The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-06-23
STOCKS RECOVER;
.MARKETUNCERTA|N'
Marker Falling Off in Activity OF
Dealing at Prices Touching
Thursdays Level.
MANY RUMoRs OF. BIG DEALS Is
Latest Movement of Government
Against Trust Officials
Causes FURRY.
fBy. .Associn ted press.

NEW YORK, June 22-Thc selling
pressure. which vas SO evident In yes
terday's stock market, was carried over
into to-days early rulings and kept tho
tone OF the market unsettled and weak
for a time. During tho course OF the
morning the liquidation spent most OF
itn force. The recovery In prices ensued.
+ That the demand on the recovery ex-
tended beyond the limits OF the profess
siOnal short interest did not appear.
The acton OF tho market on the rally
was heHitattng and uncertain, and there
was marked falling off In the activity
Of the dealings Ms prices recovered TO
last nights level and above.
Southern Pacific was the effective lead
er OF tho rlsng tendency, and Its
strength had an Immediate sympathetic
effect on Union Pacific. The rumors on
Wednesdaysof an intended early d dividend
declaration on Southern Pacific, follow
ing the more liberal policy Indicated by
the Baltimore and Ohio, were yar.ed to-
day by reports OF an Intended offer OF
authorized preferred stock OF the South
err Pacific TO the common stock holders
4 Mt subscription prices, which would prove
OF valnc Ans rights. IA III g}ls , 3Ss$.
e No Official Information was forthcom-
Ing as to the reliability OF these reports.
Another Incident OF the recovery was
the revival OF the report OF q Great
Northern ore.land deal with the United
States steel Corporation, which has
served many times as ammunition Tor
bull campaigns in the stock market. rho
+ Hill railroad stocks responded quite
3gharply, and United States Steel recoy-
cred part OF yesterday,s heavy decline.
Various skilled estimates OF the move.
Ynent OF currency during the week In
dictate cash gain for the banks Of be-
tween 100000 and sl,7O0 900. An Inn
proved condition in the banks Is looked
Tor In to-morrow's bank statement. Tho
time money market continued very frm
in tone, with an active demand for loans
for seven and eight months. No business
was reported for those periods less than
6,s per cent. which represents an in
crease over yesterdays ruling rate.A
decline In the quoted price OF, copper
was an Incident OF the day.
H While prices were declining In the
morning, something was made OF reports
from Washington OF further steps y I'm,
pending in the official movement for the
prosecution OF trust officials. The late
i recovery was only slightly Interrupted,
4 and the closing was Arm and DUET u u:
about the top level.
Bonds were heavy; total sales. par.
value. sl,745, 600. United States BONDS
were all unchanged on call. 5i
Total GALES OF stocks. 800 shares.
MONEY AND ExCHANGE--CLosE:
Money on call steady. 2d3 lrAs Iper5 cent; ;
/ ruling rate.&s per cent. closing bid and
offered. 2 per cent. Time loans firm f1:
sixty DAYS 4 IL per cent: ninety days,
III 1874 81 per Ger SIX months, per
cent. Prime mercantile paper 5a5 II
per cent; sterling exchange Irregular.
closing weak at s4s5. 1O14. Ssh for de- s--
mand, and at s4.s2 35a4. So. 4D&for sixty-di'ay
hslla. Posted rates. s4.S3Gl4.s3 l-2 and
s4.sea4s6 1-2. Commercial bills, s4.s2.,
Bar silver, e5 IA. Mexican dollars, 90 s-4..