The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-11
Ne w Y 0rk
Stock Market.

New York June 1o.---Thc languor
OF the demand for stocks. which began
to be manifest yesterday. prompted a
renewal of operations for the decline
to-day on n moderate scale. The VOL
ume OF the dealings expanded over
those, of yesterday. but only to a slight
extent The rumors of the identity Of
the sellers Indicated the suspicion rife
in the speculation that a purpose to
depress prices for profit furnished the
leading motive for the selling.
The depression was ascr!bed to dis {.
satisfaction with the railroad situation
and to the condition in the copper
trade. When the selling of the coppers
was attributed to a large extent 10
Boston and foreign sources, and 1t had
as explanation the accumulation of sur
plus stocks of the metal still going on.
there was sharp drop in the London
price of the metal to-day, and feel.
ing OF disbursement over the sus
tanned rate of production of the metal.
with no corresponding expansion in
the demand. The selling OF United
States Steel at the same time was an
influence on sentiment, and the quar-
terly dividend on the stock, which was
all recovered yesterday, was more than
lost again to-day. The metal stocks
were made to appear as though coming
from the financial party which has
been credited with maintaining an at
titude of discomfort with the railroad
rate agreement with the government.
St, Paul. in the meantime. was less
conspicuously under pressure to-day
than on previous days this week.
The progress of the railroad bill
through the conference committee OF
the two houses of Congress is watched
with solicitude. The arrival of the
bill at this stage holds a greater at
tention in the stock market than was
given to It's consideration by the two
houses This is due to the fact that
st has been felt that the final shaping
of the bill in conference was TO be re-
lied on to modify It's severity, a feel |
ing which has been altered by the
events of the week The disposal OF |
the plan for regulation of capital is
sues holds special interest for the
financial district. One of the specific !
factors of weakness was the unsup-
ported condition of the Chicago and
Alton stocks. which gave rise to the
supposition that the dividend On the
common stock was TO be suspended. !
The narrow margin of the surplus, af-
ter dividends out of last year's earn
tnEs, and the falling off in net earnings
in this years showing, were cited III
support of the current assumption re-
gardtng the stock. Its fall TO 80 was
considered corrohorative OF the market
conjecture. The decline in Toledo. st.
Louis and Western, as the owner OF
Chicago and Alton stock, was natural
consequences.
Preliminary estimates of the weeks
currency movement indicated a contIn-
ued inflow of cash TO New York. Int
rior banks, however. are known to be
fortfying their cash holdings In ex-
peotation of a call from the Controller
for a statement of condition. Money
continues easy in New York. but there
is little demand from stock market
sources. The movement towards re-
rovery of the foreign exchange market
finds some explanation in the small
volume of May exports of agricultural
products. as reported by the Bureau
of Statistics. The operations in the
MAJ cotton option were responsible for
the small volume of cotton exports,
but there was a marked falling off as
we'll in the months outgo of meat and
dairy products. Wheat exports for the
week fell also 1.270.000 bushels below
those of last week.
Bonds were irregular. Total sales
par value, s1.so7ooo. United States
bonds were unchanged on call. Total
sales for the day. 5S3,soo shares.