The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-19
New Y Ork
Stock Market

New York, July 1S.--Thcre was de-
monstrated to-day the inadequacy OF
any present demand for stocks TO ab-
serb considerable offerings for sale.
Prices yielded easily to recurrence
of selling pressure. the withholding
of which was largely responsible 1or
the show of negative strength IN iast
weeks market. The source and the
motive of to-day's fresh selling We're
not wholly clear, beyond the parhci-
patton OF party of board room trad
ers who took the short side OF the
market prompted by the yielding ten
dency disclosed by the market. "A cur
rent assumption was that STOCKS We're
thrown overheard by market organ
zation. which accumulated holdlnEs
last week and was dissatisfied with
the meagre demand on any upward
movement.
The narrow proportions OF the mar.
ket came into view in the latter part
of the day. when il became plain tnal
II was bare OF offerings again so that
the uncovered bears had to bid to Sc
cure stocks. The prof cila. .,.as
ter of such dealings as there We're was
Indicated by the heavy congestion OF
the days transactions in three or four
stocks. Losses were geheraiiy re-
covered before the day was over ana
there were not few net gains to be
found.
There was much discussion of the
trade position in the leading metal IN
dustries, and this was held respo l.,,
sible for much OF the weakness shown
by stocks.
the subject of unfavorable comment
concessions in prices with the con
tinued action OF stocks. The large
stocks OF copper on hand are believed
to have played some part IN the credlt
49, Nlyc To hn a.
object of pressure, in that way, from
the directors of large banking and
financial affairs. The great powers
welded by the conflicting interests in
however, to add to the difficulties Of
sucuring concessions thought to be ne
cessary to the health Of the trade posi-
ton. Cutting by Independents was be-
leading interest which might throw
the situation into confusion again
such as accompanied the throwing
open OF the market In February. 1908.
MIA railroad and its employees was not
much considered in connection with
the early weakness OF stocks, but the
reports of good prospect for settle
recovery The additional engagements
of gold in London for import also
were late in asserting any favorable
influence on the market the strong
Saturday bank statement detracted
from the Importance Of the money
market as an influence. The materia
addition TO last weeks cash holding:
has been greatly added to already b!
the heavy disbursements from the sub
treasury on account of government
payments. Last weeks shipment o
gold from London viii figure in mex
Saturdays bank statement and today
engagement of all of the 100000
gold offerings in London promises a
extension of the movement. The wild
discrepancy between the London dis
count rate of 2 per cent. and the rat
of six months time loans and mercan
tile paper above 8 per cent. in Ne'
York serves TO explain the turtle
takings OF gold in London at an ad
vance in price; with exchange rate
on London ruling above the lev,
which offers a profit in gold import
in an ordinary exchange transaction.
The prominence of the spring whes
grangers in the rally in prices we
not unconnected with the weakness
The wheat markets in the northwest
Bonds were irregular. Total sale
par value, s1,421,000
United States bonds were unchange
- Total sales for the day $3.50
shares.
New York, July 18.-Money on ca
steady 2@23-4 per cent; ruling rat
25-s: closing bid 1-2; offered a 81
iar- g m HI