The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-01
Ne w Y ork
Stock Market

New York. May si.--1'he volume OF
dealings In the stock market eNpend-
Cd again to-day on a descending range
OF values, The decline became precipi-
tate when IL was announced that the
department OF Justice was to apply
Tor an injunction to restrain the pro-
POSED increase In freight rates by
Western railroads, which was to go
into effect tomorrow. Prices had
sagged from the outset, but on much
less active market than after this
news became known. Tho topic was
undor consideration. however, by rcu-
s,gte OF tie request made by the Vest
tu shippers in Washington yester
dry for this action by the government,
49,. through the resolution on the sub
irct introduced in the Senate TO dni-.
Prices closed about the lowest of the
dae.
IS retrospect of the market for May
5oWs that the prospect of increased
ldtes b. the railroads PLAYED an I'M
pprfant part in tho comprehensive adj
Vance In prices Of stocks in that
n,ontii. Ii was the week after notices
had been filed with the Interstate Com
llerce Commission OF the intention to
Increase Western freight rates on the
first % Iune that prices of stocks
started upwards frort ;hc ioN levels
Of the Seai to which they had fallen at
that time IT was at the same tine
ttles the reports came into circulation
OF the sale OF the American railroad
bonds IL Paris to the cx:cnt, accord
ing Ia Ire yhen prevalent rumois. OF
s1ao. 100000 to s15o.oo0,000.
The reported bond sales remained
without official confirmation until last
week the aggregate thus far an
nounced falling considerably short of
the figures mentioned in the early
runlors. At the same time. the agita-
tion against the proposed increases In
freight rates has gathered force and
strengthened the conviction that seri-
gus outsiders We're to be encountered
in putting them into effect. The liqui.
dalton which developed to-day was
believed, therefore, to follow from the
speculative movement begun in the
first part of May.
The persistence OF the liquidation
occasioned greater influence by reason
of the ignoring of the implications of
the sharp decline In cotton and wheat
Good promise for the coming harvests
wassthe inference from the heavy sell
ing of the commodities, from which
nothing but favorable auguries tor
values of securities should be drawn.
The extent of the speculative lquida-
ton in commodities gave rise, how
ever to renewed discussion of the
banking position as it is affected by
the large credits employed In holding
up prices of commodities. The infor-
nation in circulation in the financial
district as to the Western and South
ern banking position is contradictory
as to the extent to which loans on
grain. cotton and land purchases have
been reduced. Reports that some of
the country banks are in the market
for commercial paper at Chicago are
contrasted with assertions that trust
companies in Chicago have to meet
very heavy demands for credits from
interior banks.
The dependence of the railroads for
increased freight charges to keep up
earning has been much emphasized In
connection with the public agitation
against those increases, and great
stress has been laid on the large In
creases In operating costs in recent
months on account of the high costs
OF material and the comprehensive adj
vances in wages which have been
granted The intended increase In
rates. at all events, was made the In
strument for lifting prices of stocks
and the occasion for an extensive spec
rIation for the rise. The resale OF
these accommodations with the program
endangered came as natural conse-
quence,
Bonds were easy, Total sales par
value s2.1o2.ooo.
u. S. bonds We're unchanged on call.
Total sales of stocks for the day
TSs,1oO shares.
New York. May s1.-Money on call
firm, aS 1-2; ruling rate, closing bid
and offered. la. Time loans dull and
steady: sixty days, 3 1908 ga per
cent ninety days, 8 ga GA per cent;
six months, 4M4 IL per cent. Prime
mercantile paper, 4 3-4G5 Ia per
cent Sterling exchange steady with
actual business in bankers bills at
sIs425@S4.SA3a' for sixty-day hills. and
NJ s4.STS5... fo.. demand. Commercial
bills 4.S3l 3-4@4.S4 Id Bar silver,