Chesapeake 4 Ohio. 1900: Louis
vile 4 Nashville. 2o00: Norfolk 4
Western. 600; Reading. l55.Io0;
Sloss Sheffield. Lice: Southern Pa
ciac. $500: Southern Railway. 1900;
pfd-. 40o. Union Pacific. 1850; |
United states Steel. 2ss-3e0; Virginia
Carolina Chemical. 1880.
rlc~srn A Ice