Daily press. [volume] (Newport News, Va.) 1896-current, 1910-07-23
RECOVERY LATE IN THE DAY
Earlier Declines in Prices Encounter
Little Effective Resistance In the
Form of Buying orders-Trade Is
conqested Largely 'n-Few Stocks.
By Associated Press)

operations III STOCKS tOudf Inc w
cline in prices encountered little ell
fective resistance in the form OF Duy-
! ing orders, except such as the bears
themselves supplied when they cover
ed shorts from time to time. At 9TH
er times the buying consisted simply
In acceptances at concessions and the
concessions were made rapidly for the
most part. The operations we're con-
gested largely In a few OF the specu-
lative stocks, but the price conces-
sions applied TO the whole list, active
and inactive. Bear covering caused
the sharp recovery late in the day
The cut in the National Lead divi-
dend was the ostensible motive icr
; disturbance in speculation wnicn
overcome the market. The showing
! made by the national banks in the
compilation OF returns to the comp
troller and the fears of poor quar-
terly statement by the United States
Steel Corporation at next Tuesdays
meeting OF directors, were cited as
possible further grounds for the tone
of the market. The National Lead
| incident itself was much more in
fluential for the differences drawn from
it than for the Importance OF the ac-
| ton itself.
| The personality of the capitalists
credited with the control of the COM
pany. however, made the action In
fuent;al as a possible index of imam
cial and speculative policy.
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 finances since
March, reported on June 80, was con-
lsidered in connection with the greater
loan contraction. by the New YORK
banks for the same period, is no de-
| crease at all, but an increase OF over
| $2S,00O, 600 outside New York. In the
same way, the increase in loans OF
/ 1894, 276.000 in the yearly comparison
has to take account of the New York
decrease for the same time included
in the total, which indicates that out
side Of New York there has been a
credit expansion of sac, 233,000 in
years time The gain in percentage
of legal reserves In three months
lamcunts to oDe-hundredth OF one per
cent and for the year there has been
a decrease of LIS per cent. The per-
centage of deposits of cash on hand.
redemption fund and due from reserve
agents stands at only 24.44 per cent,
| increase in there mouths OF so per
cent and in year OF 2.52 per cent.
The last item is affected by the heavy
| decrease OF SS5,102. 900 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. Their future power
| to draw is corresponding impaired
| and will throw on the resrve centers
the demand for credit TO remove the
crops. The prevailing note of warn
| ing in the banking world was amply
/ explained by this showing, and also
the active preparations to strengthen
the reserve condition of the banks In
pursuance of this object there has
been another heavy inflow Of cash to
NeE York this week by receipts from
outside points. including gold exports
and by disbursements from the sub
| treasury. Estimates of the weeks
total gain ran to nearly s20,000,0oo
l. Bonds were irregular. Total sales,
par value. 1898 GEO. United States
bonds were unchanged on call.
Total sales, $4,000, including:
Amalgamated Copper, $500; smeit-
| ing, $1,000: Sugar. SEQ; Atlantic
Coast Line. 500: Chesapeake & Ohio,
7,7c0; Louisville & Nashville, 1000;
>Norfck & Western. 100: Reading.
143. 400: Sloss Sheffield. 100; Southern
Pacific, 1900; Southern Railway
1.seo: pfd-. 200; United States Steel,
IL 100; Virginia Carolina Chemical,
2.1oo.
Closing List
AIlis Chalmers pf6 - - 49,. %
Amaigamated Copper - .. - sos