The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-06-22
Would Like to Know What the
Situation Will Be Before
Buying.
-------.
GRAINS OUTLOOK PROMISING
Money Plentiful and Financial
Situation No Longer Alarm
ing-Bonds Flat.

NEW YORK, June 2l.--The pronlk
ncnce OF political subjects last wick
kept attention In the financial district
as we'll as elsewhere focused on that
point. The most notable effect per-
,ceptible In the securities market was
the repression OF all large and impor-
tant activities, and the adoption of
waiting attitude on the part of tho
larger capital interests. Dealings were
made up OF professional operations,
and those OF the smaller class and the
price movement in consequence was
often within restricted range. indi-
eating the tentative nature OF the
transactions and their failure to bring
out any substantial response. such as
would give them power OF extension.
Professional sentiment was sensitive
to the hourly news from the transact
lions of the Republican convention at
Chicago. and vaccilated as advices
were deemed Indicative of the prevail
ence Of policies OF aggression in pur-
suit OF corporation abuses or OF re-
straint on more radical tendencies in
that direction. The demand for securi-
ties was unimportant at all times, nor
was there any notable selling to give
light of the convictions of security
holders.
Waiting for News.
The waiting policy of the speculation
was confirmed by the balance of some
contendins features in the general sit
uation of affairs. While some OF the
immediate conditions were of an un-
cheerful import, tho undertonc was
one of confidence in future improve
ment. Unfavorable weather conditions
in a part Of tho winter wheat belt
were taken due notice OF. but the opn-
IN, In, <,.a IL tea
OF good yield.
Railroad traffic officials gave voice
OF their confidence in crop prospects
and the ultimate favorable influence to
be expected on the freight movemen,
and on general business, even while
admitting the present continued con-
traction of their traffic. Railroad earh-
!ngs reports also gave strong testi-
mcny to this contraction, the Baltimore
and Ohio's shrinkage to less than half
of that for last year in its May net
earnings making notable example.
Plenty OF Money.
There was continued inpour of
money to the banking reserve centres
Of the world in which New York fully
shared. The reduction of the official
discount rate of the German Imperial
Bank marked the extension OF this in
gency has persisted longest
This is usual phenomenon follow
ing such financial unheaval as that
of last fall The variant from the
usual order is found in the persist
ent demand of Paris and Berlin for
gold. about which some mystery at
taches. The continued outgo of gold
from New York; however, has not al
tered the easy tone OF the money mar
ket. and the confidence in It's con-
tinuance as reflected in concessions ir
over the year interest rates. Specia
requirements. such as an increase or
July LIST in the New York trust COM
panies' reserve requirements. which
will call for approximately s20,ooo,oo'
and an expected further recall OF
United States Treasury deposits will
the banks, have equally failed to dis
turb confidence in the money prospect
It is notable that the bond market ha!
flattened out, in spite of the redundan
state Of the money market. This Il
attributed to the recent large suppl!
| of new issues.