The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-12
MARKET PASSES
THROUGH CRISIS.
On Last Monday Business Inter-
ests Were on Verge OF
Panic.
----------.
PRICES STABLE NOW
President Taft's Armed Truce
With Railroads Cause
OF Change.
P RIGGS STABLE NOW
( Special to The rimes.Dispatch.

Special to The Times Diapatch1
New York. June ll.--After very ir-
regular session stocks closed steady
and at better than the lowest prices.
but with some net losses. Assurances
by officers of the Chicago and Alton
that the dividend would not be cut
caused sharp recovery in that stock. |
Late In the day rumor was In cir
cuiation that the United Metals Selling
Company had sold lO0.0o0.000 pounds
OF copper metal in London for
Immediate shipment This could not |
be confirmed, but it caused some anxi-
ETY. among the Amalgamated shorts
Private reports on the corn crop arc
dlsquleting, but grain prices continue
heaTy. The bank statement was about
what was expected. and had an iniiu
ence. because the money situation just
now is very easy. with a clear look
ahead for some weeks
Go Through, Crisis.
Wall Street and the business inter-
ests of America have gone through
crisis in the past week. On Monday
panic was at hand. The stock mar
ket collapsed to low figures that have
not been surpassed since the closing
days Of Roosevelts administration.
From that condition of chaos stocks
were suddenly lifted on Monday night
to condition of stability that prom
panic that must come as a. result OF
gross over-capitalizat!on and high
prices in America.
President Taft's armed truce with
the railroads was the cause of this
sudden change. The railroads have
agreed to withdraw their increased
freight schedules and not file them
again until Congress passes the rail
road bill or adjourns without doing
so.
The President does not trust them
TO carry out this agreement. but holds
his Injunction suit over them as club
to force good faith. Even though this
Is technical surrender by the rail-
roads. they have gained much by
forcing the Issue in Congress.
The country viii now have rail-
road law that can be understood and
opeyed. The President has proved his
good faith By surrendering his demand
for control by the government of new
issues OF capital. The railroads have
gained something by having stricken
out the sections prohibiting the puf-
chase. of shares in old companies. The
great value of the railroad law will be
stability OF rates and conversion OF
the Interstate Commerce Commission
into q railroad pool. Under the law
the commission will perform all the
duties that the railroads have tried to
nave performed by pools.
lad Feeling Created.
The fact that clever stock jobbers
made millions out of the government
Injunction has created some bad feel
ing and has hurt the stock market as
wen as the administration in public
estimation. Counting from the prices
in Wall street at the time rumors
nrst gained currency OF opposition in
Washington TO the freight advance.
the low prices of Monday showed Il
quoted loss of more than SToo0oo,0Oo
on securities listed on the New YORK
stock Exchange. The rebound has
been nearly half that much, SO that
the gross stock market movement
down and UP on account of the tnjunc-
ton had a nominal value of at least
s100o,000000.
Many professional traders have been
put in funds by this movement, ana
are in position to furnish an active
stock market from time 10 time THIS
summer
Amalgamated Copper is the one dan.
gerous spot in the market now. The
the last year showed earnings of 3.sI
per cent, but the report OF the Cop
per Producers Association for May In
dicaJes weak position for copper
metal .A,d copper stocks. The produc-
tion for May was 3915.363 pounds
daily, and is now above the 100000
May is lS4i1.S14 pounds, and the in
crease for June. according TO trade
experts. will be about 3o,ooo.ooo
pounds. There is no reason at present
for buying copper stocks, either for
investment or speculation, but the low
figures to which some of them are
drifting makes 1t worth while TO watch
for bargains in the list of those that
can produce the metal under 10 cents
a pound, and especially those that
have production cost of near cents.
The crop report was not good enough
or bad enough TO make distinct i'm
preston on the market. Canada is
expected to raise so,0oo,o00 bushels
more wheat this, year than. last, and
the worlds visible supply Of wheat is
40o00,000 bushels more than 1t was a
year ago. AS the normal growth OF
population in wheat eating countries
makes it necessary to add 75,0O0,O00
bushels every year to the production.
and as the corn crop will be smaller.
there is no prospect of any perma-
nent reduction of food prices next
In the Street.
Number of shares sold today 2S1,-
1871; a year ago, 3S7,595.
o.s aS@Ss p Year va aEo s .od sSday
Rumor on the curb to-day had 1t
that the Guggenheim Exploration Com
pany was contemplating the retirement
OF its old stock with an issue Of new
on the basis of three shares of new
for one of the old. 1t is said that the
dividends on the new stock will be
at the rate of 6 per cent. a year. Dis
bursements at present are at the rate
OF 10 per cent: a year. If this plan
goes through it would mean an in.
crease for stockholders.
Chicago. and Alton commons next
dividend. Is the subject of much dis
cussion In Wall Street at present, with
all signs pointing to reduction in
the rate.
Gold and silver stocks We're the
strong features of the curb mark Il
to-day. copper issues being neglected.
Goldfield Consolidated moved up to
s IA and Niptssing sold at II 3-S.
Transactions in all stocks We're small
New York. June 11.-Money on call
nominal. Time loans very soft and
-, 30 go :, o -, ~