Daily press. [volume] (Newport News, Va.) 1896-current, 1910-10-06
|STOCk PRICES TUMBLE
Financial Conditions Affect
the Market.
LARGEST BOND ISSUE EVER
Banks Throughout the south Are Re-
ported 70 Have Applied Restrictive
Force on Credit Expansion for Land
and Automobiles.
LARGEST BOND ISSUE EVER
(By Associated Press)

NEW YORK, Oct 5.-The selling
OF stocks which turned prices down
wards today represented In part a
feeling of conteDtment over the ex-
tent CT the advance already achieved.
and the profits accrued and in part
a misg.ving over the adequacy or
forces to accomplish further advances.
Evidence that the newly awakened
demand for bonds was being harmed
by the action OF the stock market was
a potent factor In checking the or
ganlzed efforts TO further the rice In
stocks.
Light Is thrown on the revival In
the bond market as well az on the
events that preceded it by the statis-
tics of new capital issues. which have
been made up by the Journal OF Com.
merce. For the third quarter of the
present year just ended this compila'
ton shows new bonds issued OF a
par value of $194.455.000. This COM
pares with s4i7,1l7.000 In the second
quarter and sSl3.2s3,000 in the first
quarter. mating an aggregate for the
first half year far beyond any pre-
cedent In the history Of the New York
money market Moreover. that prodi-
guous semi-annuaI output was cul-
mination OF food Of issues for the
preceding year which reached a total
of 1881 500. $50. II is known that
the banks throughout the South have
applied a like restrictive force on
credit expansion for land and auto
mobile purchase, irrigation projects
and other enterprises. The dimiru-
ton in the rate of the supply offered
for new investment Is seen. therefore
to have reached a very large total. A
gradual process OF digestion has gone
on, In the meantime. which has re-
duced the large holdings left on the
hands of underwriters in the giut OF
new offerings early in the year. Deal
ers in bonds have come TO the under
writer's to replenish their supplies and
savings banks and investment insti-
tutions have become buyers. This
helpful process has gone to the root
of the recent difficulties and the most
favorable auguries are drawn from ".
The fear that premature revival
in the stock market will interfere
with the orderly readjustment of the
needed financing by bond issues has
an influence in restraining the stock
market. The revolution in Portuga!
was OF minor effect on the days mar
ket. Expectation of a poor showing
to be made by next Mondays report
of October hrst untitled tonnage or
ders OF the United States Steel Cor;
poration weighed on sentiment. The
tone of the coppers was better in the
belief that curtailed production. last
month will make better showing in
the forthcoming copper producers re.
port. Time money was reported
slightly easier in tone. but foreign ex'
change was strong and cash continues
20 60 out from New York to the In
.terior.
Bonds we're heavy. Total sales. par
value. s2.96s.000. United States bonds
were unchanged on call.
Total sales for the day. ass. 500
shares. including: Sugar, See; At
lantic Coast Line. 100: Chesapeake 4
ohio. 23.6eo: Louisville 4 Nashville,
400: Norfolk & Western. 1000: Read
ing. s5.s0o: SIoss Sheffield. l.Svv:
Southern Railway, 1900: Union Paci-
&c. $4,000; United States Steel. 1871.
700: Virginia Carolina Chemical, s.
i9o0.