The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-28
Ne w Y Ork
Stock Market.

:.
New York. June 27.-The stock mar
kot underwent mood of depression
again to-day, and prices were subject
cd TO severe shrinkage on a small
ness of actual transactions out of all
prnportion to the amount of the de-
cIines The crop news was not bad,
and IL was necessary 10 turn to other
factors in the effort to fathom the ea-
PLANTATION of the weakness OF the mar.
ket. There was suspicion among
other preferred explanations, of con
certed attack by an organized bear
party under powerful auspices me
appearance. early in the day. of ru-
NOR often used by the bears. that j.
Pierpont Morgan had been stricken
Suddenly with death. which was fol-
lowed shortly by Mr.. Morsan's appear
ance at his Office to give himself TO
business activities. aroused this sus-
picion. The disproof of the run1or did
not. however. revive the market,
Mr Morgan's temperance in Wall
street was cited, in another way, as a
hypothecated explanation of the mar
kets weakness. as due TO disappointed
spectators who had waited on his re-
turn from abroad with the idea that 1t
would foment an active period of ris-
which this supposition had been form
ed were the reports that he had en-
listed large amounts of foreign capt.
tai in the purchase of American secu-
rites. that he had secured an agree
n7ent with foreign copper producers
10 cooperate with American produc-
ers in curtailment of output, and that
he had assured the listing of United
States Steel on the Paris bourse. From
these reports and from the diligence of
his banking house in getting assents
OF freight shippers to the advance in
rates asked for by the railroads. 1t
had been inferred by party, in the
speculation that Morgan was looking
10 higher prices for stocks.
Out of this situation an advantage
is supposed to have been sought by
bear party to press an attack on the
market. The action of the market to-
day had great influence in coloring
the contectures of the alignment of
Parties In the speculation. the stan
dard oil party being assigned, natur
ally. to the role of leaders of the on
slaught upon prices.
Another supposititious explanation of
the weakness of the market was that
a remnant liquidation OF some large
estate holdings of important stocks
was in progress and that banking in
tsrests. having knowledge of the tact,
We're disinclined to attempt support OF
prices while this was in progress.
Outside the realm of pure conjec-
sure there was not much TO throw light
on the pressure of stocks for sale and
the lack OF demand, Railroad traffic
officials reported we'll sustained vol-l
ur1e and a hopeful sentiment on ac-
count of confidence that rate increases
market showed no disturbance from
the approach of the July settlements.
Private discount rates were easy in
London and Berlin and the official
discount rate of the National Bank of
Belgium came down 10 3 IL per cen.
Foreign exchange sales in New York.
however. turned upwards quite sharp
Is The extension OF time allowed for
payment OF the corporation tax to July
10 relieves the money market of one
requirement for this week, although
the subtrsasury operations in New
York show signs OF the turning over
OF some large sums of money to the
government
The severity of the days decline
gave rise to the inevitable uneasiness,
hut specific rumors even of financial
difficulties were moi heard The stocks
of railroads in the group controlled
by the interest most active in recent
deals and reimbursement of relations
were watched with some special atten-
ton, Last prices We're the lowest of
the day, Union Pacific and Reading
showing losses of over points. Ches-
apeake and Ohio liz and the active
list generally from / to points
Bonds were weak Total sales. par
value 81, $4,000
U. S. bonds were unchanged on call.
Total sales for the day. 75s,4oo
shares.
New York, June 27.-Money on call
firm S-4@3 per cent. ruling rate.
closing bid and offered at rs Time
loans shade stronger; sixty days 8
per cent, and ninety days Ia per
cent: six months 4 12 per cent. Prime
mercantile paRsr. 3-4@5 per cent.
Sterling exchange. fif'n1, with actual.
business in bankers; bills at S4.S45O@
s48455 for sixty day bills. and at
s4S635 for demand. Commercial bills,
sis3 3-4@S4-S4 IA. Bar silver. SO LIZ
Nj q tNlp Elf1l 4 .