The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-01
IN e w Y 0rk
Stock Market

New York. June $3.50 -iolent 2,
rash in prices of stocks As ths whlcn
eliminated o-day is not to be an
planned by the surface causes which
have been advanced from day to day
such as the impaired spring wheat
prospect, the reduction of railroad
rates on the transcontnental railroads
ordered by the Interstate Commerce
Commission, and similar explanations.
Deeper causes are Indicated and were
sought by induirers In the financial
district to-day.
From She high point of last Thursday
Union Pacific sold to-day at decline
of 20 points, and from that maxi
MIN there We're varying losses
through the whole list of active stocks.
The June advance followed the
agreement reached between President
Taft and the railroad presidents to
submit the proposed rate advances to
the operation of the new railroad law,
and the movement by the representa-
tlves Of the great private banks to
secure assents from great shipping in
terests to the proposed freight rate
advances. The violent relapse which
has followed brings forward the oper-
alton of more general causes. which 1t
was supposed had progressed so far
towards correction as to pave the way
for general recovery.
The stock market of to-day and yes
terday showed how drastic a readiust-
ment remained to be made. That the
process of correction may have to ex-
tend yet beyond the speculative field
of the stock market is all inference
that was common to-day. Probable
dividend reductions by some OF the
railroads were freely discussed as
events foreshadowed from the action
of the stock market. The outcome con-
firms the conviction of the unstable
conditions which were the outgrowth
of the premature rush of the recov-
cry from the crisis of three years ago.
Starting with powerful artificial
stmulant for the stock market last
Year, there followed an imitation of
values in all directions, the cutting
down of the country's exports, the alb
normal growth of imports, an era of
extravaganza in living and in business
and industrial methods, in1moblizing
OF capital resources in land specula-
ton and irrigation projects at time
when the maintenance of business ac-
tivity and the carrying on of enter
prises were most in need of resources.
There has been a conviction that ex-
tenstve commitments in speculative
holdings of stocks which We're carried
through the elimination of last years
rise in October, have been held ever
since in the faith that each successive
down turn In the market was a sim
pie reaction destined to be followed
by resumption of the march CT pro-
sress. II was current belief that
market pools involved in such hold
ings were being liquidated yesterday
and to-day in response TO tho impera-
tive admontion of authorities in the
IA L it,rr ND oial Il 1.
lieved that the credit position must
be strengthened and prepared for the
extEencies of the coming fall
The process proved painful ooca
sion and proved convulsive price adj
1ustments. The quieter tone of the
market in the later dealings was proof
of the relief already offered.
The more immediate circumstances
bearing on values indicated improve
ment in some respects The drop in
wheat was accompanied by reports of
beneficial rains in the drouth- stricken
district of the Northwest. The Kansa S
state crop report was held to give
excellent promise for winter wheat
Private estimates of the cotton crop
were held to foreshadow a good gov
eminent report on conditions to-mor-
row. More attentive perusal of yes
terday's orders by the Interstate Com
sion of their inclusive scope over prac-
tically all railroad rates. There came
the announcement that some of the
classiflcauons to go into effect on
July would not he suspended by the
commission. The supposition that the
whole of the proposed advances were
prejudiced in the chance of adoption
by yesterdays orders was corrected
by this action.
hit ~
3 IL per cent. in spite of the dis
turbance of loans connected with the
days impairment of margins. The sub
stantial recovery and the strong tone
of the closing was evidence of the
relief afforded by the days purging,
4 and was taken as pre- that the
storm had spent its f. so far as
the stock market is co.. ned Con-
ditions outside the stock market. OF
which its astion ,saay be a herald, will
be watched with attention
Bonds were weak. Total sales, par
value S3,35o.ooo.
United States bonds were unchanged
on call
Total sales for the day 1.5444oo
shares.
New York, Juno SO-Money on call
strong and higher. 1908 1-2 per
u cent. ruling rate, 5; closing bid, 3l-i;
offered at l-2 per cent. Time loans
steady and very dull; sixty days, ga
IL per cent. ninety days, 3 Ia; six
months. 4 l2G4 IA. Prime mercantile
paper. 4 3-4G5 per cent Sterling ex-
change weak, with actual business in
bankers bills at s4.s4O5G sis425 for
siNtS-day hills. and at s4,s5s0 for de-
mand. Commercial bills, siS31-4@
S4.s3 ga
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RICHMOND STOCK MARKET.
Rich raond Va, June 80 1910
STATE SECURITIES. Bid Asked
Virginia S. Old c. and r., .ea2.. Sc 81
Centuries. %, c. and R., a94..... Sc 81
RAILROAD BONDS,