The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-17
N C w Y ork
Stock Market

New York, June 16.--The stock mar
kct to-day was abandoned to dullness
and neglect. Immediate developments
were ignored, and the professional
traders were driven to framing con-
lectures over what might prove to be
the markets response to expected
happenings in the future. 1t was urged
that the enactment OF the railroad bill
when completed, ought to open the
way for some activity in the specula-
lion, although the short time yet re-
CURED and the definitive form TO be
taken by the statute are taken for
granted
A more influential factor in the re-
PRECISION of the speculation is the con-
test to be waged over the coming at
tempt to secure higher freight rates.
rhe determination expressed by ship
pers and their disposition to form
strong organization to contest the pro-
posed advances aroused some anxiety
among those who rely on the higher
rates TO keep UP profits The prospect
of this contest points to the employ
lnent of tactics that may prove dis
couraging to stock market activity.
The symptoms of acerbity among rail
road executives themselves in the dis
cussion OF the question of retrench-
Inent, and the broad insinuation by
the president of the Great Northern
that stock market policy rather than
operating exigencies govern some of
the propositions advanced. were taken
as suggestive of the direction In which
the rate contest might influence the
stock market
The resolution of inquiry adopted
by the House calling for information
regarding the Attorney Generals in
vestigation of the United States Steel
Corporation was discussed with some
show of interest but the effect on the
market was negligible. Equally so
was the report of the awarding of con-
tracts for the Panama Canal locks in
volving large steel orders, and the in
crease of steel orders said to have been
received in the last few DAYS. The de-
crease in the European visible supply
of copper did not help the copper in
dividuals, the price of the metal re-
ceding again in London.
Crop news was not decisive of any
change in conditions. the grain regions
hoping for more rain and the cotton
regions feeling relief over the absence
of precipitation. Increased dividend
disbursements by several scattered
public utility corporations was not of
perceptible effect on those securities
Money remained easy in tone, but 1t
was questioned whether this condition
was not influenced by the purpose of
lenders to keep funds available in short
term loans or on call in a mood of
doubt over later developments. The
Bank of England's weekly return re-
vealed the ability of the London money
market to reduce it's Indebtedness to
the Sank of England in spite of the
further heavy inturn Of taxes to the
item of government deposits. A favor
able impression was made by the quick
turn over one or two recent bond Is
sues small in themselves. The infer
ence was drawn that the requirement
OF investors for high return formed as
substantial an element in the apathy
OF the investment market as any ab-
solute scarcity OF capital.
Bonds We're irregular. Total sales,
par value, s1,o6S0oo. United States
bonds We're unchanged on call. Total
sales for the day, 29S,So0 shares.
New York, june 16.-Prime mercan-
tile paper, ! S-4G51-2 per cent S,er-
ling exchange firm with actual bust
ness in bankers bills, at S4.S4409
S4.S45C for sixty-day bills, and a,
$4S6T5 for demand. Commercial bills
s4S31-2@ S4.s4. Bar silver, SO l-2. Mex
lean dollars, A Money on call steady
23-4@3 per cent; ruling rate ga
per cent; closing bid, 2 rs; offered at
3 per cent fine loans, quiet and
frmer; sixty days, sea- 4 per cent, and
ninety days, Iii six months 4G4 A
per cent.